News in brief

  • Malayan Banking Bhd (Maybank) has received an invitation from ABN AMRO to undertake a due diligence exercise on PT Bank Permata Tbk and thereafter submit a final bid for the proposed acquisition of Bank Permata. 

    ABN AMRO was acting on behalf of PT Perusahaan Pengelola Aset, an Indonesian state-owned asset management company.  

    Maybank, together with Khazanah Nasional Bhd, had earlier submitted a proposal to acquire 51% stake in Bank Permata. – Bernama 

  • TECHVENTURE BHD’S 51% subsidiary TVB Global Marketing Sdn Bhd has made an offer to acquire a 30% stake in TNB Coal International Ltd from Nik Sallehuddin Nik Hussein for cash subject to terms and conditions to be negotiated. 

    It will also be subjected to a formal sale and purchase agreement. 

    TVB has also made a similar offer to acquire up to 70% stake in TNB Coal held by Tenaga Nasional Bhd on the same basis. 

    Both parties to the memorandum of agreement (MoA) have agreed that the MoA, entered into on March 9, would be allowed to lapse. – Bernama 

  • Mudajaya Group Bhd has acquired two parcels of land in Sarawak for RM7.5mil through a tender. 

    The acquisition was made through its unit MJC City Development Sdn Bhd.  

    The two adjourning parcels of land, which are mixed zone land measuring around 241.6 sq metres and 3,480.0 sq metres, are located at Padungan in Kuching. – Bernama  

  • FINANCIALLY troubled PAN PACIFIC ASIA BHD said Bursa Malaysia has issued a show-cause letter on why it should not be de-listed, despite a failure to report financial data within a stipulated timeframe. 

    Pan Pacific aborted its first regularisation plan, approved by the Securities Commission, on May 21. The company said in a statement that Bursa Malaysia had given it 14 days to make written representations to the exchange. 

    Should Bursa Malaysia decide to de-list the company, its securities will be removed from the Official Listings on the exchange after 14 days from the date of notification. If Pan Pacific is not de-listed, other penalties may be imposed. – AFX-Asia 

  • Karyon Industries Bhd'S (KIB) public issue of five million 10 sen shares in conjunction with its listing on the Mesdaq market has been oversubscribed by 91.28 times. 

    KIB said in a statement yesterday a total of 15,910 applications for 461.4 million shares valued at RM83mil were received at the closing date on Sept 2. – Bernama 

  • Boustead Holdings Bhd, which has been given 12,000ha of Native Customary Right (NCR) land in Kanowit, Sarawak, to develop commercial oil palm plantations, will be getting another 10,000ha. 

    The new areas would be in Ranan, Penyulau and Pak, State Land Development Assistant Minister Datuk Gramong Juna told reporters after a dialogue session with the landowners involved in the development project in Kanowit yesterday. – Bernama 

  • OSK Ventures International Bhd's entire capital of 1.5 billion shares of 10 sen each will be listed and quoted on the Mesdaq market and included in the finance sector tomorrow, Bursa Malaysia said. 

    The venture capital firm made a public issue of 675 million new shares of 10 sen par value at 26 sen per share to pave the way for its listing. – AFX-Asia 

  • Jasa Kita Bhd said the Securities Commission has approved its proposed share split involving the subdivision into 10 new shares of 10 sen each for every one existing share of RM1 held. 

    In a statement, Jasa Kita said the approval was subject to the completion of the proposed share split within three months from yesterday. – AFX-Asia 

  • Automotive batteries producer GPA Holdings Bhd said the Securities Commission has approved its proposed share split, involving the subdivision of every one existing share of RM1 each into 10 new shares of 10 sen each. – AFX-Asia 

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