News in brief

  • Business
  • Thursday, 18 Aug 2005

  • has entered into a conditional share sale and purchase agreement to acquire the remaining 30% of the issued and paid-up ordinary share capital of Atlan Properties Sdn Bhd (APSB) and remaining 0.15% of the issued and paid-up redeemable convertible preference shares (RCPS) of APSB for RM25mil cash. 

    Atlan Holdings presently holds 70% of APSB and also holds, inter alia, 99.85% of the total outstanding RCSP in APSB. APSB's principal asset is its 32% equity interest in Naluri Corp Bhd. 

    The proposed acquisition would enable Atlan Holdings to equity account for the entire 32% equity interest in Naluri via APSB. 

    At present, Atlan Holdings only has an effective equity of 22.4% in Naluri, held through its 70% shareholdings in APSB. – Bernama 

  • BURSA Malaysia has publicly reprimanded and imposed a fine of RM126,000 on AVANGARDE RESOURCES BHD for the breach of paragraph 9.23 (b) of the listing requirements of Bursa Securities. 

    Avangarde breached the listing requirements for failing to submit its annual audited accounts for the financial year ended Dec 31, 2004 on or before April 30, 2005. – Bernama 

  • recorded a pre-tax profit of RM1.37mil in the first quarter ended June 30 from RM1.56mil in the previous corresponding period. Its turnover increased to RM41.48mil from RM41.09mil. – Bernama 

  • has acquired the land and building rights to the Columbia Asia Medical Centre in Seremban from CPH Seremban Acute Care Sdn Bhd. 

    According to the terms of the agreement, Lembaga Tabung Haji has leased the assets back to CPH, a hospital company under the Columbia Pacific Healthcare group, for a period that can extend up to 45 years. 

    The agreement only covered the land and building of the centre but excluded the hospital’s medical equipment or other business assets.  

    CPH will continue to retain the hospital operations, including all costs of maintaining the building. – Bernama  


    IGB Corp Bhd’S wholly-owned subsidiary Intercontinental Aviation Services Sdn Bhd has disposed of its 16.81% equity interest in Lee Hing Development Ltd to Zali Capital Ltd for RM35.62mil. 

    IGB said in a statement to Bursa Malaysia that its director and/or major shareholder Tan Boon Seng owned Zali Capital. 

    It said the disposal was in line with its overall objective of disposing all of its non-strategic investments. – AFX-Asia 

  • Plastrade Technology Bhd said it was still evaluating its options for expansion into China. 

    In reply to a query from Bursa Malaysia regarding a report that the company was planning to set up a plant in Shanghai, the company said it was in preliminary and ongoing negotiations with a particular party in the same business. 

    “The matter (Shanghai plant), including the terms and conditions of the transaction, have yet to be finalised,” it explained. – AFX-Asia 

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