News in brief


  • Business
  • Saturday, 08 Nov 2003

SOUTHERN BANK BHD said its net profit for the nine months to September rose to RM254.91mil from RM219.06mil a year earlier, helped by a higher operating income and lower loan-loss provisions as its asset quality improved. 

Its nine-month loan-loss provisions declined to RM146.95mil from RM176.98mil previously. 

As of end-September, it had total loans of RM21.99bil compared with RM20.89bil at end-2002. 

In the notes accompanying its results, the bank said it expects its performance to improve going forward, given the better business and economic environment, as well as the group's initiatives to focus on earnings. – AFX 

COMMERCE Asset-Holding Bhd (CAHB) said it agreed to sell 30% of its Islamic banking unit to closely held Bukhary Capital Sdn. for RM155.1mil. 

CAHB expects to complete the sale of its stake in Bank Muamalat by year-end, booking a profit of RM39.2mil for its financial year ending Dec 31, it said in a statement.  

The banking group had won central bank approval in July to begin talks to sell its stake. The other 70% stake in Bank Muamalat is owned by Khazanah Nasional Bhd. – Bloomberg  

DRB-HICOM BHD has agreed to sell its 29.86% stake in Petro Pipes Industries Sdn Bhd to Wah Seong Corp Bhd for RM30.5mil. 

DRB-HICOM said in a statement it had also agreed to sell 20.29% stake in PPSC Industrial Holdings Sdn Bhd to Petro Pipes for RM48.9mil cash. 

Petro Pipes produces welded steel pipes while PPSC, a unit of Petro Pipes, is an investment holding firm. 

DRB-HICOM said it would enjoy a gain on disposal of about RM7.02mil. 

It plans to use the proceeds to repay loans and for working capital. 

DRB-HICOM said the sale was in line with its decision to sell non-synergistic companies and non-core businesses to focus on core businesses in the automotive, property and infrastructure and services sectors. – AFX 

PPB Group Bhd said its 50%-indirectly-owned unit Kerry Utilities Ltd has yesterday bought a 51% stake in Beijing Kerry Veolia Waste Water Treatment Co Ltd (BKV). 

BKV and Beijing Drainage Group Co Ltd had set up a business association to fund the Lugouqiao sewage treatment plant project in Beijing, China, PPB said in a statement. – AFX  

PRESS METAL BHD's pre-tax profit for the third quarter ended Sept 30 amounted to RM2.75mil, down from RM6.06mil in the corresponding quarter 2002. 

Its revenue, however, rose to RM113.33mil from RM84.64mil. – Bernama 

Perusahaan Sadur Timah Malaysia Bhd (Perstima) posted a higher pre-tax profit of RM6.69mil for the second quarter ended Sept 30 versus RM5.67mil in the previous corresponding quarter. 

Its revenue rose to RM90.85mil from RM70.65mil. – Bernama 

IFCA MSC Bhd has reported a 58% jump in net profit to RM3.8mil for the nine months to Sept 30, on a 32% increase in turnover to RM21.7mil. 

The Mesdaq-listed company is involved in research and development and selling of enterprise-wide integrated business solutions. 

IFCA's local revenue grew 19% year-on-year while its overseas contribution spearheaded its growth with an impressive rate of 79%. – Bernama 

ATIS CORP BHD has secured a further six months to meet the rule requiring it to have a minimum 25% public shareholding spread. 

Atis said in a statement the KLSE had given it until April 28 next year to meet the listing rule. 

As of June, Atis has a public float of 29.63% with the number of public shareholders holding not less than 100 shares each totalling 820 compared with the minimum required 1,000. 

“Based on the above, the company is in compliance with the minimum percentage of public shareholding of 25%.  

“However, the company encountered a shortfall in the number of public shareholders holding not less than 100 shares each by 180 as at June 30,” Atis said. 

Atis said it was now considering various steps to comply with the listing rule. 

In a separate statement, Atis said the Armed Forces Fund Board had bought 12 million shares, representing 10% of the company's capital on Oct 16. – AFX 

Poh Huat Resources Holdings Bhd'S additional 28.75 million new shares, arising from its 1-for-2 bonus issue, will be listed on the KLSE on Nov 11, a KLSE circular said. 

Poh Huat's additional 5.75 million 2003/2008 warrants, issued pursuant to the adjustment arising from its bonus issue, will also be listed on the same date. 

The exercise price of the warrants will remain at RM1 per share. 

The circular said Poh Huat's listing will also be transferred from the KLSE second board to main board under the "consumer products" sector on Nov 11. 

Poh Huat has an issued and paid-up capital comprising 86.25 million RM1 shares and 17.25 million 2003/2008 warrants. – AFX  

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