Road Builder: ROAD Builder (M) Holdings Bhd (RBH), together with two Japanese partners, had won a RM978mil public sewerage contract, reflecting the rising government spending on water-related and sewerage works. But RBH share price showed a lukewarm reaction to the news amid the prevailing weak market sentiment last week. The project is to upgrade sewerage systems in the Klang Valley. The group did not disclose the portion of its share in the project, but it expects contribution to start from the current financial year ending June 30, 2004. RBH's order book stands at RM1.1bil at present. Stock Watch On ROADBLD
Naluri: IT is believed that the company will announce its long awaited capital repayment scheme as early as this week. However, the quantum of the payout might not be as high as many expected, a source said. Market expectation is at least RM1 per share. As at June 30, Naluri's cash balance amounted to RM921mil. Its paid-up capital currently stands at 690.5 million shares. This means that every Naluri share is backed by RM1.33 cash. Atlan Holdings Bhd's 70% owned unit Atlan Properties Sdn Bhd had in June won the bid to buy a 32% stake in Naluri from Pengurusan Danaharta Nasional Bhd at RM1.98 per share or RM437.5mil. Stock Watch On NALURI
CCB: CYCLE & Carriage Bintang (M) Bhd (CCB) share price enjoyed a 30% gain last week to finish at RM7.30 – the highest level since May 2000 – after the board declared a net dividend per share of RM3. This may come as a consolation for CCB shareholders, who had been upset with the loss of its Mercedes-Benz franchise in Malaysia last year. The company's pre-tax profit slid to RM37.4mil for the nine months ended Sept 30 compared with RM72.8mil a year before, and earnings per share shrank to 27.28 sen from 49.58 sen. The total cash payment for the dividend will be RM295mil. CCB's cash pile totalled RM208.8mil as at Sept 30. Stock Watch On CCB
KL City Corp: THE stockbroker has accepted an indicative offer from Alliance Merchant Bank Bhd (AMB), a wholly owned subsidiary of Malaysian Plantations Bhd, to buy its entire interest in Kuala Lumpur City Securities Sdn Bhd. Both parties are still negotiating the terms in the sale and purchase agreement. Apart from pricing, KL City Corp's minority shareholders may also ponder the future of this listed entity after selling the core businesses. The deal will pave the way for AMB to be an investment banker. This raises questions on whether KL City Corp would end up as a shell company with a huge cash hoard, or an investment holding company of the enlarged AMB. Matrix: IT is another backdoor listing exercise involving a shopping mall. Tycoon Tan Sri Vincent Tan and the other shareholders of Berjaya Times Square Sdn Bhd intend to inject the property holding company into Matrix International Bhd for an aggregate consideration of RM1.261bil. The price of the shopping cum leisure mall is 23% higher than the RM1.025bil being put up by IGB Corp Bhd for Mid Valley City Sdn Bhd. The proposed exercise will be a non-cash transaction. Matrix will issue new shares to BTS shareholders. The company will also settle, on behalf of BTS, the RM266.7mil amount due to property purchasers of BTS via new shares. Stock Watch On MATRIX
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