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
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