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  • Business
  • Wednesday, 09 Jul 2003

TAMCO CORPORATE HOLDINGS BHD'S proposal to issue up to RM80mil nominal value of Bai' Bithaman Ajil serial bonds has been approved by the Securities Commission. 

Up to RM60mil from the proceeds will be used for part settlement of the inter-company loans due to Tamco's parent, Nylex (M) Bhd. The balance will be used to meet Tamco's working capital requirements and the issuance expenses of the proposed fund raising exercise. 

SITT TATT BHD has clarified its July 4 statement that “the company has issued a demand to MISL & Associates Sdn Bhd for the return of the new shares” should read as “the company has issued a demand to MISL to transfer or cause the transfer of the new shares to such persons as determined by the company.” 

The company further stated that the share sale agreement dated Sept 10, 2001 “allows the company to retain the shares in CEM Machinery Pte Ltd, PMI Plating Services Pte Ltd and Pyramid Manufacturing Pte Ltd after the termination of the agreement. Consequently, the core business of the company remains intact and there is no prejudice to the shareholders.” 

A definitive agreement has been executed between BAYAN BAY DEVELOPMENT SDN BHD and CP Landmark Sdn Bhd pursuant to a scheme of arrangement under section 176 of the Companies Act, involving Bayan Bay, a 70%-owned subsidiary of Anson Perdana Bhd, and Bayan Marina Yacht Club Bhd, a wholly-owned subsidiary of Bayan Bay.  

CP Landmark will undertake to complete the construction of phase 1 of the Bayan World Megamall within three months from fulfilment of the conditions precedent set out in the definitive agreement. 

WINSOME JAYA SDN BHD, a subsidiary of Kim Loong Resources Bhd, has entered into a share sale agreement with AMDB Bhd to acquire the entire paid-up capital of Arab-Malaysian Agriculture Sdn Bhd for RM100,000 only.  

As part of the consideration for the transactions contemplated in the agreement, Winsome is to provide Arab-Malaysian Agriculture a sum of RM1.2mil to reimburse AMDB for advances made to Arab-Malaysian Agriculture for development and land im- provement expenditure. 

SUNRISE BENCHMARK SDN BHD has entered into a sale and purchase agreement with Tong Kok Chai and Yeoh Oon Hooi for the acquisition of a 3-acre freehold land in Kuala Lumpur for a consideration equivalent to 24.5% of the sales revenue of the condominium units to be developed on the property. 

At the same time, Sunrise Benchmark, a subsidiary of Sunrise Bhd, has entered into an agreement with Mount Rich Properties Sdn Bhd to take over the development rights of the property where both companies will share the excess profit from the development. 

·SUREMAX GROUP BHD'S 69%-owned subsidiary Palm Leisure Sdn Bhd has entered into a conditional sale and purchase agreement with SDB Properties Sdn Bhd to dispose of three parcels of freehold land measuring 23 acres in Ulu Kelang for RM21mil cash.  

It is an agricultural land, converted for building (residential) use. It is presently cultivated with old rubber trees and charged to Alliance Bank Malaysia Bhd. Suremax said the proposed disposal was part of its strategy to improve its operating cashflow, to repay bank borrowings and for working capital purposes. 

Selangor Properties Bhd has disposed of 689,000 RM1 shares held in its subsidiary, HELP Institute Sdn Bhd, to Telesuria Resources Sdn Bhd for RM1,274,650 cash. 

Following the share disposal, Selangor Properties' shareholding in HELP has been reduced from 78.88% to 74.96%. – Bernama  

Mitrajaya Holdings Bhd announced that its wholly-owned subsidiary Pembinaan Mitrajaya Sdn Bhd has secured a letter of acceptance from Damai Bistari Sdn Bhd for the construction and completion of site clearing, earthworks, duracrib walls, main drain and related drainage works for the proposed mixed development in Gombak, Selangor. The total contract value is RM6,011,363.50. 

The duration of the contract is four months inclusive of mobilisation period. 

The project is expected to contribute positively to Mitrajaya group's future earnings. – Bernama  

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