News in brief

THE High Court of Malaya yesterday granted the order for the vesting of the commercial banking business of Bank Utama to RHB Bank and the nominee services business of U.B. Nominees Sdn Bhd to RHB Capital Nomine es. 

As of May 1, 2003, the commercial banking business of Bank Utama and the nominee services business of U.B. Nominees shall be vested to and conducted by RHB Bank and RHB Capital Nominees respectively, RHB Capital said in a filing with the KLSE.  

The execution of the business merger agreement between Bank Utama, U.B. Nominees (Tempatan) Sdn Bhd, RHB Bank and RHB Capital Nominees (Tempatan) Sdn Bhd was announced on March 25. 

The agreement was for the merger of the commercial banking business of Bank Utama with RHB Bank and the corresponding merger of the nominee services business of U.B. Nominees with RHB Capital Nominees. – Bernama 

PERMODALAN NASIONAL BHD (PNB) is keen to raise its investment in Sabah's agricultural and real estate sectors, according to chairman Tan Sri Ahmad Sarji Abdul Hamid. 

PNB subsidiaries involved in the property development sector were also keen to participate in the kind of projects the Sabah government was planning to develop, he said at the state-level launch of Amanah Saham Gemilang in Kota Kinabalu yesterday. – Bernama 

SRI HARTAMAS BHD (SHB) today announced that the Securities Commission (SC) has granted its approval to Hartamas Group Sdn Bhd (HGB), a new company which will take over the listing status of SHB upon the completion of the proposed scheme of arrangement, a six- month period from the date of listing of and quotation of the ordinary shares of RM1.00 each in HGB shares. – Bernama 

As of May 1, 2003, the commercial banking business of Bank Utama and the nominee services business of U.B. Nominees shall be vested to and conducted by RHB Bank and RHB Capital Nominees respectively, RHB Capital said in a filing with the KLSE.