News in brief

  • Business
  • Saturday, 15 Mar 2003

SOUTHERN BANK BHD said it is reconsidering its earlier decision not to retain the listing status of wholly-owned unit BHL Venture Bhd. 

In a statement, Southern Bank said the companies had on Sept 20, 2002 announced that they do not intend to retain BHL's listing status, but Southern Bank is now evaluating its earlier decision. 

It offered no reasons for the move. 

BHL, formerly known as Ban Hin Lee Bank Bhd, was taken over by Southern Bank in 2000. - AFX 

KHAZANAH NASIONAL BHD had successfully closed its RM1bil redeemable unsecured bonds with the issue oversubscribed by 2.8 times. 

The five-year bonds with a coupon of 1% were assigned a rating of AAA by Rating Agency Malaysia Bhd and were priced at yields to maturity of 3.7% per annum, Kazanah said in a statement today. 

Commerce International Merchant Bankers Bhd and RHB Sakura Merchant Bankers Bhd were the joint lead managers and joint book runners for the bonds. – Bernama 

Olympia Industries Bhd, which announced in November its plans to list unit JetFM Sdn Bhd on the stock exchange, said it has submitted the listing proposal to the KLSE and the Securities Commission. – AFX  

AMMB Holdings Bhd subsidiaries, AmBank Bhd (AmBank) and AmFinance Bhd, are rationalising certain common business and internal operations to maximise group synergy, achieve economies of scale, and enhance efficiency. 

In filing with the KLSE, AMMB said this was in line with the development in the financial services industry and recommendations of the Financial Sector Masterplan

The company has no definitive plans, at this point, to merge its subsidiaries. 

It was reported in a local daily on March 12 that there had been speculation the Arab-Malaysian group would follow Public Bank's lead in merging its finance and commercial banking operations. – Bernama 

Chemical Company of Malaysia BHD (CCM) said Datuk Lim Say Chong, the managing director of the CCM group of companies, would retire on Sept 30 this year. 

Group executive director Oh Kim Sun will assume the post of managing director with effect from Oct 1. – Bernama 

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