News in brief

  • Business
  • Friday, 25 Jun 2004

  • CRIMSON LAND BHD said Malaysia Building Society Bhd (MBSB) has agreed to accept RM34.55mil as full settlement of debts totalling RM36mil via the issuance of 2% 10-year redeemable convertible secured loan stocks.  

    It said the company and four of its units had reached agreement on the settlement with MBSB. 

    The company's four units are Crimson Properties Sdn Bhd, Holcom Sdn Bhd, Crimson Resorts Sdn Bhd and Baris Bahagia Sdn Bhd. – AFX-Asia 

  • FABER GROUP BHD said its indirect unit Healthtronics (M) Sdn Bhd is to explore healthcare projects in Brunei on a joint venture basis. 

    In a statement, it said the unit has entered into a memorandum of understanding (MoU) with Brunei-based Brufors Logistics Services to explore the possibility of undertaking projects and ventures in biomedical engineering and electronics facility engineering maintenance services in Brunei. 

    Healthronics, which provides hospital support services, is a 60% unit of Faber Medi-Serve Sdn Bhd, which in turn is 70%-owned by the Faber Group. Brufors provides engineering and consultancy services.  

    Faber Group said Healthtronics and Brufors will sign a joint venture agreement within a year of the MoU or after receiving a letter of award. The MoU is extendable by another six months. 

    Healthtronics and Brufors will hold 70% and 30% stakes, respectively, in the joint venture. – AFX-Asia 

  • PRIME UTILITIES BHD said it incurred a pre-tax loss of RM1.13mil in the fourth quarter to April compared with a profit of RM1.81mil a year earlier, despite stronger sales, due to the payment of compensation arising from late delivery of houses. 

    Revenue rose to RM52.19mil in the fourth quarter from RM5.55mil in the same period a year earlier, mainly as a result of its adoption of a new approved revised layout plan as the basis for revenue and cost allocation. 

    It did not elaborate further on the plan. – AFX-Asia 

  • SILVER BIRD GROUP BHD said its second quarter to April net profit rose to RM4.6mil from RM1.78mil a year earlier, supported by stronger sales of RM83.82mil against RM11.21mil previously. 

    The confectioner said its sales improved significantly following the inclusion of the consolidated turnover of newly-acquired wholly-owned unit Stanson. 

    Going forward, the company said it plans to expand its market aggressively and launch new food products, as well as boost productivity and improve operational efficiency. 

    It is also expecting better results for the second half of the current financial year. – AFX-Asia 

    ·Selangor Properties Bhd registered a higher pre-tax profit of RM51.963mil for its six months ended April 30 compared with RM43.455mil in the previous corresponding period. 

    Turnover stood at RM88.356mil, up from RM73.79mil previously. – Bernama 

  • OCTAGON CONSOLIDATED BHD registered a higher pre-tax profit of RM7.189mil for its half-year ended April 30 compared with RM6.575mil in the previous corresponding period.  

    Turnover stood at RM25.402mil, up from RM23.532mil previously. – Bernama 

  • has reported a sharp increase in first-quarter net profit to RM44.71mil from RM6.81mil a year ago due to consolidation of newly-acquired Zelan Holdings Bhd and share of profit from associate IJM Corp Bhd as well as gains from sales of quoted securities. 

    The construction group’s sales for the three months to April amounted to RM127.49mil against nil a year ago, while pre-tax profit came in at RM52.1mil versus RM7.07mil previously.  

    In notes accompanying the accounts, Tronoh attributed the improved showing mainly to the consolidation of Zelan Holdings (M) Sdn Bhd and its subsidiaries’ results, share of profit from IJM Corp and gains on disposal of IJM Plantation Bhd and Arab-Malaysian Corp shares. 

  • said its shares would be suspended from trading on the stock exchange effective June 30, until further notice. 

    Innovest said in a statement the exchange had also asked it to justify why its shares should not be de-listed as the company was unable to regularise its financial condition within the prescribed time frame stipulated by Bursa Malaysia, as required under Practice Note 4/2001 of the listing rules. 

    The company said it did not get a further extension from the exchange to regularise its financial condition. 

    Innovest said it now had 14 days to make written representations to the stock exchange. – AFX-Asia 

  • said its first quarter to April net profit rose mainly due to improved sales from its tiles, fertilisers and logging trucks divisions. 

    The company earlier reported its first quarter to April net profit increased to RM26.5mil from RM14.49mil a year earlier, as sales grew 18% to RM314.03mil from RM267.11mil previously. – AFX-Asia 

  • said its one-for-four renounceable rights issue of 47.29 million shares with 47.29 million detachable free warrants was oversubscribed by 46.19%. 

    At the close of the acceptance and payment period on June 17, the company had received applications for 69.14 million rights shares, Kulim said in a statement. 

    The shares have a face value of 50 sen each. – AFX-Asia 


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