Time Engineering Bhd, a telecommunication services producer, surged 13 per cent to 39.5 sen, set for the highest close since June 30.

Khazanah Nasional Bhd, Malaysia's state investment company, is evaluating three bids for its 45 per cent stake in Time, the Edge newspaper reported, citing an unidentified person.

UEM Group Bhd, an arm of Khazanah Nasional, declined to comment on the report, according to an e-mailed statement from UEM Group. -- Bloomberg