News in brief


  • Business
  • Saturday, 17 Jan 2004

KUMPULAN europlus BHD, through two subsidiaries, has been awarded projects worth RM1.06bil by the Selangor government. 

The group said in a statement it had received a RM745mil flood mitigation project through its newly-acquired 70% subsidiary, Macro-Diversified Sdn Bhd, and the Shah Alam 2 Expressway contract valued at RM315mil via another 70%-owned subsidiary, Tiasa Ria Sdn Bhd. – Bernama 

SCIENTEX PACKAGING BHD, formerly known as Woventex Corp Bhd, has incorporated a wholly-owned unit in Vietnam known as Woventex (Vietnam) Co Ltd to establish a manufacturing base in the country. 

Woventex Vietnam would manufacture and market polypropylene and polyethylene woven bags and fabrics, and flexible intermediate bulk containers for the export market, Scientex said in a statement.  

The Vietnamese unit will have a paid-up capital of US$2mil. – AFX-Asia 

Digistar Corp Bhd has posted a revenue of RM13.5mil and pre-tax profit of RM2.2mil in the first quarter ended Dec 31, compared with RM9.2mil revenue and pre-tax profit of RM900,000 in the preceding quarter to Sept 30. 

Seni Jaya Corp Bhd has obtained an additional six-month extension to July 14 from MSEB to comply with the minimum 25% public shareholding requirement, a company statement said. 

Seni Jaya said its directors were deliberating on an appropriate plan to comply with the ruling. – AFX-Asia 

YEO HIAP SENG MALAYSIA BHD has appointed Winston Y.K. Mah as chief executive officer and director of the company effective Jan 14. – AFX-Asia  

EON CAPITAL BHD said wholly-owned subsidiary Eon Bank Bhd has secured Securities Commission approval to issue subordinated notes worth up to RM870mil or its equivalent. 

The notes will be issued in US dollars or a combination of US dollars and Malaysian ringgit. 

EON Bank has appointed ING Bank N.V. as sole book-runner and lead manager for the US dollar-denominated notes and Malaysian International Merchant Bankers Bhd as the lead arranger for the ringgit-denominated notes.  

The net proceeds will be used for EON Bank’s general purposes. – AFX-Asia 

Pasdec Holdings Bhd has received a contract worth RM80mil to construct 365 houses for the Defence Ministry, a company statement said. 

Pasdec has accepted a preliminary letter of award for the project but detailed terms and conditions are subject to a definitive contract to be signed by both parties. The project would take 36 months to complete, it said. – AFX-Asia 

LEN CHEONG HOLDINGS BHD has appointed Yeap Chong Ming as managing director after Loh Siow Chan, also known as Loo Su Cheong, resigned with effect from yesterday. 

Loh Chee Keong, an executive director of the company, also resigned effective yesterday while Lim Ka Sing had been appointed a director, a company statement said. – AFX-Asia 

DRB-Hicom Bhd's unit Alam Flora Sdn Bhd's contracts with four local authorities in Pahang for its solid waste management service has been extended for another year. 

The renewal of the contracts with Cameron Highlands, Lipis, Raub and Jerantut local authorities were sealed yesterday. 

DRB-Hicom senior group director Datuk Abu Samah Bachik said Alam Flora was expected to renew its contracts with another 11 local authorities in Pahang soon. – Bernama 

B>GOLD IS BHD said its unit Gold-China Sdn Bhd has entered into a joint-venture agreement with Maxi-Mix Projects Sdn Bhd to undertake water and wastewater projects in China. 

The joint-venture company, Gold Water Pte Ltd, plans to undertake projects in Shanghai, Hefei and Zheziang, as well as any future projects dealing in pure water and wastewater treatment and management. Gold-China will hold 70% of Gold Water, a company incorporated in Singapore with a paid-up capital of S$1mil. – AFX-Asia 

Leader Steel Holdings Bhd has signed an agreement to buy land in Klang, Selangor, for RM6.21mil. The land purchase was an investment and for future expansion. – AFX-Asia 

SHL Consolidated Bhd has called off earlier agreements to buy three property-based companies for RM32.7mil and instead has entered into joint-venture agreements to develop their land. 

SHL will pay RM33.45mil to the three companies, S.A.S. Estate Sdn Bhd, Excel Noble Construction Sdn Bhd and Permaddun Sdn Bhd, as part of the joint-venture deals. 

The land in Shah Alam had been approved for a project with an estimated gross development value of RM430mil, the company said. 

It added that the development of the project, comprising 840 apartment units, 1,263 terraced houses and 80 commercial properties, would begin next month. – AFX-Asia 

SOUTHERN BANK BHD said its foreign investor shareholding amounted to 28.23% at end-December 2003. 

Some 24.09% of the warrants issued by the company were held by foreign investors, Southern Bank said in statement. – AFX-Asia 

MATSUSHITA ELECTRONIC COMPANY (M) BHD said its managing director Toshihiko Sakabe had resigned yesterday.  

The company has appointed Yuichi Shimizu as its new managing director effective the same day. 

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