News in brief

QSR BRANDS BHD will list on the MSEB tomorrow in place of AYAMAS FOOD CORP BHD following the completion of a restructuring exercise, a statement from Ayamas said. 

In the scheme, Ayamas shares and warrants were exchanged with shares and warrants of QSR Brands Bhd on a 1-for-1 basis. 

Ayamas was suspended on March 15 to facilitate the exchange. – AFX-Asia 

EG.COM BHD will change its name to EG Industries Bhd and the company's securities will be traded and quoted under the new name effective tomorrow, the company said in a statement. 

The company is involved in the information technology sector. – AFX-Asia 

AIRASIA will kick-start its nationwide road show beginning in Johor Baru on Friday, a company statement said.  

The road show is aimed at creating awareness of AirAsia's low fares, no-frills, ticketless concept while offering visitors the opportunity to make on-the-spot seat purchases, the statement added. – Bernama  

IJM Corp Bhd proposes to sell to wholly-owned unit Styrobilt Sdn Bhd its entire 49% stake in IJM Plantations Bhd for RM299.03mil, or about RM1.21 per share, in exchange for 299,034 redeemable preference shares in Styrobilt at RM1,000 each. 

The inter-company agreement was part of IJM's ongoing exercise to rationalise its corporate structure to improve operational efficiencies further, a company statement said. 

Under the Malaysian code on takeovers and mergers, Styrobilt is required to extend a mandatory general offer for the remaining IJM Plantations shares, but it plans to seek an exemption. 

In addition, 45% of IJM shares in IJM Plantations are placed under moratorium and an application will be made to the Securities Commission to lift and reassign the moratorium to facilitate the transfer of the shares to Styrobilt. 

IJM is involved in construction and property while IJM Plantations is an oil palm plantation firm. – AFX-Asia 

E&O Property Development Bhd subsidiary E&O Property (Penang) Sdn Bhd (EOPP), formerly known as Kamunting Holdings Sdn Bhd, has entered into an agreement with Malayan Banking Bhd and Affin Bank Bhd for credit facilities of RM320mil under a Club Deal arrangement on the basis of 60:40.  

The facilities, comprising a RM290mil term loan and a RM30mil bridging loan, are to finance the development of 240.63 acres of the gross area of 980 acres of leasehold land near Mukim 18 in Tanjong Tokong, Penang. 

EOPP had earlier agreed to jointly develop the 240.63 acres with Tanjung Pinang Development Sdn Bhd.  

Development cost (excluding land cost) is estimated to be RM500mil. The project is to be completed over four to five years, barring unforeseen circumstances. 

United Malacca Bhd has posted a higher pre-tax profit of RM18.96mil for the nine months ended Jan 31, 2004, compared with RM14.71mil in the previous corresponding period.  

The company also registered a higher revenue of RM20.43mil versus RM17.93mil previously. – Bernama 

In the scheme, Ayamas shares and warrants were exchanged with shares and warrants of QSR Brands Bhd on a 1-for-1 basis.