News in brief

MTD CAPITAL BHD has secured a contract worth RM50.5mil from Dewan Bandaraya Kuala Lumpur to construct an interchange at the Jalan Cheras junction in the city. 

The company said it had accepted a letter of award from the city's town council for the project, which was part of the council's upgrading programme to alleviate traffic congestion within the Jalan Cheras traffic corridor. 

The design-and-build contract is expected to be completed within 30 months. – AFX 

Country Heights Holdings Bhd managing director Tan Sri Lee Kim Yew will not proceed with plans to convert his 89 million units of irredeemable convertible unsecured loan stocks (Iculs) in Sunrise Bhd as he has received a confirmed offer to purchase the block of Iculs. 

In a statement, Sunrise said Lee informed the company of his agreement and asked for consent to transfer the block of Iculs to Casa Unggul Sdn Bhd. 

Sunrise said its board of directors granted the consent at a meeting yesterday. 

No further details on the sale of the Iculs were provided. – AFX 

TANAH EMAS CORP BHD has received a letter of intent from Indonesian Moslem Business Association (IMBA) for a proposed joint venture in palm oil waste management systems, a company statement said. 

The joint venture involves using Tanah Emas' compost technology to manage palm oil waste. 

IMBA owns up to a total of one million hectares of palm oil plantations in Jambi, Kalimantan in Indonesia, where the oil mills produce up to approximately 3.4 million tonnes of green waste annually. 

The two parties are currently negotiating to finalise the terms of the proposed joint venture. – AFX 

The trading restriction imposed on HYUNDAI-BERJAYA BHD shares on the KLSE will be lifted with effect from today. 

The trading restriction was in the form of full payment before purchase. – AFX 

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TEMASEK Holdings, the Singapore government's investment arm, would be open to making investments in Malaysia if the opportunity arose, the Singapore Business Times said. 

“Malaysia, like Indonesia, is part of Asia. We have said before that Temasek believes in Asia's potential, and we have a keen interest to both contribute to and benefit from Asia's growth and success within a sound risk-reward framework,” a company spokeswoman said. 

“If there are interesting opportunities in Malaysia, we will most certainly be open to considering them,” she added. – AFX 

PanGlobal Insurance Bhd said it was ranked first in profit performance among general insurance companies in the 2002 Bank Negara Insurance Annual Report. 

Clarifying a recent Bernama report, the company's chief executive officer Edwin Wong said the general insurer was currently 10% of the size of the largest general insurer in the country. 

He also said the awards ceremony for the top general insurance company in Asia was held in Singapore recently. and that the winning company was from Australia. – Bernama 

APL Industries Bhd has clarified that it expects to make an after-tax profit of RM4.1mil for the first quarter and a full-year after-tax profit of RM20mil for the current year, and not as reported in StarBiz on Oct 31. 

Texchem Resources Bhd (TRB) has entered into a conditional agreement with Texcorp for the proposed acquisition of the entire equity interest in Sushi Kin Sdn Bhd, comprising five million RM1 shares for RM16.2mil cash. 

TRB also has entered into a conditional share sale agreement with Technopia Singapore Pte Ltd for the proposed disposal of 24,500 shares of one million rupiah each, fully issued and paid-up capital in PT Technopia Lever (PTTL) being 49% of the total paid-up capital in PTTL to TSPL, a wholly-owned unit of Texcorp for RM10.576mil cash. – Bernama  

ACTACORP HOLDINGS BHD said the International Trade and Industry Ministry (Miti) had approved the proposed acquisition of a shipyard via its letter dated Oct 31. 

The acquisition comprises two pieces of industrial land together with the buildings from Penang Shipbuilding & Construction Sdn Bhd, a wholly-owned subsidiary of PSC Industries Bhd, for RM55.7mil. 

Miti's approval is subject to the condition that the Securities Commission's consent be obtained and compliant with relevant guidelines on the acquisition of assets, mergers and takeovers. – Bernama 

PULAI SPRINGS BHD said its directors were still in the process of identifying potential investors to place the balance of 7.595 million RM1 shares in the company currently held in trust and shall endeavour to comply with the listing requirements when these investors had been identified. – Bernama  

ANTAH HOLDINGS BHD'S board of directors, after reviewing the financial condition of the Antah group of companies, has resolved to implement a scheme which shall include a debt-restructuring scheme involving financial institution lenders and other creditors of the Antah group. A detailed announcement will be made in due course upon finalisation – Bernama 

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