News in brief

  • Business
  • Wednesday, 14 Sep 2005

Malayan Flour Mills Bhd announced its 70%-owned subsidiary in Vietnam, Vimaflour Ltd, is investing US$4.3mil in expansion of its flour milling production capacity. 

The expansion will be funded by Vimaflour's internally generated fund and is expected to be completed in the second half of 2006. – Bernama 

Metronic Global Bhd has entered into a memorandum of agreement (MoA) with BinLadin Contracting Group (BCG) to form a joint venture to prepare and submit tender offers to various clients in Dubai, United Arab Emirates (UAE). 

The joint venture will also conduct any necessary contract negotiations related to the tender offers, and to execute the contract upon award to completion and contract conclusion in every respect. 

Metronic said that under the terms of the MoA, BCG would be responsible for the submission of all the tenders of projects under the name of BCG. 

Metronic would be responsible for carrying out all the tendering work up to adjudication point, negotiate and assist in conclusion of contract amount and, thereafter, if the contract is awarded, implement and execute the contract to completion as per the obligations in due time. – Bernama  

UMW Holdings Bhd said its wholly-owned unit UMW Industrial Equipment (Shanghai) Co Ltd will form a joint venture, Federal Signal (Shanghai) Environmental & Sanitary Vehicle Company Ltd, with Shanghai Environmental Sanitary Vehicle & Equipment Factory and Federal Signal Environmental Products China (HK) Ltd. 

Federal Signal (Shanghai) would manufacture and assemble sanitary vehicles, UMW said in a statement to Bursa Malaysia, adding that UMW Industrial would hold a 15% stake in the company. – AFX-Asia 

SUNWAY CITY BHD said its 61% owned subsidiary, Sunway Medical Centre Bhd, will form a joint venture named SunMed@Home Sdn Bhd, with Citarasa Kombinasi Sdn Bhd to own and operate an exclusive post-acute healthcare service. 

In a statement, Sunway said the paid-up capital of SunMed would be increased to RM350,000 with Sunway Medical Centre holding 51%.  

Sunway Medical Centre would fund its share of equity participation through internally generated funds, it said. – AFX-Asia 

GOLDEN HOPE PLANTATIONS BHD’S wholly owned subsidiary Golden Hope Properties (Sabah) Sdn Bhd will form a joint venture with Sabaland Construction Sdn Bhd to venture into housing development and other types of complementary development in Sabah. 

The company told Bursa Malaysia the joint venture was a deliberate move to participate more actively towards the development of Sabah, particularly in areas where it held estate land, for the benefit of the surrounding population and in furtherance of its social obligations. 

The development would expedite the maturity and improve the market value of the area surrounding the development, including its 1,400-acre Mostyn Estate, it added. – AFX-Asia 

Affin Holdings Bhd would not proceed with a planned second medium term notes issue totalling RM240mil as the company had sufficient funds to fully settle the existing guaranteed redeemable bonds of RM240mil, it said in a circular to Bursa Malaysia. – AFX-Asia 

Asia File Corp BHD has invested another RM1mil in bond funds, bringing the aggregate amount it has invested so far to RM12.2mil. 

It said the bond investments were being made for the purpose of obtaining better returns than from fixed-rate deposit instruments. – AFX-Asia  

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