News in brief

  • Business
  • Thursday, 12 Jun 2003

NAUTICALINK BHD has signed an agreement with Business Sail (M) Sdn Bhd to sell its 600,000 RM1 shares representing 100% interest in Asia Slipway & Engineering Sdn Bhd (ASE) for RM120,000. 

Asia Slipway is involved in building, repairing, cleaning, storing and providing slipway for barges, vessel and ships. 

It had an audited net tangible asset (NTA) of RM129,028 and NTA per share of RM0.215 as at Dec 31, 2002. 

The proposal is due to unhealthy financial condition and the impact of reduction of overdraft facility in Asia Slipway recently as it has recorded unaudited net loss of RM276,000 in the first quarter ended March 31. This proposal is expected at least to lower its gearing. 

Nauticalink has also signed an agreement with Kosmo Seraya Sdn Bhd, the vendor of Hexariang Sdn Bhd, to acquire the entire equity in Hexariang for RM70mil. – Bernama 

Sarawak Oil Palms Bhd has made Datuk Ling Chiong Ho its executive chairman. Ling, 51, was its non-independent and non-executive chairman prior to the appointment. 

He is founder and chairman of Shing Yang Group which is involved in forest management, downstream wood-based processing, property development and shipping. – Bernama 

SOUTHERN BANK BHD has received Bank Negara approval for the proposed acquisition of 30% equity in SBB Securities Sdn Bhd by SBB Capital Markets Sdn Bhd and acquisition of the entire equity in Mohaiyani Securities Sdn Bhd. 

It has also obtained approval for the proposed increase in its issued and paid-up share capital to RM1.17bil from RM1.12bil for the purpose of implementing the proposed acquisitions. – Bernama 

Globetronics Technology Bhd subsidiary ISO Technology Sdn Bhd has signed an agreement with Knitwear Fashion (Kedah) Sdn Bhd to purchase 24,039.1 sq m in Kubang Pasu, Kedah together with a single-storey factory in Jitra, Kedah, for RM1.9mil. – Bernama 

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