News in brief

KUALA LUMPUR: Malaysian Airline System Bhd (MAS) said it has completed the sale of wholly-owned unit MAS Hotels & Boutiques Sdn Bhd to Kingdom Langkawi BV for RM435mil.  

Earlier, the company said a portion of the cash consideration was conditional upon, among others, Malaysia Airlines procuring a transfer to MAS Hotels & Boutiques of part of a piece of land known as Mangrove Land. 

In a filing with Bursa Malaysia yesterday, it said the transfer of Mangrove Land was still pending compliance of certain conditions. – AFX-Asia 

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Talam Corp Bhd for breaches of the listing requirements. 

Bursa said yesterday a fine of RM11,250 was also imposed on Talam for failing to submit the company's quarterly report for the financial period ended July 31, 2006, on or before Sept 30, 2006. 

It added that Talam was required to engage its external auditors to carry out a limited review on the company's next four quarterly results prior to their announcements. 

KUALA LUMPUR: Bursa Malaysia said it had reprimanded and imposed a RM2,000 fine on Kumpulan Europlus Bhd after the company failed to submit its interim earnings and annual reports within the required timeframe. 

In a notice, Bursa said Kumpulan Europlus failed to furnish the company's first quarter to April 2006 financial report by June 30, 2006. 

“The company only furnished the first quarter report to Bursa on Aug 3, 2006,” it said, adding that the company provided its fiscal 2006 annual report on Aug 2, after the July 31, 2006 deadline. – AFX-Asia 

KUALA LUMPUR: DRB-HICOM Bhd said the proposed disposal of 25% equity interest in Boustead Heah Joo Seang Sdn Bhd by Hicom Holdings Bhd to Boustead Plantations Bhd has been completed. – Bernama 

KUALA LUMPUR: AirAsia Bhd said that as at March 30, 2007, 48.81% of the issued and paid-up capital of the company was held by foreigners. 

Foreigners' ownership of shares has exceeded the higher of the aggregate limit of 45% of AirAsia's total issued and paid-up capital in respect of ownership of shares in the company by foreigners by 3.81%. – Bernama  

KUALA LUMPUR: Hwang-DBS (M) Bhd reported that pre-tax profit for its second quarter ended Jan 31, rose to RM29.356mil from RM5.998mil in the previous corresponding period. Its revenue increased to RM89.317mil from RM29.166mil previously. – Bernama 

KUALA LUMPUR: Flonic Hitech Bhd said its subsidiary Flonic Advance Sdn Bhd has accepted a temporary overdraft (TOD) facility of RM2.395mil from EON Bank Bhd for its working capital. 

The TOD is secured on fixed deposits of Flonic. – Bernama 

KUALA LUMPUR: Time Engineering Bhd subsidiary TIME Quantum Technology Sdn Bhd has been appointed by PLUS Expressway Bhd to implement a digital rest and service area project along the North-South Expressway. 

The five-year appointment until March 2011 requires the company to set up digital advertising television, multimedia kiosk, WiFi hotspots and closed-circuit television facilities for 18 rest and service areas and two overhead bridge restaurants. – Bernama 

KUALA LUMPUR: SAAG Consolidated (M) Bhd subsidiary SAAG (Mauritius) Ltd has bought 64,000 and 20,000 US$1 shares from Eagle Strike Sdn Bhd and Shahid Raza Ali respectively in the capital of GTS Power Ltd for US$26,000. 

Upon completion of the deal, the company will hold 42% of the equity interest in GTS Power. 

GTS Power has the exclusive right to design, construct, own, operate and maintain an electricity generating facility to be constructed in Cambodia. – Bernama 

KUALA LUMPUR: Encorp Bhd said its subsidiary Encorp Must Sdn Bhd has teamed up with Indi Makmur Sdn Bhd and Lunarhati Sdn Bhd to develop two contiguous parcels of land into a mixed development comprising residential and commercial development. 

The cost will be funded from borrowings or internally generated funds, the company said. – Bernama 

KUALA LUMPUR: Malaysian Genomics Resource Centre Sdn Bhd has teamed up with Universiti Industri Selangor to provide the latest bio-informatics technology, consultation and support for the university's bachelor's degree programme. – Bernama 

KUALA LUMPUR: PLB Engineering Bhd's wholly-owned subsidiary, PLBKH Bina Sdn Bhd (PKH) has acquired the remaining 49% equity or 294,000 RM1 shares in Vestingold Sdn Bhd (VSB) for about RM359,903 from B.T Yeoh Sdn Bhd. 

The principal activity of PKH is contracting and construction of industrial, residential and commercial building works and renovation works, investment and property holdings. 

Prior to the acquisition, PKH had 51% equity interest in VSB, which is involved housing and property development. – Bernama 

KUALA LUMPUR: Fiamma Holdings Bhd unit Fiamma Land Sdn Bhd has entered into a sale and purchase agreement with Hoklian Properties Sdn Bhd to acquire three parcels of vacant freehold land measuring about 5,706.24 sq m for RM25.02mil. 

The properties are located within the vicinity of the Kuala Lumpur City Centre. 

The acquisition represented an opportunity for the Fiamma group to diversify into property development business, the company said in a statement to Bursa Malaysia. – Bernama 

KUALA LUMPUR: Padiberas Nasional Bhd's 51% subsidiary Syarikat Faiza Sdn Bhd has disposed of 306,000 RM1 shares, representing 51% equity interest in Lee Hup & Co Sdn Bhd to Yeo Seow Jin. 

Padiberas told Bursa Malaysia the disposal would give Faiza the opportunity to focus on its new strategic direction as it had changed its business objective. – Bernama 

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Earlier, the company said a portion of the cash consideration was conditional upon, among others, Malaysia Airlines procuring a transfer to MAS Hotels & Boutiques of part of a piece of land known as Mangrove Land.