News in brief

  • Business
  • Tuesday, 13 May 2003

AHMAD ZAKI RESOURCES BHD said it had received the Securities Commission’s approval to a two-for-five bonus issue of 20.372 million shares and a private placement of up to 7.13 million shares. 

The commission has also approved its proposed transfer of listing from the KLSE second board. – AFX 

BALFOUR BEATTY RAIL SDN BHD, a member of the consortium to Mitsui, is the full turnkey contractor for the design, supply, installation, testing and commissioning of the electrification system for the Rawang-Ipoh double tracking project.  

The company said this in elaborating on its role in the project, following the takeover of the project company by Siemens Transportation Systems.  

Balfour Beatty also said it has been the main contractor to the government on the existing Klang Valley commuter double tracking system and is currently providing the total maintenance of the electrification system for KTM Bhd. 

MALAYSIA MINING CORP BHD (MMC) said its wholly-owned subsidiary MMC Marketing Sdn Bhd (MMCM) has executed a sale and purchase agreement for the sale of MMCM’s 100% equity interest in Kilang Papan Bukit Indah Sdn Bhd to Chan Kok Choon and Chan Yoke Kee for RM388,888. 

The sale is not expected to have any material effect on the earnings and net tangible assets of MMC group. – Bernama 

UNITED CHEMICAL INDUSTRIES BHD (UCI) said its “white knight” Perbadanan Kemajuan Negeri Perak (PKNP) has obtained the approval of the Economic Planning Unit of the Prime Minister’s Department. 

The approval, received last Thursday, was for PKNP’s corporate reorganisation plan via the participation of Harta Perak Corp Sdn Bhd in the restructuring and reverse takeover of UCI, it said. 

The proposed restructuring is now subject to approvals by the Securities Commission, KLSE, creditors and shareholders of UCI. – Bernama 

RAMATEX BHD has jointly formed a 64.5% equity investment company in Singapore, namely Sinolac (Singapore) Pte Ltd, with Hyflux Engineering Pte Ltd. 

Hyflux Engineering is a subsidiary of Hyflux Ltd, a company listed on the Singapore Exchange Ltd. It specialises in membrane technology and water treatment, according to a Ramatex statement to the KLSE.  

Sinolac, the new investment company, will own and operate a biotechnology manufacturing facility in China, which is scheduled to be operational after the second quarter of 2004. 

Under the terms of equity participation in Sinolac, Ramatex and Hyflux Engineering would each participate in a proportion of 45% and 19.5% equity interest respectively. 

The cost of investment to Ramatex is estimated at US$3.36mil. – Bernama 

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