News in brief

  • Business
  • Friday, 10 Oct 2003

ASAS DUNIA BHD expects its results for the year to December 2003 to improve, but is not aware of any reason for the recent strong interest in its shares. 

No further details were given. 

Asas Dunia was replying to a KLSE query on the unusual market activity involving its stock, after a sharp rise in its price on Wednesday. 

For the six months to June, Asas Dunia posted a net profit of RM4.73mil, up from RM3.13mil in the same period last year. – AFX 

Commerce Asset-Holding Bhd banking unit Bumiputra-Commerce Bank Bhd (BCB) yesterday signed a subscription agreement with Morgan Stanley & Co International Ltd and CIMB Securities (Hong Kong) Ltd for BCB's issue of US$300mil subordinated bonds. 

Morgan Stanley and CIMB Securities (Hong Kong) are joint lead managers for the issue. 

The bonds will be listed on the Luxembourg Stock Exchange. – AFX 

KAMUNTING CORP BHD's name will be changed to E&O Property Development Bhd effective Oct 8. – AFX 

Heitech Padu Bhd said it has secured a contract to upgrade the infrastructure of the wide area network of Bank Simpanan Nasional Bhd's 200 branches nationwide.  

“HeiTech's scope of work comprises of high availability managed network services, local area network cabling set-up and office peripherals installation as well as enterprise desktop and server management services,” Heitech said in a statement. 

It added that the project was for one year with the option to renew annually for a minimum period of 2 years. – AFX 

AUTOINDUSTRIES VENTURES BHD (Autoven) said one of its major shareholders had a discussion with representatives of Jawala Corp on possible areas of cooperation. 

“But the discussion has yet to be formally presented and made known to the board of directors of the company,” it added. 

It did not elaborate on the nature of the talks. 

There has been speculation in the market that Jawala might take over Autoven and transform the company into an oil and gas firm. 

Jawala, together with Ranhill Bhd and Crest Petroleum Bhd, has jointly expressed interest in taking part in a proposed second oil consortium. 

In its reply to a stock exchange query, Autoven also said it had not received any representation for a takeover bid from any party. 

The company said it intended to strengthen its existing core business and diversify, among others, into high margin or specialised industries including high-tech businesses. 

Autoven also said it had not had any discussion with South Korea's Samsung for any joint-venture. – AFX 

TA UNIT MANAGEMENT BHD (TAUTM) has declared a 5.5 sen gross distribution per unit for the TA Comet Fund (TACF) for the financial year ended Sept 30, 2003. 

In a statement, TAUTM said the 5.5 sen distribution was equivalent to an income return of 12.9% based on the bid price of 42.7 sen on Oct 1, 2002. The bid price of 60.1 sen on Sept 30 translated into a total return of 40.7%, it said 

Meanwhile on the outlook for the local market the rest of the year, it said: “The markets will continue to ride upwards given the encouraging domestic market and economic indicators and the gradual recovery in the global economy.” 

It said the uncertainties clouding the global market had largely dissipated, and together with the current low interest rate environment had made investments in equity funds an attractive option for investors. – Bernama 

AMINVEST has declared an interim income distribution of 3 sen per unit for unitholders of AmBond, a medium- to long-term bond fund. 

AmBond has been distributing an annual income of 6 sen per year for the past two years. 

AmInvestment Services chief executive officer Cheah Chuan Lok said in recent months, there has been some volatility in the bond market and felt that this short term phenomenon could be due to US treasuries. 

“We foresee the market stabilising in the near future and we expect interest rates to remain low in view of the accommodative monetary policy amidst a benign inflationary environment and believe that investment in bonds is still attractive as compared to fixed deposits,” he said. – AFX 

PHILLIP MUTUAL BHD has declared a distribution of 2.5% for Phillip Master Money Market Fund as at Sept 30, 2003. - Bernama 

RHB UNIT TRUST MANAGEMENT BHD has declared an annual gross income distribution of 5.5 sen per unit for the RHB Bond Fund for the financial year ended Sept 30, 2003. 

“This brings the total gross income distribution to 51.61 sen since the inception of the fund on Oct 10, 1997,” said RHB Unit Trust.  

It also announced a second and final gross income distribution of 3 sen per unit for the RHB Islamic Bond Fund for the same financial period. Together with an interim gross income distribution of 3 sen per unit declared on March 3, the total gross income distribution for the fund has come to 20.5 sen. – Bernama 

SYMPHONY HOUSE BHD is now 6.46%-owned by US-based T Rowe Price Associates Inc, following several acquisitions since August, a KLSE circular said. 

The stake represents 18.08 million shares, the circular said without disclosing the prices at which the shares were transacted. 

The circular said the Symphony shares were owned by various individual and institutional investors for whom T Rowe served as investment adviser with power to direct investments and/or power to vote on the securities. – AFX 

Alcan Inc said it has raised its stake in Aluminium Company of Malaysia (Alcom) to 60% from 36% by acquiring shares from Nippon Light Metal in exchange for its ownership in Alcan Nikkei Siam Ltd in Rangsit, Thailand. 

Martha Brooks, president of Alcan's rolled products in the Americas and Asia, said in Montreal that the deal would help Alcan meet the increasing demand for value-creating and quality light gauge aluminium products in South-East Asia. 

“Additionally, this will support and complement the Alcan packaging business in Asia,” she said. –AFX 

·The KLSE will be hosting a seminar in Kuching on Oct 21 as part of efforts to promote the Mesdaq Market, particularly to companies that have the potential to be listed. 

The Going Public On The Mesdaq Market seminar was expected to be officiated by deputy Chief Minister and Sarawak Finance and Public Utilities Minister Tan Sri Dr George Chan, the KLSE said in a statement. 

KLSE executive chairman Datuk Mohd Azlan Hashim is expected to present a keynote address at the one-day event. – Bernama 

·Nam Fatt Corp Bhd said that 17.74 million new shares arising from its loan stock conversion will be listed and quoted on the KLSE on Monday. 

The company said in a statement that the new shares arose from the conversion of RM17.74mil irredeemable convertible unsecured loan stocks. – AFX 

Singapore's Juken Technology Ltd said wholly-owned subsidiary Juken Technology (M) Sdn Bhd has agreed to buy for RM2.6mil the balance 40% stake in Inplas Engineering Sdn Bhd that it does not already own. 

The purchase would be satisfied through the issue of 1.45 million new shares at 4.27 cents per share, and RM1.23mil cash, to be funded through internal resources, Juken said. – AFX 

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