Versus the CI


  • Business
  • Saturday, 17 May 2003

By PAULINE S.C.NG

Eden 

AFTER a new shareholder took over Eden Enterprises last year, the former restaurant operator and property company, which has been placed under Practice Note 4 condition, has awakened somewhat. Although it has not announced any substantial plans, other than a stated aim to see its power generation and electrical and electronic businesses feature more significantly in its future earnings, shares of the company continue to be actively traded. Eden Enterprises is hopeful of turning the corner this year back to profitability following a few years of losses. 

Innovest 

IN. Out. And back in again. Innovest's time-out from Practice Note 4 condition was a mere 20-21 months before it was once again booted back to “affected listed issuer” status earlier this month. The main board property company was unfortunately not able to do too much with its second lease of life. As a research house noted, net losses aside, there is not too much going for the company in its core areas of timber and property development.  

Iris 

LISTED on the KLSE Mesdaq market last July, the chip maker for the country's electronic passport and MyKad shone with a 11 sen premium over its offer price of 30 sen per share. Things have been much quieter since then, with its share price trending down. An announcement earlier in the month that the company had secured its first major international contract to provide its “tamper-proof” passport technology to Nigeria created a bit of excitement, but has not been enough to take it beyond its IPO price.  

Courts 

THE tough operating environment has seen consumers tightening their purses considerably, which in turn has taken a toll on the furniture and electrical appliances retailer. Downgrades by research houses have also not helped, and Courts shares are now trading not too far from their all-time low of RM2.10. Meanwhile, Courts, which already has 72 outlets nationwide, plans to add another five to six outlets this year in the northern peninsula, Sabah and Sarawak. 

Prestar 

SOUTH Korea's Posco, the world's second largest steelmaker, took a 30% stake in Summit Steel Centre Sdn Bhd (SSC), a subsidiary of Prestar for only some RM5mil last year. Although small, the acquisition was supposed to enhance SSC's capabilities to supply higher value-added steel products to the automotive, and electrical and electronics sectors. In the interim, Prestar has proposed a one-for-one bonus issue and the transfer of its listing status to the KLSE main board. For the first quarter of this year, the company has improved marginally on its performance, its net profit up slightly to RM2.9mil from RM2.6mil in the same period a year ago. 

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