News in brief

INGRESS CORP BHD has reported lower revenue of RM38.3mil for the second quarter ended July 31, compared with RM40.3mil for the corresponding quarter of last year. Pre-tax profit fell to RM3.2mil from RM8.5mil a year ago.  

In a separate statement, Ingress has proposed a one-for-five bonus issue and the transfer of its listing to the KLSE main board from the second board. It said the proposed bonus issue would involve the issue of 12.8 million new shares of RM1 par value each. 

Ikram Education Sdn Bhd (IESB), a wholly-owned subsidiary of Kumpulan Ikram Sdn Bhd, which in turn is a wholly-owned unit of Protasco Bhd, has received Education Ministry approval to set up a university college in place of the existing Ikram College of Technology. 

Protasco said in a statement to the KLSE that the university would be known as Kolej Universiti Infrastrucktur Kuala Lumpur and would be located at Taman Ilmu Ikram, Kajang. 

The college will be offering its own foundation, diploma and degree courses. The upgrading of the existing college to a university college was not expected to have any material effect on the earnings and net tangible assets of Protasco, said the statement. 

COMMERCE ASSET-HOLDING BHD has been granted an extension by Bank Negara until Oct 17 to complete negotiations with Bukhary Capital Sdn Bhd (fomerly known as Hasrat Padu Sdn Bhd) for the proposed divestment of 67,153,800 RM1 shares in Bank Muamalat. The original deadline was Sept 17. – Bernama 

MARUICHI MALAYSIA STEEL TUBE BHD'S pre-tax profit was flat at RM34.1mil in the first six months to July 31 compared with RM34.8mil in the same period last year despite a 20% increase in turnover to RM233mil from RM194mil previously. 

This was largely due to the lower pre-tax profit of RM16mil reported in the second quarter compared with RM20.3mil previously.  

The company said the lower pre-tax profit was attributed to higher raw material prices and lower demand for its products during the quarter under review. 

DELLOYD VENTURES BHD (DVB) has signed a sale and purchase agreement with Atoz Motor Marketing Sdn Bhd to acquire 1.75 million Atoz shares and to subscribe for another one million RM1 shares for RM5mil and RM1mil respectively. 

Upon subscription of the one million ordinary shares, DVB would have 55% share in Atoz, the company told the KLSE. 

DVB said it would finance the proposed acquisition by internally generated funds.  

For the financial year ended Aug 31, 2002, the company posted a turnover of RM46.3 million and a net profit of RM224,094. 

With the acquisition, DVB said that the group would better position itself in serving the needs of the automotive industry in the country.  

The company said that there was also scope to widen the network of Atoz branches and hence the prospect is expected to contribute positively to the group’s turnover. – Bernama  

United Malacca Bhd'S pre-tax profit rose 83% to RM9.11mil in the first quarter to July 31 from RM4.97mil in the same quarter last year on a 33% increase in revenue to RM7.16mil from RM5.93mil a year earlier. 

The results were attributed to strong performance in the palm oil sector and gains from the disposal of marketable securities. 

In a separate statement, Ingress has proposed a one-for-five bonus issue and the transfer of its listing to the KLSE main board from the second board. It said the proposed bonus issue would involve the issue of 12.8 million new shares of RM1 par value each.