News in brief

  • Business
  • Friday, 16 Apr 2004

SOUTHERN BANK BHD said foreign investors held 30.03% of its equity as of end-March. 

In a statement, the bank said the shareholding of foreigners in excess of the prescribed limit of 30% shall not be entitled to voting rights but will be accorded all other rights and entitlements attached to the shares. 

At end-March, the percentage of warrants issued by the bank and registered in the names of corporations and persons deemed to be foreign investors was 25.85%. – AFX-Asia 

United U-Li Corp Bhd is proposing a 1-for-2 bonus issue of 22 million new shares and a 1-into-2 share split to pave the way for the transfer of its listing to the MSEB main board. 

The share split will be implemented after the planned bonus issue and private placement of 4 million new shares at RM3.50 each announced in November 2003. 

United U-Li said on completion of the proposed private placement, bonus issue and share split, its enlarged issued and paid-up share capital will increase from RM40mil, comprising 40 million shares, to RM66mil, comprising 132 million sub-divided shares, above the minimum paid-up capital for main board companies. – AFX-Asia 

Puncak Niaga Holdings Bhd and wastewater treatment company WWE Holdings Bhd said they have not conducted a study on a potential merger between the 2 companies. 

In separate statements, both companies said a merger was still at a preliminary stage and, notwithstanding the government’s wish to consolidate the water industry, they have not “embarked on a study on the merger”. Both companies said in response to an MSEB query that a potential merger will depend on the valuations and prospects of both companies and no target date for the potential merger has been set. – AFX-Asia 

·KFC HOLDINGS (M) BHD said it has received an official letter from the Employees Provident Fund (EPF), offering to buy its corporate headquarters Wisma KFC. 

In a statement, KFC said both parties are currently discussing the detailed terms and conditions for the sale and purchase agreement. It was reported earlier that EPF had agreed to buy Wisma KFC for RM90mil. – AFX-Asia 

NEGARA Properties (M) Bhd launched yesterday the latest of its series of trendy lifestyle commercial development known as Melawati Urban.1 (MU.1) in Ampang, Selangor. 

Sited on 5.4 acres in Melawati Town Centre, MU.1 combines Melawati's first purpose-built high-rise office building with two low-rise blocks of terraced retail-office space, all opening to a central piazza on the upper ground floor. 

Undertaken by Negara's wholly owned subsidiary, Melawati Development Sdn Bhd, MU.1 was designed with covered and basement carpark space, the company said in a statement. 

MESB Bhd, which supplies equipment and spare parts to engineering projects, is buying leather goods retailer Miroza Leather Sdn Bhd for RM36mil cash in a bid to improve its financial position. 

Miroza sells leather goods through consignment counters in department stores and boutiques under brands Pierre Cardin, Alain Delon, Crocodile, Giossardi and Lizard.  

The purchase will be funded through internally generated funds and borrowings. 

MESB said the proposed acquisition was expected to improve its consolidated earnings and possibly return the group to profit in the future. – AFX-Asia 

CHIN FOH BHD has called off its proposed issue of up to RM60mil worth of asset-backed bonds and RM200mil asset-backed commercial papers/medium-term notes arising from a securitisation transaction by special purpose company AK Receivables Corp Bhd.  

In a statement, the company said it “has decided not to proceed with the asset securitisation exercise”. – AFX-Asia 

HLG CAPITAL BHD’s foreign shareholding at end-March 2003 stood at 2.75%, the company said in a statement. –AFX-Asia 

Integrated textiles and garment company AXIS INC BHD, which will list in place of Ganad Corp Bhd, said its entire capital of 152.91 million RM1 shares would be listed and quoted on the MSEB second board under the “industrial products” sector on April 19. 

The company said the reference price and trading limit for the Axis shares would be RM1 and 500% respectively. 

Axis assumed the listing status of Ganad after a restructuring exercise that saw a 1-for-1 share exchange between the companies and the acquisition of three garment makers. – AFX-Asia  

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