The state assembly of Pehang unanimously passed a motion to purchase shares in YTL Cement Bhd.
The state government will purchase 906,344 units of YTL Cement shares at MYR4.18 each worth MYR3.788m (US$1.18m).
At the same time, the state assembly also passed a motion to buy shares in Malaysia International Shipping Corporation Bhd (MISC Bhd) whereby it agreed to purchase 3,432,720 units of MISC shares at MYRM7 each, worth MYR24.03m .
Mentri Besar Datuk Seri Adnan Yaakob said the purchases were part of the state government’s efforts to increase its revenue. “We have various means to fill the state’s coffers and one of them is to buy and trade shares at Bursa Malaysia."
Source: The Star