News in brief

Tenaga Nasional Bhd (TNB) has completed its purchase of Nik Sallahuddin Nik Hussein’s 22.5% interest in TNB Coal International Ltd. 

TNB has acquired the 22,500 ordinary US$1 shares and 3,802,500 redeemable unredeemable unsecured loan stock of US$1 each, including the assignment to TNB shareholders’ advance amounting to RM8.208mil made earlier by Nik Sallahuddin to TNB Coal. The total purchase price is RM26,589,767.55. 

TNB now holds 92.5% interest in TNB Coal and Nik Sallahuddin, the remaining 7.5% interest. – Bernama 

Berjaya Sports Toto Bhd (BToto) has received RM16.8mil cash from Berjaya Land Bhd (BLand) as partial settlement of the inter-company advances owed by the former.  

In separate statements to Bursa Malaysia, BToto and BLand said with the partial repayment, the inter-company advances owed by BLand to BToto as at July 22 stood at about RM666.75mil. – AFX-Asia 

Chin Well Holdings Bhd posted higher pre-tax profit of RM45.319mil in the year ended May 31, compared with RM34.2mil the previous year. The turnover increased to RM277.54mil from RM253.002mil. – Bernama 

Boustead Holdings Bhd has received Bank Negara approval to start negotiations with The London Assurance to buy a 45% stake in Royal & Sun Alliance Insurance (M) Bhd. 

The company said the approval in principle for commencement of the negotiations was not an approval for the proposed acquisition. 

“Boustead intends to rationalise its shareholdings in Royal & Sun and consolidate its interests in Royal & Sun into AXA Affin Assurance Bhd, a 40% associated company of Affin Holdings Bhd,” it added. – AFX-Asia 

SETEGAP BHD has pulled out from the Penang Outer Ring Road (PORR) project due to its financial position. In a reply to a query from Bursa Malaysia following a report last Friday, the company said it had sold its 10% stake in Peninsular Metro Works Sdn Bhd (PMW), a concessionaire for the RM1.02bil PORR project, to a nominated party of the majority shareholders.  

PMW is 55% owned by Nadi Senandung Sdn Bhd, while Yayasan Bumiputera Pulau Pinang Bhd holds a 35% stake. – AFX-Asia 

Cycle & Carriage Bintang Bhd posted a pre-tax profit of RM10.45mil in the second quarter ended June 30, from a pre-tax profit of RM11.75mil in the same period last year. Revenue rose to RM212.82mil from RM197.27mil. – Bernama  

RAMUNIA HOLDINGS BHD has appointed Dr Daniel C.S. Ahn independent non-executive director and director of international marketing for Ramunia International Holdings Ltd (Labuan), a subsidiary of Ramunia. 

Ramunia said in a statement the appointment was in line with the management’s plan to aggressively expand its share in the international oil and gas market. – Bernama 

Ni Hsin Resources Bhd'S public issue and offer of 15 million shares made available for Malaysian public was oversubscribed. A total of 2,102 applications for 24,4 million shares were received, which represented an over-subscription rate of 0.63 times. Malaysian Issuing House said the public category allocation received 1,681 applications for 21.946 million shares, an over-subscription of 1.09 times.  

However, bumiputera category, where 30% of the 15 million shares were allocated, was under-subscribed when only 421 applications for 2.499 million shares were received. 

It said notice of allotment would be mailed to successful applicants before Wednesday. – Bernama 

TRICUBES BHD said its subsidiary, Tricubes-NCR JV Sdn Bhd, has been awarded a RM1.5mil contract by the Home Affairs Ministry for the delivery of Desktop Card Acceptance Device for National RollOut “MyKad” project to the National Registration Department. 

In a separate statement, Tricubes said its wholly-owned subsidiary Tricubes Computers Sdn Bhd has received a US$64,600 purchase order from Excel System LLC of Egypt for the delivery of Tricubes 1020. – Bernama 

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