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Bursa highlights on Feb 11
Telekom Malaysia (TM), which became wireless broadband provider Packet One Networks Sdn Bhd’s (P1) holding company in 2014 by taking a 55.3% stake in its enlarged capital, has boosted its shareholding further to 72.9% by early conversion of eight-year convertible medium-term notes issued five months ago. The subscription price per P1 share is RM38.44 or a total of RM410.3mil, which values P1 at RM2.33bil versus RM633mil less than two years earlier. Read more
Kulim (M) Bhd’s 74%-owned subsidiary PT Wisesa Inspirasi Nusantara (PT WIN) is buying four Indonesian oil palm plantation firms for RM509.35mil cash in a plan to expand its plantation landbank, The four companies have 104,904ha of land, and the proposed acquisition would increase the Kulim group’s total cultivated plantation landbank by over 70% -- from its present 47,010ha to 81,392ha. Read more
My EG Services Bhd (MyEG) has become a business beneficiary of the Government’s programme -- announced under the revised 2016 Budget -- for employers to “rehire” foreign workers without permits. The e-Government service provider has received a letter of appointment to manage the rehiring programme, whereby some 2 million undocumented illegal workers are expected to be given valid permits. Read more
Audit issues have come to light regarding sports shoe maker Maxwell International Holdings Bhd. This follows the resignation of independent director Lee Chong Hoe on Wednesday and the revelation on Thursday that its management has been advised to carry out an investigative audit in relation to its annual financial statements for 2015. So far, only one audit issue has been revealed, but China-based Maxwell says there are “additional issues” that its external auditors have highlighted. Read more
Cord blood bank StemLife Bhd, which its 89.88% shareholder Cordlife Group Ltd plans to take private, is sticking to Cordlife’s original plan that involves a delisting and not taking any step to address the shortfall in the public shareholding spread. “No rectification plan has been formulated and no endeavours have been taken to formulate such a plan,” says StemLife, which therefore faces a trading suspension. Read more
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