News in brief

TIME Dotcom Bhd is proposing to return 50 sen cash a share or a total of RM1.265bil to its shareholders at a date to be determined later. 

Time dotCom said in a statement the funds for the capital return would come from the proceeds of the sale of its cellular unit TimeCel Sdn Bhd to Maxis Communications Bhd. To facilitate the capital repayment, it is proposing to reduce its share premium reserves by RM1.265bil. 

Based on its audited accounts as at Dec 31, 2001, Time dotCom's share premium reserves stood at RM3.215bil. 

Time dotCom said it would apply to the High Court for approval to reduce its share premium reserves for the planned capital repayment. - AFX 

PENGURUSAN Danaharta Bhd has rejected a report that it is in talks with Valiant Entity Sdn Bhd to sell its 44.85% stake in Naluri Bhd. 

A statement from Naluri said “Danaharta has confirmed that it is not in discussions with Valiant Entity over the said equity stake.” 

The company made the statement in response to a news report that Danaharta was close to signing a new agreement with Valiant Entity after a series of closed-door meetings. The report quoted unnamed sources as saying that the fresh talks were focused on pricing and that an announcement might be made within the next 1-2 weeks. - AFX 

SKP Resources Bhd'S initial public offering (IPO) of 1.5 million shares for public subscription has been oversubscribed 0.02 time, said Malaysian Issuing House Sdn Bhd (MIH).  

A placement of 3.3 million shares to identified investors had also been fully subscribed, MIH said. 

SKP is issuing 7.2 million new shares at RM1.50 each as part of its IPO. – AFX  

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