News in brief

  • Business
  • Wednesday, 19 Jul 2006

> Alam Maritim TO LIST ON MAIN BOARD TOMORROW: Oil and gas service provider Alam Maritim Resources Bhd said its entire issued and paid-up capital of RM81.17mil, comprising 162.34 million 50 sen shares, will be listed and quoted on the Bursa Malaysia main board from tomorrow. 

It hopes to raise RM48mil from its initial public offering (IPO) and pay for new vessels, repay bank borrowings and replenish its working capital.  

The company's IPO exercise involved the issue of 29.22 million new shares at RM1.65 each. – AFX-Asia 


> SCOMI, US FIRM IN OIL AND GAS TIE-UP: SCOMI GROUP BHD said it has entered into a joint venture with National Tank Co, USA, to focus on enhanced oil recovery and gas conditioning in South-East Asia. – Reuters 

> MAH SING UNIT BUYS LAND IN KLANG FOR RM25MIL: Mah Sing Group Bhd's wholly-owned unit Legend Grand Development Sdn Bhd yesterday purchased a 21.1-acre parcel of land in Klang for RM25.25mil. 

The group plans to launch its latest new project, Kemuning Residence, on the site in the first quarter of next year. 

The project will comprise semi-detached houses and bungalows, priced from RM700,000 to RM1.3mil, in various gated and guarded precincts. 

Group managing director Datuk Leong Hoy Kum said the development would complement the existing development of Kemuning Utama by Paramount Corp Bhd nearby and meet rising demand for landed lifestyle residences in the area. 


> SILVER RIDGE GETS CELCOM CONTRACT: Silver Ridge Holdings Bhd has been awarded a RM123mil contract from Celcom (M) Bhd to develop the wideband code division multiple access or commonly called 3G, Phase II project. 

The contract period is three years with an option of one-year extension. 

Silver Ridge completed Phase I of the same project in 2004/2005. 

In Phase I, Silver Ridge was responsible for the architectural design, configuration, installation, testing, commissioning and end-to-end optimisation of the 3G radio frequency network. – Bernama 

> EQUATOR SETS UP CHINA UNIT: Equator Life Science Bhd said its 70%-owned subsidiary Co Ltd has established a unit, Equator CN Co Ltd, in China with authorised registered capital of US$70,000. – Bernama 


> QL BUYS ASSETS FROM PAITAN FOR RM15MIL: QL Resources Bhd, via its wholly-owned subsidiary QL Agroventures Sdn Bhd, has entered into a sales and purchase agreement to acquire all the movable and immovable assets from Paitan Sdn Bhd for RM15.67mil and to sub-lease the native land from Lungkis Bin Bariga. 

The proposed acquisition was part of the QL group's plan to further strengthen its integrated lifestock division. – Bernama 


> CA PARTNERS MULTIMEDIA UNIVERSITY: CA Malaysia will invest RM12mil in a technology alliance with Multimedia University to enable undergraduates gain invaluable exposure and hands-on experience in the latest technology and industry solutions via CA labs established at the university's campuses in Cyberjaya and Malacca. – Bernama 

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