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DJ MMC May Take Zelan Private Or Inject MMC Unit Into Zelan-Report

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KUALA LUMPUR (Dow Jones)--Malaysian conglomerate MMC Corp (2194.KU) may take Zelan Bhd. (2283.KU) private or inject its 99.9% owned construction unit MMC Engineering into Zelan to strengthen its grip on the company, the Edge reported over the weekend.

Citing unnamed sources, the financial weekly said the moves are being considered after the company announced last week that Zelan's Chief Executive and founding member Albert Chang won't have his employment contract renewed.

MMC owns 39.3% of Zelan and Chang holds a 14.7% stake.



Newspaper Web site: http://www.theedgedaily.com.my



-By Kuala Lumpur Bureau; Dow Jones Newswires; 603-2692-5254; djnews.kldowjones.com



(END) Dow Jones Newswires

November 23, 2008 19:12 ET (00:12 GMT)

Copyright © 2008 Dow Jones & Company, Inc.

Ok.. here's some Zelan summary updates, got it from http://sensecents.blogspot.com/2008/11/zel...ge-rebound.html.

"Sunday, November 23, 2008
Zelan might stage a rebound

Zelan’s share price plunged another 7 sen after it announced that its CEO cum founder, Albert Chang, would not be renewed for his employment contract. Zelan’s price has been pressed lower for nine continuous trading sessions since it was plagued by bad news. On Friday, it closed at 80 sen.

However, some Fund Managers view that at 80 sen, one is almost getting Zelan’s share free if taking into consideration of its potential earning for year 2009. Fund Managers estimate Zelan will make approximately 90 sen per share in year 2009. Further to this, Zelan’s net cash, current investment and IJM stakes would worth about 57 sen per share which representing about 66% of the present share price.

Market also tips MMC might inject MMC Engineering into Zelan. MMC Eng is the partner of Gamuda in the Smart project and Double-tracking project.

Based on charts, Zelan has been grossly oversold and possible for a technical rebound. Its next strong support should be at 0.75 if price been pressed lower. Since the major market might stage a rebound on Monday, the downswing looks unlikely. Its resistances are 0.87 and 0.92.

Posted by Smartbiz at 10:47 PM "



Cheers,
v_viper88


This post has been edited by viper88: Nov 24 2008, 08:55 AM

Opening soon... we'll see how it goes

wow, I miss Zelan. SHould have bought it. Some more got dividend. That's why, no one can predict share market... its a gamble...

cannot buy zelan now coz rebound?

from by Xp, the stock normally will go down after declare the divident. i will only buy zelan at Rm0.700

share mana boleh beli..........
DJ up 400++++, kita down

wow i tot we would expect a quick rebound before entering red.

Zelan at 0.8 now .

Who's weighing CI down?

Monday stock market is unpredictable because 2 day weekend.
Normally it won't follow Friday US stock closing.

ya lol, the dj 400+++ already been digest on last sat and sun lah. relected on monday this the dj tonite and the currency.

Help !! I need more bad news....Because I am still waiting for my price to come.
More bad news please.

[quote=eltaria,Nov 24 2008, 10:10 AM]
Zelan at 0.8 now .

Who's weighing CI down?

too early to say.

should buy in zelan now? will it sitll drop

We're entering holiday season. Expected no more bad news. Stock will continue rise until Chinese New Year

Greedy is now in control, i must be fear now.

I cannot tahan ady.... just grabbed Zelan at 0.785.....

Actually I put 0.790 but they match at 0.785

and u got a nice profit already now
0.815

zelan guys, what's your exit plan?

getting about 13% return dee if u got it at 0.8

wah, now is .810... you earn man. I think it'll climb higher in the afternoon.
But I'm still scared to buy. That's why I'm still poor man

No la... me buying for long term.... small amount too....

Hmmmm.... maybe should sell if good baby bull....