News in brief

  • Business
  • Tuesday, 29 Apr 2003

PENGURUSAN Danaharta Nasional Bhd has appointed Lim Tian Huat, Chew Cheng Leong and Raja Ali Raja Othman of Ernst & Young as special administrators of Saship Holdings Bhd and Sabah Shipyard Sdn Bhd with effect from yesterday. 

UNISEM BHD’S first quarter to March results widened to a net loss of RM7.22mil from a loss of RM1.332mil a year earlier due to weak demand and higher operating costs. 

Sales rose to RM54.018mil from RM46.058mil a year earlier. 

On a quarter-on-quarter basis, the first quarter's net profit and sales fell 15.5% and 6.3% respectively. 

Unisem said the first quarter results were within the company's expectations and added that business conditions remain challenging, with no significant improvement expected in the short-term. – AFX 

PERNAS Securities Sdn Bhd (PSSB), a wholly owned subsidiary of Pernas International Holdings Bhd (PIHB), has entered into a conditional agreement with Tradewinds (M) Bhd to sell to Tradewinds oil palm companies for RM87mil. 

Under the agreement, Tradewinds would purchase PSSB's 100% equity interest in Teon Choon Realty Co Sdn Bhd for RM56.4mil cash, and its 70% interest in Ladang Serasa Sdn Bhd, for a cash amount of RM30.6mil. 

As at 31 Dec 2002, PSSB group owed the Tradewinds group RM61.4mil in net loans and advances, PIHB said, adding the proposed disposals would fully settle these long standing inter-company loans. It also said that given the PIHB group's current position, it is unlikely that it would be able to settle the inter-company loans and advances in cash in the near to medium term.  

Moreover, the proposed disposals of the plantations is in line with its strategy of streamlining its core businesses by placing business units under the management of teams with the relevant core experience, and that they are expected to benefit from Tradewinds' ownership. 

Iris Corp BHD said its chairman Razali Ismail disposed of 26 million shares in the company via a direct deal on April 21 at undisclosed prices. 

Razali still holds 118.8 million shares or a 14.25% stake in the company after the sale, Iris said in a statement. – AFX  

·The Employees Provident Fund (EPF) sold a total of one million shares in YTL Power International Bhd on April 16 and 17 at undisclosed prices. 

Following the sale, the EPF owns 115.005 million shares or a 5.09% stake in the company, YTL Power said. – AFX 

EDEN ENTERPRISES BHD chairman Abd Rahim Mohamad sold a total of 6.913 million shares on April 15-17 in the open market at undisclosed prices. 

After the sale, Abd Rahim still holds 99.91 million shares or 46.6% of the company's paid-up capital. On April 8-10, he sold 6 million shares. – AFX 

JOHN HANCOCK LIFE INSURANCE (M) BHD announced to the KLSE that it had been allowed by the High Court to quash the decision of the Human Resources Minister to refer to the Industrial Court a dispute on the removal of the company's former chief executive officer (CEO). 

The minister and the previous CEO may, within 30 days, file an appeal to the Court of Appeal against the decision of the High Court, John Hancock said. – Bernama  

SUNWAY CONSTRUCTION BHD (SunCon) has, on April 24, acquired 10,000 ordinary shares of 10 rupees each, representing 100% equity stake in the capital of Sunway Con-struction India Pte Ltd (SCI) at par for cash, of which 98% of the equity is held directly by SunCon and the remaining 2% by its wholly owned subsidiary SWC Resources Sdn Bhd. 

SCI is a private limited company incorporated in India on Dec 31, 2001. Its authorised and paid-up share capital is 100,000 rupees, which is equivalent to RM8,333 respectively. – Bernama 

Bright Packaging Industry Bhd has posted a pre-tax loss of RM1.005mil for the 2nd quarter ended Feb 28, compared with a pre-tax profit of RM420,000 in the previous corresponding period. Its revenue dropped to RM7.02mil compared with RM7.52mil previously. – Bernama 

Boustead Holdings Bhd has acquired 3,000 ordinary shares of Kuala Sidim Bhd via open market transaction for a total of RM17.85mil. As a result of the acquisition, Boustead now holds directly 70,903,632 shares representing about 56.941% of Kuala Sidim’s paid-up capital. – Bernama 

KEMAYAN CORP BHD has posted a higher pre-tax loss of RM26.42mil in the 3rd quarter ended Feb 28 compared with a pre-tax loss of RM17.48mil in the previous corresponding period. Its revenue was down to RM2.06mil compared with RM6.45mil previously. – Bernama 

Eupe Corp Bhd has posted a higher pre-tax profit of RM8.55mil for the year ended Feb 28 compared with RM3.54mil the year before. 

The profit was achieved over a bigger revenue of RM81.098mil from RM42.084mil previously. Earnings per share rose to 5.01 sen compared with 2.49 sen. – Bernama 

PARK MAY BHD has appointed Adnan Mohammad its managing director with effect from May 1, 2003. Adnan is currently chief operating officer of Intria Bhd and was formerly managing director of Time dotNet Bhd from February 2000 to August 2001. – Bernama 

SETRON (M) BHD has announced that the Securities Commission has not approved its proposed exemption to Business Focus Pro-perty Sdn Bhd (BFPSB) and parties acting in concert from the obligations to undertake the mandatory takeover offer for the remaining shares in Setron not already owned by BFPSB and parties acting in concert after the completion of the proposed rights issue arising from the additional undertaking by BFPSB. – Bernama 

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