News in brief

  • Business
  • Tuesday, 30 Dec 2003

Public Bank Bhd has bought back 6.82 million of its own shares at prices ranging between RM2.70-RM2.75 for RM18.58mil. 

The company said in a statement its cumulative net outstanding treasury shares to date amounted to 29.83 million shares. 

Separately, the company also said, given its share buy-back exercise since Dec 23, it would cease until further notice the cross transfer of local and foreign shares. This is to ensure that the number of Public Bank-foreign shares does not exceed the maximum limit of 30% of the company's paid-up capital. – AFX 

AMMB Holdings Bhd said its 65.9%-owned unit AmAssurance Bhd has signed agreements to purchase office premises from parent Arab-Malaysian Corp Bhd (Amcorp) for RM7.24mil in cash. 

The offices are located at Amcorp Trade Centre in Petaling Jaya.  

The acquisition was for investment purposes, AMMB said, adding that the current annual rental income of RM923,622 provided a net rental yield of about 9.7%. – AFX 

Xian Leng Holdings Bhd has posted a higher pre-tax profit for the nine months ended Oct 31 of RM17.16mil from RM16.33mil in the corresponding period last year. 

Its net profit increased to RM11.98mil from RM10.47mil previously, despite a fall in revenue to RM35.35mil from RM35.83mil. – Bernama 

GOLDEN PLUS HOLDINGS BHD announced yesterday that its Chinese subsidiary Yanfull (Shanghai) Co Ltd has accepted a loan facility amounting to 80 million yuan (RM36.72mil) from the Bank of China to finance construction of phase 1A and phase 1B of its Royal Garden Development project. 

Proceeds from phase 1A of the project would be used to repay the loan, which should be fully settled by December 2005. – Bernama 

Tenaga Nasional Bhd (TNB) through a consortium that includes Malakoff Bhd and a foreign strategic partner has submitted an expression of interest to participate as developer in a US$1bil project in Saudi Arabia.  

The consortium is believed to stand a good chance of being shortlisted due to TNB's involvement and expects to finance the 60% equity interest in the project through non-resource financing. The Saudi government would hold the remaining 40%. TNB's equity participation would be about 15%. – Bernama 

An investigative audit into the losses of Plantation & Development (M) Bhd (P&D) between 1997 and 2001 has revealed irregularities that include the company using funds from its public issue for purposes not approved by the Securities Commission (SC), and failing to take action against guarantors to recover a shortfall in profit guarantee. 

The audit, a requirement of the SC for its approval of the restructuring of P&D, now renamed Fountain View Development Bhd, has found that among the causes for the RM450mil losses suffered during the five years are allowances for doubtful debts of RM95.4mil, write-off of goodwill of RM60.2mil and provision for corporate guarantees of RM99.3mil. 

In a filing to the KLSE, Fountain View said its directors would “examine in greater detail the nature and extent of the issues” highlighted, with a view to recovering the losses. 

SYMPHONY HOUSE BHD has agreed to the proforma balance sheet of Vsource (M) Sdn Bhd delivered to it by Vsource Inc on Dec 19, pursuant to a share sale agreement signed by both parties earlier on Dec 11. 

Under the agreement for Symphony’s proposed acquisition of 30% equity in Vsource, from Vsource Inc, the latter was required to deliver to Symphony a proforma balance sheet of Vsource together with details of Vsource acquisitions and balance sheet restructuring. 

The balance sheet is to be after having taken into consideration the proposed acquisition of the entire equity interest in Vsource (Japan) Ltd and Vsource Taiwan Ltd Company and the balance sheet restructuring of Vsource envisaged to reduce the net tangible assets of Vsource, the details of which have then yet to be ascertained and agreed between Symphony and Vsource Inc. – Bernama 

MERGE ENERGY BHD’s wholly-owned subsidiary Mewah Kota Sdn Bhd has won a RM14.68mil contract to build and maintain the infrastructure for the extension of Universiti Teknologi Mara’s university campus. – AFX  

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