News in brief


  • Business
  • Saturday, 18 Oct 2003

PULAI SPRINGS BHD'S wholly-owned unit Pulai Springs Resorts Bhd (PSRB) has signed a memorandum of understanding with the Xiangtan Peoples' Government (XPG), Hunan Province, China, to explore the opportunity of investing in golf courses and property development on 266ha in Yiyuhe town.  

If the project is feasible, PSRB will lease 133ha and purchase another 133ha from XPG. 

The leased land will be used for the construction of two 18-hole international standard golf courses, while the purchased land will be used for the development of properties. – Bernama 

MIDF CONSULTANCY AND CORPORATE SERVICES SDN BHD (MIDFCCS), the issuing house for initial public offer (IPO) shares, has launched its corporate website.  

The public could use the website to gather information on IPOs handled by the company, whether recently listed, past IPOs or those currently on offer, MIDFCCS chairman Tan Sri Zulkifli Mahmood told a press conference in Kuala Lumpur. 

Applicants for recent IPOs will be able to check results of their applications through the website. – Bernama  

SISTEM TELEVISYEN MALAYSIA BHD will be reclassified from the PN4 Condition sector to the trading and services sector effective from 9 am, Oct 20. 

The company has regularised its financial condition and no longer triggers any of the criteria under paragraph 2.0 of Practice Note 4/2001. – Bernama 

TRU-TECH HOLDINGS BHD said it will not be able to make the coupon payment of RM1.35mil on the outstanding RM55mil nominal amount of redeemable unsecured loan stocks (RULS) payable on Oct 20, due to tight cash-flow position.  

The company said in a statement it was now in discussion with RULS holders to defer the coupon payment for 12 months. 

Tru-Tech is also presently in negotiation with several parties in an effort to restructure its debts to improve its cash-flow position. – AFX  

MTD INFRAPERDANA BHD'S entire capital of 1.15 billion shares and its outstanding 28.5 million warrants 2002/2007 will be transferred from the KLSE second board to the main board on Wednesday. – AFX  

ASIA PACIFIC LAND unit United Well Investment Ltd has completed the sale of its hotel property, known as The Rushcutters Harbourside Hotel Sydney, to RHS Hotel Investments Pty Ltd for A$42.75mil. – AFX 

AMMB Holdings Bhd'S shares will go “ex-rights” and “ex-bonus” on Nov 4, while the entitlement date has been set for Nov 6. – AFX 

UNISEM BHD has turned in a net profit of RM5,000 for the third quarter to September, compared with a loss of RM9.16mil a year earlier and a net loss of RM5.03mil in the second quarter to June. 

Third-quarter sales rose to RM71.93mil from RM54.16mil a year earlier, it said. 

“Management attributes the improvement to increased business volume and higher utilisation of installed capacity in the quarter under review,” Unisem said. –AFX 

INTRIA BHD has completed the acquisition of UE Construction Sdn Bhd (UEC) for RM156.3mil. 

In a statement, the company said the part consideration for UEC of 45.6 million new Intria shares had been issued and allotted to United Engineers (M) Bhd (UEM), the vendor of UEC, on Thursday. 

The balance consideration for UEC of RM110.7mil will be satisfied through Intria's assumption of the inter-company debt UEM owes to Propel. 

Both Propel and UEC are now wholly owned units of Intria. – AFX 

AMFB HOLDINGS BHD has entered into an agreement with Danamodal Nasional Bhd for an early settlement of the contingent amount for RM255mil. 

In a statement, the company said the settlement amount together with the total interest of RM16.915mil in respect of the recoveries of non-performing loans and securities were paid to Danamodal on Oct 15, 2003. 

Accordingly, the total final purchase consideration for the proposed acquisition of MBf Finance Bhd was RM730mil, it added. – AFX 

REDTONE Telecommunications Sdn Bhd, Malaysia's No. 1 discounted call-service provider, is planning to stamp its presence in the Organisation of Islamic Conference (OIC) countries as part of its plan to grow its international business. 

Chief executive officer Wei Chuan Beng said besides its domestic market, global expansion would be key to boosting REDtone’s revenue. 

“We are now focusing on replicating our business in overseas markets, which present great growth potential,'' Wei said in a statement. 

He said the company hoped to make inroads into the Muslim countries through its participation in Expo OIC 2003. The expo, which started on Tuesday, ends tomorrow. 

Wei said the company also expected to form alliances, adding that REDtone would be able to support its business partners with innovative technology, management expertise, infrastructure development and even marketing capabilities. – Bernama  

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