News in brief

MARKET capitalisation of the Labuan International Financial Exchange (LFX) reached US$11.5bil (RM43.7bil) with the listing of a US$80mil (RM304mil) guaranteed redeemable convertible bonds by TRANSMILE GROUP BHD (TGB) yesterday. 

The bonds, due in 2010, were issued by Labuan-incorporated TGB (SPV) Limited, a wholly owned subsidiary of TGB.  

With the listing of the bonds, there were now 19 conventional bonds, five mutual funds and five syariah compliant certificates (Sukuk), LFX said in a statement. – Bernama 

Heitech Padu Bhd

said its 50%-owned Vantage Point Consulting Sdn Bhd has been awarded a contract from Telekom Malaysia Bhd (TM) for the supply, delivery, installation, testing, commissioning, post-acceptance maintenance and support services of an enterprise resource planning system. 

The contract is for three years, inclusive of the warranty period of 12 months, with an option to extend for another five years for the provision of the maintenance and support service after warranty period by TM. 

Heitech said the contract was expected to contribute positively to its earnings in 2005 and throughout the duration of the contract via the contribution of Vantage. – AFX-Asia 

TRANS Resources Corp Sdn Bhd, a wholly owned subsidiary of TRC Synergy Bhd, has received a letter of intent for the construction of affordable housing in Ghana. 

The letter of intent dated May 13 was received from Metro Ikram Sdn Bhd, the owner of the project. 

“We have been negotiating with Metro Ikram for the project and now have received the letter of intent to be the contractor (for the project),” executive director Abdul Aziz Mohamad said yesterday. 

The total cost of the project is about US$2.1bil and TRC Synergy’s participation would be for a minimum of 30% of the construction works.  

SAPURACREST PETROLEUM BHD

said its wholly owned subsidiary Petcon (M) Sdn Bhd has been awarded an extension of contract with Sarawak Shell Bhd/Sabah Shell Petroleum Co Ltd for a further 24 months, commencing after the expiry date on Jan 21, 2006. 

It said the contract was in relation to the provision of a semi-submersible tender assisted rig “West Alliance”. 

It said the contract extension was effected by a letter dated May 15, 2005 and was valued at about US$49mil. – Bernama 

HUNZA CONSOLIDATED BHD

registered a lower pre-tax loss of RM2.18mil for its first quarter ended March 31 compared with a pre-tax loss of RM3.18mil posted for the previous corresponding period. 

Its turnover stood at RM17.8mil, down from RM19mil. – Bernama  

CAMERLIN GROUP BHD

recorded a higher pre-tax profit of RM22.2mil for its first quarter ended March 31against a pre-tax profit of RM6.4mil posted for the previous corresponding period. 

Its turnover stood at RM150,000, up from RM87,000. – Bernama 

WAH SEONG CORP BHD’S

(WSC) unit Wah Seong International Pte Ltd (WSIPL) has signed a share sale agreement with ACMA Engineering & Construction Group Ltd to acquire 70% equity in Delco Australia Pty Ltd for A$5.6mil.  

Delco specialises in providing turnkey solutions for pipeline and plant projects, including ongoing maintenance and operations support for oil and gas and mining industries. 

The acquisition, which will be completed in July, is expected to contribute positively to the performance of WSC’s oil and gas division. – Bernama 

The bonds, due in 2010, were issued by Labuan-incorporated TGB (SPV) Limited, a wholly owned subsidiary of TGB.