News in brief

  • Business
  • Saturday, 11 Oct 2003

Hock Seng Lee Bhd (HSLB) has been awarded a contract for the design, construction and completion of bridges over Batang Mukah and Batang Oya in Sibu, through JKR Sarawak.  

According to a statement, the conventional two-lane reinforced concrete design bridge over Batang Mukah will be substituted with four-lane steel arch bridge at a revised contract cost of RM48mil. 

The company said the period for upgrading the Mukah Bridge was 18 months commencing Oct 1. 

“The revised contract is expected to contribute positively to the earning and net tangible assets of HSLB group during the contract period,” the company added. - Bernama 

GRAND HOOVER BHD has secured a RM110.81mil contract from John Master Industries Bhd for the construction of houses in Hulu Langat, Selangor. 

The project was scheduled for completion within 15 months, Grand Hoover said in a statement. 

In other developments, company filings with the KLSE showed that Rus Kachar had resigned as Grand Hoover's non-independent and non-executive chairman, while Hew Kon Ngow had quit from the managing director's post, both effective yesterday. 

Two others also resigned effective yesterday: executive directors Tai Ah Kew, also known as Tai Kim Yok, and Tan Ah Heng, Grand Hoover said. – AFX 

GLOBAL SOFT (MSC) BHD has announced its proposed bonus issue of RM4.28mil comprising 42.800 million new ordinary shares of 10 sen each to be credited as fully paid-up on the basis of one new ordinary share (bonus share) for every one existing ordinary share held in the company. 

The company also proposed the establishment of an employees's share option scheme for eligible and executive directors of GlobalSoft and its subsidiary of up to 30% of the issued and paid-up capital of the company. 

It also proposed an increase in authorised share capital of GlobalSoft from RM5mil comprising 50 million ordinary shares of 10 sen each. – Bernama 

TENGGARA OIL BHD has signed a memorandum of understanding with Indonesia's PT Elnusa, a 51.38%-owned subsidiary of Pertamina, to co-operate in upstream and downstream oil and gas services. 

Tenggara Oil said in a statement the upstream services co-operation included exploration, production and maintenance of oil and gas fields, while in the downstream services it included marketing of lubricants made in Malaysia and the distribution of other oil-related products. 

The memorandum of understanding is effective for six months. – AFX 

A total of 29.4 million Eastern & Oriental Bhd (E&O) shares were transacted off-market in a direct deal yesterday morning at RM44.98mil, or RM1.53 a share, dealers said. 

“The identities of the buyer and seller are not known,” a local brokerage dealer said. 

E&O is involved in property development and the hotel and leisure industry. – AFX 

Magni-Tech Industries Bhd is seeking shareholder approval for a proposal to pay a 5% tax- exempt dividend at its AGM on Oct 30. 

The proposed dividend for the fiscal year ended April 30 is based on an enlarged paid-up capital of RM61.4mil, after the completion of a one-for-two bonus issue exercise and transfer to the KLSE main board early this year, its group executive chairman Tan Sri Tan Kok Ping said

ROAD BUILDER (M) HOLDINGS BHD said its wholly-owned unit New Pantai Expressway Sdn Bhd has secured the Securities Commission's approval for its proposed issue of RM740mil Bai' Bithaman Ajil Islamic debt securities.  

The proposed issue is secured through a debenture creating a fixed and floating charge over New Pantai Expressway's assets, rights and interest, as well as the assignment of all its contractual rights under the concession agreement for the New Pantai Highway.  

Road Builder said the proposed Islamic bond issue would allow New Pantai Expressway to retire fully its existing short-term bank borrowings, to fix interest rates on a long-term basis and to finance the New Pantai Highway project to completion. – AFX 

MTD CAPITAL BHD has acquired a 33% stake in Gabungan Sempurna Sdn Bhd by subscribing for 100,000 shares in the company at RM1 par value each in cash, a company statement said. – AFX  

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