This is due addition/deletion/re-weighting in MSCI August quarter review.

MSCI Emerging Market Standard Index

Bumi Commerce weighting will reduce from 10.47% to 7.89%
Tenaga increase from 5.8% to 5.96%
Axiata increase from 2.78% to 3%
Genting increase from 5.03% to 5.17%

For detail information, you can download the PDF from this link: MSCI Equity Indices August 2009 Quarterly Index Review

MSCI Barra website

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1. Sugar is a controlled item in Malaysia. Retail price is fixed at RM1.45 per kg with GOM subsidizing RM0.60 per kg. This will cost GOM est. RM720mil in 2009.

2. Sugar price hike due to 1) India becomes a net importer (previously was a major exporter) due to reduced monsoon rain during planting season. 2) Brazil is expected to export less as production is affected by excessive rain

3. Retail price for neighbour contries (in RM/kg):

Malaysia - 1.45
Thailand - 2.35
Singapore - 3.43
Indonesia - 2.98
Philipines - 2.67
China - 5.69
Hong Kong - 4.91
Australia - 3.13

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Mulpha owns 23.5% Mudajaya.

At present, Mulpha's market cap is around RM671m. Its investment in Mudajaya, as at 14/8, worth RM307m translated to 26sen per share; excluding its other investment in Mulpha Land (listed in Malaysia), FKP (listed in Australia), Greenfield Chemical (listed in Hong Kong), Rotol (listed in Sg) as well as its properties and hotel portfolio in Australia and land banks.

YTD, Mulpha's NTA stood at RM1.70. Its share price is almost 70% discount to its NTA.

This is just my thought: If Mulpha decided to stream the Mudajaya shares back to its shareholders, that would be a good channel to realise Mulpha share value, increase Mudajaya's liquidity and streamline its corporate structure.

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