News in brief

PWE INDUSTRIES BHD is exploring the possibility of acquiring major interests in a group of companies engaged in the haulage, freight forwarding and warehousing business, a PWE statement said. 

The company said it would make further announcements should there be any definite developments resulting from this exercise. 

No other details were given in the statement. – AFX 

Woodlandor Holdings Bhd said its 1-for-3 renounceable rights issue of 6.666 million new shares of RM1 each, at an issue price of RM1 per share, was undersubscribed by 34.79%. 

As of the close of the rights issue acceptance on April 30, the total acceptances and excess applications received was for 4.347 million rights shares, or 65.21% of the total shares available for subscription. 

This represents an undersubscription of 2.319 million shares or 34.79% of the shares available for subscription. 

Woodlandor manufactures wood-based products for the building industry such as fire resistant door-sets and pre-fabricated timber roof trusses and knock-down furniture. – AFX  

HUNZA PROPERTIES BHD will buy six pieces of freehold land in Kuala Lumpur measuring a total of 5.6ha from Lu Pat Sdn Bhd for RM33.132mil in cash. 

Hunza said in a statement that the land was located near the high-end residential area of Seputeh and it intended to develop the land into a mixed residential gated community targeted for the higher-end market. 

Layout and building plans will be submitted accordingly to the relevant authorities. 

The payment sum would be financed by internally generated funds or bank borrowings, it said. – AFX 

Nestle (M) Bhd posted a pre-tax profit of RM71.73mil in the first quarter ended March 31, 2003, up from RM63.79mil recorded in the same quarter of last year. Its revenue rose to RM655.31mil from RM631.66mil. – Bernama 

Concrete Engineering Products BHD recorded a pre-tax loss of RM350,000 in the second quarter ended Feb 28, 2003 versus a pre-tax profit of RM1.61mil in the preceding year corresponding quarter. 

Its revenue was at RM18.88mil from RM21.77mil. 

For the first half ended Feb 28, 2003, its pre-tax profit amounted to RM254,000, up from RM148,000 previously. – Bernama 

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