News in brief

  • Business
  • Saturday, 12 Jul 2003

NALURI BHD'S special administrators said the company is in the process of finalising the information circular in relation to the acceptance of the mandatory offer for the Celcom (M) Bhd shares. 

It said the information circular would be despatched to Naluri shareholders upon receipt of the KLSE clearance of the information circular. – Bernama 

COMMERCE ASSET-HOLDING BHD said Bank Negara has granted it approval to initiate discussions with THE NEW STRAITS TIMES PRESS (M) BHD for the acquisition of up to 110 million RM1 shares in AMI INSURANS BHD. – Bernama 

Nestle (M) Bhd has appointed Stephane Alby as its finance and control executive director effective February 2004. 

He would be replacing Pierre Francois Streit who would be taking up a new assignment outside Malaysia. – Bernama 

MALAYSIAN AIRLINE SYSTEM BHD has announced the resignation of Datuk Peter Athanasius, 53, as alternative director. – Bernama 

NGIU KEE CORP (M) BHD (NCK) said B.I.G Store (Taman Sri Muda) Sdn Bhd (TSM), a wholly owned subsidiary of B.I.G Store Sdn Bhd, which in turn is wholly owned by NKC, has signed an agreement with Billion Shopping Centre (Shah Alam) Sdn Bhd. 

The agreement was to dispose of an air-conditioning system, escalator, goods lift, hose reel and fire fighting system approved by the Fire & Rescue Department and lightings and power points installations together with the switch board and electrical panel for RM1mil cash. 

The proceeds would be used to repay the financing facilities and other obligations of TSM. 

The disposal would result in a loss on disposal of RM49,000 to the NKC group for the financial year ending Dec 31, computed based on the audited consolidated accounts of TSM for the financial year ended Dec 31, 2002. – Bernama 

SINGAPORE PRESS HOLDINGS LTD said its unit SPH Magazines Pte Ltd has set up a joint venture company with Berita Publishing Sdn Bhd of Malaysia to publish and distribute magazines and provide contract-publishing services there. 

SPH Magazines will own 30% of Magazine World Sdn Bhd while Berita will hold the majority 70% stake. 

The joint-venture firm will have an initial paid-up capital of RM500,000. – Bernama 

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