YTL Power International Bhd said its unit YTL Power Generation Sdn Bhd plans to raise RM1.3bil from the private debt securities market.
The company said in a statement that it was raising the funds to restructure its existing borrowings and to refinance part of its existing borrowings to take advantage of the attractive long-term rates currently available in the debt markets. – AFX
PROJEK PENYELENGGARAAN LE-BUHRAYA BHD (Propel) announced that its independent di-rectors had appointed Aseam-bankers Malaysia Bhd as independent adviser on the proposed privatisation of Propel. – Bernama
DENKO INDUSTRIAL CORP BHD announced that the winding-up petition against Denko-HLB Sdn Bhd, a wholly owned subsidiary, was struck out by the Penang High Court on March 28, 2003. – Bernama
·MALAYSIAN RESOURCES CORP BHD (MRCB) entered into a conditional share sale and purchase agreement with Anchor Developments Pte Ltd (ADPL) and Fraser & Neave Holdings Bhd (F&N), for the acquisition of 25% shareholding each of ADPL and F&N in the capital of Harmonic Fairway Sdn Bhd for RM5mil.
Harmonic Fairway is a joint venture company between MRCB, ADPL and F&N which was formed for the purpose of acquiring and developing a piece of land at KL Sentral in Kuala Lumpur.
An agreement to terminate the joint venture and novation agreement will be signed upon completion of the sale and purchase agreement.
The proposed acquisition is in line with MRCB's strategy to consolidate its core business in urban property development. – Bernama
METROPLEX BHD subsidiary, Metroplex Centrepoint Sdn Bhd, entered into a sale and purchase agreement with Pusat Pakar Tawakal Sdn Bhd for the proposed disposal of three pieces of land in Kuala Lumpur for RM28.27mil cash.
The proposed disposal will enable Metroplex to partially reduce its borrowings which will also result in interest savings for the company. – Bernama
Riverview Rubber Estates Bhd said the Securities Commission had granted the company an extension until Sept 30 to complete the implementation of its proposed bonus issue.
Riverview said in a statement that it had proposed a 5-for-1 bonus issue of 54.042 million new shares of RM1 par value each.
Riverview said it had secured the SC approval for the variation of the amount of funds to be capitalised from the company's general reserve and revaluation reserve for the bonus issue. – AFX
KPJ Healthcare Bhd has bought an additional 10% stake in Damansara Specialist Hospital Sdn Bhd for RM3mil, thereby increasing its stake to 100%.
In a statement, the company said the purchase would be financed through internally generated funds.
It said Damansara Specialist posted an audited pre-tax profit of RM3.02mil for the year to December 2002 and an audited net tangible asset per share of RM1.07.
KPJ said the acquisition was made to enable Damansara Specialist become a wholly-owned subsidiary. – AFX
YTL POWER INTERNATIONAL BHD plans to sell RM1.3bil of six- to 10-year bonds some time in May, bankers close to the deal said on Thursday. Traders said the firm was either lining up funds for an acquisition or wanted to refinance some of its existing loans.
“It is still pending completion of the documentation but they told us the launch will be some time in May,” a bond dealer said.
The bonds, expected to carry a AA1 rating, are likely to be priced some 150 basis points above equivalent Malaysian Government Se- curities (MGS). The little traded six-year MGS is calling yields of around 3.2%, while the 10-year MGS at about 3.6%.
Traders also said Aseambankers Bhd, the investment banking arm of Malayan Banking Bhd had been appointed as arranger for the deal. – Reuters