News in brief

  • Business
  • Tuesday, 23 Dec 2003

WEMBLEY Industries Hol-dings Bhd's unit Plaza Rakyat Sdn Bhd (PRSB) has awarded the contract for the Plaza Rakyat project to PJ Indah Sdn Bhd following the withdrawal of Global Upline Sdn Bhd.  

The project, for the main buildings to the retail podium of Plaza Rakyat, included an intra urban bus and taxi terminal, a six level retail podium, a budget hotel, a roof top public open park and the completed Plaza Rakyat light railway transit station, Wembley said a statement to the KLSE yesterday.  

PRSB has on Dec 18 issued a letter of award to PJ Indah for the design (to the extent required by the construction contract to be signed), construction, completion and rectification of defects of the works for a fixed lump sum of RM419.99mil. – Bernama  Stock Watch On WEMBLEY 

Glomac Bhd has sold Block D office complex in Kompleks Kelana Centre Point to Amanah Raya Bhd for RM50mil cash.  

The complex comprises a 13-storey building, a two-storey adjoining office podium block with a combined total nettable area of 118,574 sq ft and one floor of basement car park with 600 bays. The premise is currently fully-tenanted by third parties.  

“With the sale of this long-term investment property, we now own 206,531 sq ft of commercial space in our portfolio of investment assets,” Glomac executive chairman Datuk F.D. Mansor said in a statement.  

He said the sale would translate into an exceptional gain of RM15mil for Glomac in the current financial year ending April 2004.  

The cash proceeds from the proposed disposal would be used as working capital and to finance future investments, he said. – Bernama  

MWE Holdings Bhd said its unit Davex Holdings Bhd has executed a corporate guarantee of a sum not exceeding RM450,000 as security for banking facilities of RM450,000 extended by Standard Chartered Bank (Malaysia) Bhd to subsidiary PhiliOrient Lines (Penang) Sdn Bhd for working capital requirements. – Bernama  

WING TIEK HOLDINGS BHD's net loss for the first quarter ended Oct 31 increased to RM19.42mil from RM16.80mil in the corresponding period a year ago. Revenue fell to RM37.32mil from RM39.63mil before. – Bernama  

Salcon Bhd said its unit Salcon Water (HK) Ltd (SHK) had on Dec 22 injected U$1.44mil into Shandong Changle Salcon Water Supply Company (SCSWS), a company classified as a foreign investment enterprise in China.  

It said the US$1.44mil investment effectively represented a 75% shareholding in SCSWS which had a registered capital of US$1.92mil. – Bernama  

UTAMA BANKING GROUP BHD (UBG) has agreed on terms for the sale of its 189.77 million shares, or 85.1% stake, in Utama Merchant Bank Bhd (UMBB) to Malaysian Industrial Development Finance Bhd (MIDF), a UBG statement said.  

UBG said the negotiation period approved by Bank Negara for the sale of the UMBB stake expired today and the company had agreed on the terms of the proposed sale with MIDF.  

“An application to Bank Negara to proceed with the proposed sale has been made,” UBG said, adding that it would announce further information on the terms after all approvals have been obtained. – AFX  

Electronics contract manufacturer Fu Yu Manufacturing Ltd said it plans to list its Malaysian holding company AXIS FAMOUS BHD on the KLSE.  

Axis is the proposed holding company for two of its Malaysian subsidiaries, Classic Advantage Sdn Bhd and Fu Hao Manufacturing (M) Sdn Bhd.  

Fu Yu said the listing would allow Axis to be financially independent and use proceeds from the proposed listing to acquire and invest in new production facilities in Malaysia as well as for working capital.  

The company added that it planned to restructure its business so that Classic Advantage and Fu Hao would become subsidiaries of Axis, which would then be a unit of Fu Yu.  

After the proposed listing, Fu Yu will have a deemed interest of 60% in Axis' share capital. – AFX  

Annexe Profile Sdn Bhd has obtained acceptance for 92.43% or 67.54 million shares in UNZA HOLDINGS BHD as part of a takeover offer for Unza at RM5 per share.  

The takeover is part of a management buyout of Unza, which manufactures personal care and household products.  

Annexe said in a statement the offer to acquire the remaining Unza shares would remain open until 5 pm on Jan 5, 2004.  

It also said it intended to invoke Section 34 of the Securities Commission Act to make a compulsory acquisition of the remaining shares.  

Separately, the KLSE said trading in Unza had been suspended until further notice as a result of the level of shareholders' acceptances. – AFX  

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