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Bursa highlights for Thurs, June 1
* Special purpose acquisition company Sona Petroleum Bhd is running out of time to find a qualifying asset, with its three-year timeframe to complete the acquisition nearly up. Sona announced today that sellers of the Stag Oilfield that it was eyeing, have terminated the sale and purchase agreement due to unfulfilled conditions precedent, including getting Sona shareholders’ approval. Read more
* Damansara Realty Bhd plans to raise up to RM150mil by issuing redeemable convertible notes, about 60% of which will be used to develop projects in Putrajaya, Kuantan and Johor Baru while most of the rest will be for working capital. Read more
* Econpile Holdings Bhd has secured a RM208mil contract for foundation and substructure works for a mixed commercial development in Jalan Ampang, Kuala Lumpur. Read more
* Construction and mining firm WZ Satu Bhd has clinched two contracts worth RM65.37mil in relation to the piping erection for Petroliam Nasional Bhd’s Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor. Read more
* Multimedia video conferencing system assembler MLABS Systems Bhd
, whose share price has surged more than 60% since Wednesday last week, says it is in ongoing discussions with Bage Holdings Ltd since the first quarter of 2016 for the proposed acquisition of the entire issued and paid-up share capital of Bage (China) Co Ltd, which designs and manufactures footwear. MLabs intends to enter into a heads of agreement for the proposed acquisition within two weeks. MLabs said this in reply to Bursa Malaysia Securities’ query on its shares’ sharp price rise and high trading volume. The counter closed at 11.5 sen on Thursday, up 3.5 sen from the previous day,
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