News in brief

lIGB CORP BHD said it proposes to buy an additional 6.04% stake in Mid Valley City Sdn Bhd from Grand Care Sdn Bhd for RM36.211mil to raise its stake to 96.35%. 

Mid Valley, which operates the Mid Valley Megamall shopping centre in Kuala Lumpur, posted a net profit of RM5.6mil in 2002. 

IGB said the acquisition is an opportunity to increase its interest in Mid Valley at a fair and reasonable price and, hence, raise its share of profits from the latter. – AFX 

CONSTRUCTION AND SUPPLIES HOUSE BHD (CASH) said the KLSE has given it 14 days to submit a written explanation detailing why its securities should not be delisted. 

In a statement, CASH, a PN4 or financially troubled company, said its securities would be de-listed upon the expiry of the 14 days in the event the exchange is not satisfied with the explanation. 

However, if the exchange decides not to de-list CASH, other action or penalties may result under paragraph 16.17 of the Listing Requirements, it added. 

CASH was suspended from trading on the exchange from Aug 7 after the KLSE announced that the company failed to regularise its financial condition within the time provided. 

CASH shares have been under trading restriction since March 1. – AFX 

TH GROUP BHD said it has signed a sales and purchase agreement to acquire the remaining 9.43% stake in Asiaprise Biotech Sdn Bhd for RM4.053mil to raise its total proposed stakeholding to 100%. 

The company announced last month that it would buy 90.57% of Asiaprise, the holding company of Nilai Cancer Institute, for RM38.95mil in exchange for RM6.349mil in cash and 29.633 million new TH shares at RM1.10 per share. 

For the additional 9.43% stake, TH will pay RM3.386mil in cash and issue 606,230 new TH shares at RM1.10 per share. – AFX 

Dutch Lady INDUSTRIES BHD expects 2003 to be a difficult year as dairy raw material prices are projected to be significantly high in the second half of this year. 

For the second quarter ended June 30, its pre-tax profit fell to RM7.31mil from RM7.76mil in the previous corresponding period, while net profit declined to RM5.48mil from RM6.22mil as a result of lower sales, which was attributed to weaker consumer demand. 

Its turnover for the quarter fell 7% to RM91.18mil from RM98.10mil previously. 

However, its six months' results were still higher than the previous corresponding period. 

Its pre-tax profit for the half-year ended June 30 rose to RM13.29mil from RM8.02mil while net profit was up to RM4.69mil from RM2.75mil. 

Revenue rose to RM187.91mil from RM178.53mil. – Bernama 

LOH & LOH CORP BHD said it has not aborted the proposed acquisition of a minimum of 41% stake in Emrail Sdn Bhd. 

The company said it was still in the midst of conducting due diligence on Emrail and negotiation with the vendors of Emrail. – Bernama 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In Business News

Bursa recoups nearly all its losses as KLCI climbs above 1,600
UiTM Solar Power Dua plans RM100m green SRI Sukuk
Malaysia to charge Top Glove over worker accommodations, government says
Banks demonstrate resilient credit portfolios, S&P Ratings says
Quick take: Press Metal climbs to record, aluminium prices at two-year high
Malaysia records RM109.8b approved investments in Jan-Sept
Nikkei ends near 29-1/2-year high on vaccine, stimulus hopes
Singapore central bank urges prudence in property purchases
All EPF branches to open from Wednesday
Sime Darby divests three river ports in China for RM181.1m

Stories You'll Enjoy