News in brief

KUALA LUMPUR CITY CORP BHD said the Securities Commission and the Minister of Finance had approved the sale of its entire equity interest in brokerage Kuala Lumpur City Securities Sdn Bhd to Alliance Merchant Bank for RM273mil cash. 

The sale also includes the brokerage's subsidiaries, KLCS Asset Management Sdn Bhd, Kuala Lumpur City Nominees (Tempatan) Sdn Bhd, Kuala Lumpur City Nominees (Asing) Sdn Bhd and KLCity Unit Trust Bhd. 

Alliance Merchant Bank is a wholly-owned unit of Malaysian Plantations Bhd. – AFX-Asia 

Kumpulan Jetson Bhd

unit Jetson Construction Sdn Bhd has been awarded a RM12.95mil contract by Japan's Ministry Of Natural Resources and Environment to design and construct an expo in Japan.        

In a statement, the company said the project was expected to be completed by end-January 2006. No other details were given. – AFX-Asia 

PCCS Group Bhd

said its wholly-owned unit Mega Labels & Stickers Sdn Bhd has invested an additional US$1mil in China Roots Packaging Pte Ltd.  

China Roots is a wholly-owned subsidiary of Mega, incorporated in China. – AFX-Asia 

Top Glove Corp Bhd

has received permission from the stock exchange for a two-for-one stock split. The rubber gloves maker still requires approval from the Securities Commission for the plan. – AFX-Asia 

Affin Holdings Bhd

, parent of Affin Bank Bhd, will sell RM525mil of five-year notes to refinance existing debts. 

The AAA-rated papers are guaranteed by Malayan Banking Bhd. – AFX-Asia 

MALAYSIA International Shipping Corp Bhd

(MISC) and Allseas Intercontinental Shipping Ltd of Nigeria have entered into a 60:40 joint-venture agreement to explore the possibility of participating in maritime transportation, integrated logistics services and shipping-related businesses in Nigeria. 

The new company, incorporated in Nigeria, will be named MISC Nigeria Ltd. Nigeria is among the world’s top ten oil producing countries. 

APM Automotive Holdings Bhd

has received approval from the management board of Vietnam-Singapore Industrial Park in Vietnam for a 50-year investment licence to manufacture automotive suspension parts for sale in Vietnam and overseas markets. 

In filing to Bursa Malaysia, APM said the licence was issued to APM Springs (Vietnam) Co Ltd, a limited liability enterprise established under the Laws of Vietnam and a wholly-owned subsidiary of APM Automotive International Ltd. 

It has a registered investment capital of US$4mil and initial capital outlay of US$3.8mil, which will be financed by internal funds. – Bernama 

 

PARK MAY BHD

has sold two plots of land and buildings to a subsidiary of Kumpulan Kenderaan Malaysia Bhd for a total of RM14.54mil cash. 

The company said in a statement it sold a four-storey commercial building and other smaller structures on a 10,626-sq-m leasehold site in Kuala Lumpur. 

It also sold a 22,182-sq-m industrial freehold land with some temporary structures in Klang for RM4.54mil. The KL building was previously occupied by Park May as its head office. 

The company said the current net book value of the KL and Klang properties were RM9.8mil and RM2mil respectively.  

The sales, expected to complete in the first quarter of 2005, will enable Park May to raise cash to reduce borrowings, resulting in annual interest savings of about RM720,000 based on an average interest rate of 6% a year. – AFX-Asia 

MAXIS COMMUNICATIONS BHD

said the Securities Commission has approved its proposal to issue notes worth RM1bil to refinance existing debts and for capital expenditure. 

Maxis is proposing a RM500mil commercial paper/medium-term note program (CP/MTN) and a RM500mil medium-term note programme (MTN). The CP/MTN will have a tenure of seven years and the MTN 30 years. 

The principal adviser, lead arranger and facility agent is HSBC Bank Malaysia Bhd. – AFX-Asia 

The sale also includes the brokerage's subsidiaries, KLCS Asset Management Sdn Bhd, Kuala Lumpur City Nominees (Tempatan) Sdn Bhd, Kuala Lumpur City Nominees (Asing) Sdn Bhd and KLCity Unit Trust Bhd.