News in brief

  • Business
  • Thursday, 23 Oct 2003

Muhibbah Engineering (M) Bhd has been awarded the RM125.9mil project to construct and complete the proposed “marine approach” in Johor. 

In a statement, the company said construction of the project was expected to take 24 months. No other details were given. – AFX 

Lien Hoe Corp Bhd is proposing to sell its property assets to Sesdaq-listed ISG Asia Ltd for S$180mil with payment to be made from a combination of shares and loan stocks. 

In a statement, the company said it was selling its 98,378-sq m Lien Hoe Complex and three units, Atria Properties Sdn Bhd (APSB), Billiontex Industries Sdn Bhd (BISB) and Russella Teguh Sdn Bhd (RTSB) to ISG. 

APSB is a property investment company and its sole investment is a 4-level shopping complex known as the Atria Shopping Centre while BISB’s and RTSB’s sole assets are a 25.90ha and 26.10ha of leasehold vacant commercial land respectively. 

Lien Hoe said ISG would pay for the acquisition with 757 million new shares at 15 Singapore cents each and S$66.45mil nominal value of 5-year 1.5% convertible unsecured loan stocks (CULS) issued at an issue price of 100 of its nominal value. 

The company said on completion of the transaction, it would hold 757.0 million ISG shares or 84.87% of the company’s enlarged capital, prior to conversion of the CULS. – AFX  

Iris Corp BHD said its wholly-owned subsidiary IRIS Technologies (M) Sdn Bhd had on Monday received the Securities Com- mission's nod for its proposed issuance of a RM60mil Bai' Bithaman Ajil debt securities and RM40mil Islamic commercial paper/medium term notes. – Bernama 

Pan Malaysia Corp Bhd has proposed to undertake a private placement of 73.95 million new 50 sen shares, representing 10% of its existing issued and paid-up capital. 

The main purpose of the proposed private placement is to provide additional working capital to the company and its subsidiaries. – Bernama 

SASHIP HOLDINGS BHD said it was informed by the KLSE on Tuesday that the exchange had decided to delist its securities from the KLSE unless several conditions were made. 

These include Saship making the requisite announcement in its regularisation plans on or before Oct 31, 2003, and submitting its regularisation plans to the relevant authorities for approval within 14 days from the date of the requisite announcement. – Bernama 

Kumpulan Jetson Bhd'S wholly-owned unit Jetson Con- struction Sdn Bhd has secured a RM36.55mil sub-contract from HG Corp Sdn Bhd for the upgrading of Jalan Jitra, a road which runs from Kedah to Perlis. 

In a statement, it said the value of the sub-contract was subject to re-measurement upon completion of the works. – AFX 

THE International Trade and Industry Ministry (MITI) has asked textile and clothing manufacturers to submit their applications for the 2004 yearly export allocations for their products. 

The manufacturers are required to submit documents like the company’s profile and information on the 2004 export allocation for textiles and clothings namely Form B (the United States), Form B1 (European Union), Form B2 (Canada) and Form B3 (Turkey). 

Applications must be submitted on or before Nov 15, 2003. Failure to do so would result in the allocation not being considered. – Bernama 

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