Briefly

PLUS EXPRESSWAYS BHD posted a lower pre-tax profit of RM169.58mil for its first quarter ended March 31, 2004, compared with RM173.31mil for the same period in 2003. 

In a statement, PLUS said the lower pre-tax profit was mainly due to write-off of net book value of concession assets of Senai toll plaza and adjustment in respect of depreciation and amortisation of concessions assets. 

PLUS, however, registered a higher revenue of RM393.40mil for the first three months of its 2004 financial year compared with RM378.83mil it registered for the same period previously. – Bernama 

MAGNUM CORP BHD posted a lower pre-tax profit of RM91.04mil for its first quarter ended March 31, 

compared with RM122.877mil for the same period in 2003. 

Magnum said the decline was mainly due to the higher prizes payout ratio and losses incurred by its property and leisure business arising from a downward adjustment in value of a hotel property but mitigated by profit generated from its investment trading activities. – Bernama  

Leader Steel Holdings Bhd has proposed a 1-for-2 bonus issue of 22.04 million shares to pave the way for its transfer to Bursa Malaysia main board. 

In a statement, the company said it had a paid-up capital of RM40.82mil and, on completion of the bonus issue, it would meet the requirements to list on the main board. – AFX-Asia 

Melewar Industrial Group Bhd has accepted a share placement offer from Gindalbie Gold NL, Australia to subscribe 27 million shares representing 12.84% in the enlarged issued and paid-up capital in the Australia-listed mining company. 

Melewar said the investment, which would cost the company about RM9.2mil, would result in Melewar emerging as the single largest shareholder in Gindalbie. 

Gindalbie is principally involved in gold and iron ore exploration and production in Western Australia. The acquisition will provide Melewar an opportunity to expand its business internationally, as the alliance with Gindalbie will enable Melewar to explore cross selling business opportunities, in the trading of iron ore and the export of steel products to Australia, where it currently does not have any presence. – Bernama 

LEBAR DAUN BHD announced that its wholly owned subsidiary, Lebar Daun Construction Sdn Bhd (LDCSB), had made a proposed issue for a RM70mil commercial paper programme.  

The proposed facility is to part finance LDCSB’s working capital requirements. – Bernama 

TIONG NAM TRANSPORT HOLDINGS BHD has signed an agreement with Straits View Hotel Sdn Bhd to sell its land and building located in Pekan Baru, Selangor, for a cash consideration of RM6mil.  

A deposit of RM600,000 will be paid upon execution of the agreement and the balance of RM5.4mil will be paid within three months after the date of the agreement. – Bernama 

NATIONWIDE EXPRESS COURIER SERVICES BHD has signed an agreement with Moorgate Industries Sdn Bhd to acquire a 3-storey office block together with a single storey factory/warehouse located at Persiaran Selangor, Section 15, Shah Alam for RM7.495mil cash. 

Nationwide has also entered into a furniture and fittings agreement with Gillette (M) Sdn Bhd to acquire the furniture and fittings in the property for a cash consideration of RM5,000.  

Moorgate Industries Sdn Bhd and Gillette (M) are both subsidiary of the Gillette company incorporated in the US. – Bernama 

MUTIARA GOODYEAR DEVELOPMENT BHD's wholly owned subsidiary Pembangunan Bandar Mutiara Sdn Bhd has signed an agreement with Leow Soon Seng for the proposed acquisition of 500,000 RM1 shares representing 50% equity interest in Jurus Positif Sdn Bhd for RM6.473mil cash.  

The proposed acquisition is expected to contribute positively to the earnings and net tangible assets per share of Mutiara in future years, the company said in a statement. – Bernama 

In a statement, PLUS said the lower pre-tax profit was mainly due to write-off of net book value of concession assets of Senai toll plaza and adjustment in respect of depreciation and amortisation of concessions assets.