News in brief

  • Business
  • Wednesday, 08 Jan 2003

PARK MAY BHD said it has not yet entered into a formal agreement to sell its 20% stake in Rangkaian Segar Sdn Bhd, the operator of the Touch n’ Go electronic payment system. 

Park May said in a statement it was only in the early stages of negotiations with the potential buyer, a listed information and communication technology firm. 

It did not identify the company it is in talks with. 

Earlier, Park May chairman Tun Mohd Hanif Omar was quoted as saying the sale is expected to be finalised by the first quarter of the year. – AFX 

ARAB-MALAYSIAN DEVELOPMENT BHD (AMDB) said it has fixed the conversion price for its zero coupon 2003/2010 irredeemable convertible unsecured loan stocks (Iculs) at 50 sen each. 

The Iculs, which are convertible to AMDB shares, would be issued as part of the settlement of a company that AMDB had proposed to acquire from Arab-Malaysian Corp, AMDB said in a statement. 

It added the conversion price would be satisfied by surrendering the loan stock at a nominal value of RM1 for the equivalent number of new AMDB shares. – AFX 

South Malaysia Industries Bhd said it has issued 9.998 million new warrants 2002/2005 to bondholders and secured and unsecured lenders pursuant to the bonds and debt restructuring respectively. – Bernama 

KRIS COMPONENTS BHD told the KLSE that it has agreed to acquire 780,000 shares, 30% equity interest, in Surface-Tech (M) Sdn Bhd from Shokowsha Co Ltd and Surface Technology (S) Pte Ltd for RM528,000 cash. 

“The acquisition is expected to contribute positively to the future earnings of the Kris group,” a company statement said. 

Kris said the acquisition would enable the group to fully consolidate its equity interest in Surface-Tech, which is involved in anodizing high-end cosmetic surface-finishing metal parts for the consumer electronics industries. 

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