News in brief

  • Business
  • Wednesday, 19 Mar 2003

Berjaya Sports Toto Bhd has registered an 8% drop in pre-tax profit to RM308.7mil on lower revenue of RM1.59bil for the nine months ended Jan 31.  

For the third quarter ended Jan 31, it saw a 2% increase in pre-tax profit to RM108mil, on lower revenue of RM537.8mil compared with the previous corresponding quarter. 

The company declared a second interim dividend of 5 sen per share, bringing the total gross dividend distribution per share for the period ended Jan 31, 2003 to 10 sen.  

The company gave 25 sen for the corresponding financial period last year. 

BUKIT KATIL RESOURCES BHD has won the Securities Commission's approval to propose a one-for-two bonus issue of 22.05 million new shares. 

In a statement, the company said the bonus issue would be capitalised from the company's revaluation reserve account and retained earnings.  

The proposed bonus issue was approved by its shareholders on Feb 27. 

MALAYSIA INTERNATIONAL SHIPPING CORP BHD (MISC) said that the members' voluntary winding up proceedings of MISC Agencies (Trengganu) Sdn Bhd (MISAC) commenced on Monday. 

MISAC is a 10% owned subsidiary through MISC Agencies Sdn Bhd. 

MISC told the KLSE yesterday that the members' voluntary winding up was part and parcel of the MISC group's transformation and restructuring exercise to streamline its operations and focus on core business. 

Chong Chee Fun, manager management accounts was appointed the liquidator for the winding up of MISAC on Monday. – Bernama 

·DUNHAM-BUSH (M) Bhd said its wholly-owned subsidiary Dunham Bush Industries De Mexico SA De CV has closed its air-handling units (AHU) manufacturing facilities at Apodaca, Nuevo Leon, Mexico, due to insufficient volume of business.  

Dunham-Bush will continue its parts, services, warranty and trading activities in Mexico through its existing marketing office in Mexico City, Dunham-Bush De Mexico SA De CV.  

The chiller, AHU and other related air-conditioning products for trading activities will continue to be sourced from its factories in Malaysia. 

Lion Diversified Holdings Bhd said the Foreign Investment Committee has approved its proposed disposal of Subang Parade to Hektar Premier Holding Bhd for RM223.41mil.  

NESTLE (MALAYSIA) BHD said parent Nestle SA bought 2.14 million shares in the company via the open market March 3-12 for an undisclosed sum, raising its stake to 146.952 million shares or 62.6%. – AFX 

COMMERCE ASSET HOLDINGS BHD said it has bought back 724,000 shares from the open market for RM2.169mil yesterday.  

In a statement, the company said its cumulative net outstanding treasury shares stand at 20.031 million after the purchase. – AFX 

BELL & ORDER BHD said its warrants would be suspended from trading on the KLSE on April 1 to facilitate the conversion of warrants into the company's ordinary shares. 

In a statement, the company said its warrants will mature on April 16 and its warrants 2000/2003 will be delisted on April 17. – AFX 

Wah Seong Corp Bhd’S subsidiary PPSC (HK) Ltd of Hong Kong has jointly formed a new company in China on a 50:50 basis with Socotherm SPA of Italy.  

The new company Ningbo Daxie Socotherm PPSC Coating Ltd will principally be involved in the provision of pipe coating services to the oil and gas industry through China. 

“The cost of investment is US$1.05mil,'' Wah Seong told the KLSE.  

It said that the investment would be financed from the parties' own internally generated funds and/or bank borrowings. 

Grand Hoover Bhd (GHB) has signed a sale and purchase agreement with Rasdini Develop-ment Sdn Bhd to dispose of a piece of land in Petaling, Selangor, for RM4.66mil cash. 

“The expected gain arising from the disposal is approximately RM181,209,” GHB told the KLSE. 

It said that the sale proceeds would be utilised as working capital. 

“The disposal will reduce the maintenance cost and generate cash as working capital for the company,” the company said. 

PROMET BHD'S wholly-owned subsidiary Promet International Ltd has been notified by its 30% joint venture partner Locifan Trust over the termination of the shareholders and related agreement in respect of Fairoak Investment Holdings (PVT) Ltd signed by both parties in April 1997. 

In a filing to the KLSE on Monday, Promet said that Promet International received the notification via a letter on March 10 from Locifan. 

Fairoak is a 70% subsidiary of Pro-met International and is involved in a property development project in Johan-nesburg, South Africa.  

Fairoak was acquired from Locifan in April 1997 for a consideration of rand 18.152 million (RM8.45 million). 

Promet said Locifan alleged that in view of the debt restructuring exercise in Promet and Promet Inter-national, the latter firm was in breach of the shareholders agreement signed in April 1997 and that Locifan was entitled to carry out a valuation of Fairoak and tendered an amount of rand 5,641,600 to acquire Promet In-ternational’s interest. 

Promet said that based on legal advice received, there were no grounds for the termination and valuation indicated by Locifan. 

It said that Promet International intended to dispute the action and take the necessary legal action. – Bernama  

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