News in brief

  • Business
  • Thursday, 03 Apr 2003

TELEKOM MALAYSIA BHD said yesterday it would take Celcom (M) Bhd private if acceptances for its RM3.8bil takeover offer for Malaysia's second-largest mobile operator exceeded 90%. 

“That's for certain, there won't be any public spread,” said Telekom chief executive Datuk Md Khir Abdul Rahman. 

He said Telekom had a more than 50% chance of taking Celcom private, as only Deutsche Telekom strongly opposed the deal. – Reuters  

TRC SYNERGY BHD said it had secured a government contract worth RM16.98mil to upgrade the Sibu-Bintulu road to the new Bintulu airport in Sarawak. 

The contract was secured from Naim Cendera Sdn Bhd, TRC said in a statement. – AFX 

Tenaga Nasional Bhd and Malakoff Bhd have mutually agreed to further extend the timeframe to complete the sale of Tenaga’s Kapar power station to Malakoff to Oct 30. The earlier extension for the companies to meet the necessary conditions of the sale agreement expired yesterday. 

Malakoff said in its statement that it no longer required to seek the Securities Commission’s (SC) ap- proval for the purchase as based on revised terms, the acquisition no longer triggered the back-door listing requirements of the SC. – AFX 

DATAPREP HOLDINGS BHD is offering a voluntary retrenchment scheme to its executive and non-executive staff, a company statement said. 

Employees of its subsidiary HRM Business Consulting Sdn Bhd and contractual staff are exempted from the voluntary separation scheme (VSS), open until April 16. – AFX 

NCK CORP BHD’S total borrowings on which it has defaulted in payment stood at RM622.561mil as at March 31, 2003, compared with RM616.551mil as at Jan 31, 2003. 

A settlement of secured term loan of RM2.612mil was made to Aseambankers Malaysia Bhd on March 14, 2003, for full redemption of the freehold development land known as GM 817, Lot No. 1423 in Kuala Lumpur, sold to Mampu Jaya Sdn Bhd via S&P agreement dated Aug 12, 2002. – Bernama  

OCEAN CAPITAL BHD is in preliminary discussion with Parkson Corp Sdn Bhd to explore various business opportunities and that no definitive arrangement has been reached as yet. 

Ocean said this in response to a KLSE query on a recent news report that Tan Sri Syed Mokhtar AlBukhary and Lion group founder Tan Sri William Cheng were in talks to merge their respective retail entities, Ocean Capital and Parkson Corp. – Bernama 

ARAB-MALAYSIAN CORP BHD has said that it is not engaged in any active negotiations with any interested party on its stake in Rediffussion Bhd, South Peninsular Industries Bhd and MCM Technologies Bhd. 

It also said that no time line or target price had been set for these intended disposals. 

The company said this in reply to a KLSE query on a news report that it had plans to divest its non-core assets in a structured manner and that the assets included shares in the three companies. – Bernama 

CNLT (FAR EAST) BHD has announced that the Securities Commission has approved its proposed issuance of a bank guaranteed commercial papers/medium term notes issuance programme of up to RM60mil. 

It has proposed to use the net proceeds from the programme to refinance the existing borrowings of the company under the RM50mil guaranteed revolving underwriting notes issuance facility and the bilateral term loan provided by Bumiputra-Com- merce Bank Bhd, of up to RM1.4mil. 

The balance of RM8.6mil is to part-finance new capital expenditure. – Bernama 

Wah Seong CORP BHD has signed a joint-venture agreement with Dong Shi Qian via its wholly- owned subsidiary Wah Seong Inter-national Pte Ltd (WSIPL) to form a joint-venture company known as Wah Seong China Ltd (WSCL) in Hong Kong. 

Wah Seong said the joint venture would provide tremendous growth potential associated with the oil and gas infrastructure services industry. 

WSCL will be jointly owned by WSIPL and Don on an 80:20 basis. 

Dong is a private entrepreneur who owns several businesses in China and the US. 

The 80% equity stake will amount to RM3.04mil. 

WSCL is principally involved in the provision of all kinds of services ancillary to the oil and gas infrastructure services industry throughout the US, China and Asia Pacific. – Bernama 

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