News in brief

  • Business
  • Wednesday, 04 Aug 2004

Mega First Corp Bhd said the Securities Commission (SC) has approved its proposed private placement of up to 23.6 million new shares of RM1 each, or 10% of its paid-up capital. 

In a statement, Mega First said the SC also approved the shares’ listing and quotation on the main board of Bursa Malaysia, subject to certain conditions. 

One condition is that the company must allocate at least 30% of the placement shares to bumiputra investors. – AFX-Asia 

AV VENTURES CORP BHD, formerly known as Autoindustries Corp Bhd, said the Securities Commission has approved its proposed private placement of up to 10% of its paid-up capital. The proposal was still subject to approval by the International Trade and Industry Ministry, it said. – AFX-Asia 

Concrete Engineering Products BHD said the Securities Commission has approved its planned one-for-two rights issue. – AFX-Asia 

RELIANCE PACIFIC BHD said the Securities Commission has approved an extension, until Oct 30, to complete a proposed bonus issue and two-call rights issue. The company has proposed a bonus issue of up to 31.2 million new shares of RM1 each on the basis of one new share for every four existing shares. 

It has also proposed a two-call rights issue of up to 62.4 million shares at an indicative issue price of RM1 each, on the basis of one new share for every two existing shares. 

The first call of 65 sen was payable in cash on application and the second call of 35 sen payable out of the company’s share premium account, it said. – AFX-Asia 

PANGLOBAL BHD has appointed Bernard Wong Shoon Tet its new chief executive officer, effective Aug 1. 

Bernard, the son of the company's major shareholder James Wong Kim Min, replaces Alexander Wong Shoon Choy. Prior to his appointment, Bernard was executive vice-chairman of Panglobal. Alexander has been appointed vice-chairman of the company. – AFX-Asia 

UEM Builders Bhd said its wholly-owned unit UEM Construction Sdn Bhd has secured a RM42.3mil construction contract from Rimbunan Melati Sdn Bhd, a subsidiary of Faber Group Bhd. – AFX-Asia 

TRENERGY (M) Bhd has entered into a conditional sale and purchase agreement to acquire a 24.92% stake in SNAP Capital Sdn Bhd for RM16.5mil. 

In a statement, Trenergy said it plans to buy some 20.25 million SNAP shares from shareholder Shahrazi Sha'ari. 

It said the purchase price offer was arrived at on a “willing-seller-willing-buyer basis” and after taking into consideration the future earnings of SNAP and its investment in Malaysian Merchant Marine Bhd (MMM). 

Trenergy said the proposed acquisition will increase its equity interest in SNAP from 75% to 100%, while its effective equity interest in MMM will increase from 21.5% to 28.67%, thereby, making Trenergy the largest single shareholder in MMM. 

“After completing the proposed acquisition, Trenergy will be able to participate more actively in the financial and operating policy decision of MMM, as well as providing impetus to the future business direction and plans of MMM,” it said. 

“The proposed acquisition will provide Trenergy with the opportunity to elevate the group to being a major player in the country in the provision of marine services to the oil and gas industry,” it said. 

The proposed acquisition is subject to approval of both the boards of directors of Trenergy and SNAP, and of regulators. – AFX-Asia 

Gadang Holdings Bhd's wholly-owned subsidiary Gadang Engineering (M) Sdn Bhd has been awarded a main building works of a commercial building for Mines Golf Resorts Bhd valued at about RM164mil. 

Awarded on July 26, Gadang Engineering would undertake the contract in 24 months from the date of site possession on Aug 2. –Bernama 

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