Arus Murni shareholders approve new businesses

  • Business
  • Wednesday, 25 Jun 2003

ARUS Murni Corp Bhd expects the trading suspension imposed on its shares to be lifted within the next few days, after obtaining shareholders' approval to acquire new core businesses at an EGM yesterday. 

Financial controller Larry Liang said the shareholders' mandate was the last step towards the implementation of the proposed acquisition of a timber concession holder and a property investment company. 

“The KLSE had already given its approval for Arus Murni's shares to be re-quoted pending approvals from shareholders,'' he said. 

Liang said the acquisitions would contribute a combined cashflow of RM7mil annually to the group from the financial year ending Dec 31, 2004 onwards.  

It hoped to complete the acquisitions by Aug 8 (the deadline contained in the sales and purchase agreements). Contribution from the 2 companies would make its full impact from next year. 

“The focus is to put the company back on track and consolidate the newly acquired business operations. However, if other opportunities arise in the future, the board may be willing to consider them,'' Liang said.  

Shareholders voted in favour of the company's plan to acquire Jernih Makmur Sdn Bhd, a 10,000-acre timber concession holder in Gua Musang, Kelantan, for RM42mil.  

The purchase was to be satisfied by the issuance of a 3-year 0.5% irredeemable convertible unsecured loan stocks (Iculs) worth RM42mil. 

Shareholders also approved the acquisition of Consistent Harvest Sdn Bhd, which owns the Seremban Centre Point shopping complex, for RM80.5mil, also to be satisfied with the issuance of Iculs. 

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