DJ MARKET TALK: Astro May Jump On Revamp, MYR1.00/Shr Div Report

0050 GMT [Dow Jones] Pay-TV operator Astro All Asia Network (5076.KU) may rise sharply at open, with dealer tipping stock may test psychological resistance at MYR4.00, after Singapore's Straits Times report, citing unnamed bankers close to transaction as saying company to announce, possibly later today, one-off dividend payment of about MYR1.00/share following proposed S$3.9 billion corporate exercise, which involves hiving off its unprofitable international business. Report says Astro's two main shareholders - Ananda Krishnan-controlled private investment company Usaha Tegas and Malaysia's state-owned Khazanah Holdings - will buy company's international business; move will turn Astro into "clean entity" for profitable domestic operations. "This exercise, if true, will turn Astro into a more attractive domestic play. It will also remove a significant drain on the company as its international ventures, the Indonesian venture in particular, have proven to be problematic and a burden," says one dealer. Shares ended +2.8% at MYR3.62 Friday. Initial resistance at MYR3.92 (May 2008 peak), then MYR4.24 (February 2008 peak). (VGB)