News in brief


  • Business
  • Friday, 11 Apr 2003

WCT ENGINEERING BHD's joint-venture company, WCT-MTD JV, has secured a RM38mil contract from Malaysia-China Hydro Joint Venture for the sub-contract construction works and soil removal at the main dam of the Bakun hydroelectric project. 

In a statement, WCT said that WCT-MTD JV was owned 60:40 by its own subsidiary WCT Construction Sdn Bhd and MTD Capital Bhd unit MTD Construction Sdn Bhd. 

The sub-contract works began on April 6 and are expected to be “substantially completed” by June 6, 2004. 

A formal agreement on the contract will be executed in due course. 

Malaysia-China Hydro Joint Venture is controlled by China National Water Resources and Hydropower Engineering Corp, with 30% interest, and Sime Joint Venture which has a 70% stake. 

Sime Joint Venture in turn comprises Sime Engineering Sdn Bhd with 51% interest, Edward & Sons (EM) Sdn Bhd with 5% stake and the WMAI Joint Venture with 44% interest. – AFX 

SATERAS RESOURCES (M) BHD has entered into an agreement with three individuals – Mohd Salleh Zakaria, Wan Muhamad Ibrisam Wan Ibrahim and Said Bakar – and Austral Amal Properties Sdn Bhd to restructure the company. 

The company said in a statement the restructuring would involve the setting up of a new firm to assume the listed status of Sateras, a share swap, the acquisition of the entire capital of Ace Polymers (M) Sdn Bhd, the purchase of land in Petaling Jaya, debt settlement and private placement and/or offer the sale of shares. 

The company said it would make an announcement on the proposed restructuring scheme as soon as negotiations with the three individuals and Austral Amal were concluded. It gave no further details. – AFX 

GLOBAL Soft (MSC) Bhd's entire paid-up capital of 42.8 million shares of 10 sen each will be listed and quoted on the Mesdaq market of the KLSE on April 15, a KLSE circular said. – AFX 

FABER GROUP BHD said yesterday bondholders had agreed to stop interest charges on its RM1.2bil bond to help the firm stay afloat. 

Noorizah Abdul Hamid, Faber chief operating officer said the move would help the debt-hit group repay the five-year zero coupon bond due in 2005. 

“All the resolutions were approved, but this is just another step in our debt revamp,” she told reporters. – AFX 

Nationwide Express Courier Services Bhd has appointed Rozilawati Basir as chief executive officer with effect from March 31. She is also an executive director of the company, a position she has held since Sept 21, 2000. 

Additionally, she is a director of Syarikat Kayu Wangi Bhd and Kumpulan Fima. 

·Texchem Resources Bhd said the Securities Commission (SC) has rejected its appeal to list unit Texchem-Pack (M) Bhd on the KLSE second board. 

No reason was given for the rejection. In a statement, the company said it accepts the final decision of the SC. 

Texchem-Pack is involved in the electronic packaging industry and its performance was affected by the weak global hard disc drive industry and significant decline in global demand for computer chips, semiconductor and electronic products in 2001. – AFX 

·KPJ Healthcare Bhd is buying three adjacent parcels of land in Kuala Lumpur measuring 12,331.1 sq m for RM28.271mil to build a new hospital. 

In a statement, the company said it was relocating its existing Hospital Tawakal in Kuala Lumpur to the new proposed hospital. The proposed acquisition will be satisfied wholly in cash and will be financed through internally generated funds and/or existing banking facilities, it added. 

It expects the transaction to be completed by year-end. – AFX 

l UNITED BINTANG BHD (UBB) has proposed to dispose of a piece of freehold vacant agricultural land in Kuala Lumpur for RM6.8mil cash. 

Assuming the proposed disposal is completed by the third quarter of 2003, UBB expects to realise an exceptional gain of RM5.54mil after provision of real property gains tax for the financial year ending Dec 31, 2003. - Bernama 

EDEN ENTERPRISES (M) BHD has won the Securities Commission's approval to extend the completion date of its revamp exercise by five months to Aug 25. 

In a statement, the company said it completed all aspects of its corporate exercise on Feb 25 apart from the restricted offer for sale of 7.25 million ordinary shares of RM1 each by major shareholder Serata Padu Sdn Bhd to the nominated public investors, to be approved by the SC. 

Eden's revamp involved a capital reduction, acquisition of new businesses, rights issue and sale of loan stocks. – AFX 

RAHMAN HYDRAULIC TIN BHD has extended the deadline to April 30 for the proposed sale of the Pinang Tunggal Estate and motor vehicles to Perbadanan Kemajuan Negeri Kedah for RM80mil in cash. 

In a statement, Rahman Hydraulic said the extension was granted at PKNK's request to facilitate the company's efforts to obtain all necessary approvals from the relevant authorities on the planned asset sale. No further details were given. – AFX 

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