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  • Business
  • Thursday, 23 Jan 2003

MMC ENGINEERING GROUP BHD has decided to abort its earlier 1-for-1 rights issue exercise, which was proposed last October. 

In a statement, the company said the decision to drop the rights issue exercise was made after it was served a takeover notice by its parent, Malaysia Mining Corp Bhd on Jan 17. 

IJM Corp Bhd and RAHMAN HYDRAULIC TIN BHD have mutually agreed to three month-extensions to end-March to complete a corporate exercise related to both companies, IJM said in a statement. 

Last year, IJM proposed that its unit IJM Plantations Sdn Bhd take over the listing status of debt-laden Rahman Hydraulic for some RM27mil. 

Rahman Hydraulic will be paid RM25mil in cash to partially settle its debts, and its shareholders will be issued new IJM Plantations shares worth a minimum RM1.944mil. 

After the exercise is completed, IJM Plantations will be listed in place of Rahman Hyraulic on the KLSE main board. – AFX 

SOME 37 million shares representing an 11% stake in Cahya Mata Sarawak Bhd were crossed in an off-market deal yesterday at RM1.80 per share, dealers said. 

A dealer with another brokerage said the deal totalled RM66.6mil.  

He also said Cahya Mata Sarawak has a total paid-up of 329 million shares. – AFX 

Land & General Bhd said its 45.369 million new shares to be issued to creditors as part of its debt restructuring scheme will be issued at RM1 each. 

The company said in a statement the issue price was the higher of its weighted average market price from Jan 15-21 of 30 sen or its RM1 par value. – AFX 

MYCOM BHD has proposed to sell its Beijing workshop business operations for 500,000 yuan in cash, in a move to cut losses, a company statement said. 

The disposal will result in a gain of RM1.2mil for Mycom’s financial year to June as the cost or advances made related to the investments had been fully provided for in the books of the Mycom group, the statement said. – AFX  

TENGGARA OIL BHD said it has turned down an offer from Pelabuhan Tanjung Pelepas Sdn Bhd (PTP) to develop the latter’s office facilities at Tanjung Pelepas port in Johor. 

In a statement, the company cited the substantial rise in the revised estimated cost of the project and its inability to meet the timeline set out by PTP as reasons for declining the contract. – AFX  

SCIENTEX INC BHD (SIB) and Uniontex Containers Sdn Bhd have entered into a conditional sale and purchase agreement with Wowontex Corp Bhd to dispose 3.939 million RM1 shares in Scientex Containers Sdn Bhd (SCSB), representing 94.87% equity interest in SCSB for RM11.896mil, which is to be satisfied by 11.896 million Wowontex shares. 

Meanwhile, Bestex Corp Sdn Bhd also entered into an agreement with Wowontex to dispose two million RM1 shares in Scientex Packaging Film Sdn Bhd (SPF), representing 94.87% equity interest in SPF for RM14.261mil, which is to be satisfied by 14.261 million new Wowontex shares at an issue price of RM1 each in Wowontex shares. 

Bestex also entered into an agreement with Wowontex to dispose 100,000 ordinary shares of RM1 each in Scientex Resources Sdn Bhd (SRSB), representing the entire equity interest in SRSB for RM1.422mil and dispose 250,000 ordinary shares of US$1 each in Scientex Resources (Shanghai) Co Ltd for RM637,617. 

Upon completion of the proposed disposal of SPF and SCSB, Wowontex would become a 62.61% – owned subsidiary of SIB. – Bernama 

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