News in brief

KUALA LUMPUR: United U-Li Corp Bhd has confirmed a media report that Securities Commission officials had visited its premises and taken various documents and records. Replying to a Bursa Malaysia query, United U-Li said it could not provide further details, as the company was not informed of the nature of investigation. 

KUALA LUMPUR: UMW Holdings Bhd said its unit UMW India Ventures (L) Ltd (UMW India) has acquired a 14.9% stake in Bombay-listed Oil Country Tubular Ltd (OCTL) for RM41.96mil. OCTL is expected to be a key customer to United Seamless Tubular Pvt Ltd, which will eventually become a 50%-owned unit of UMW India, UMW Holdings told Bursa Malaysia in a filing. – AFX-Asia 

KUALA LUMPUR: Perisai Petroleum Teknologi Bhd has proposed to sell its 55% stake in Allied Marine & Equipment Sdn Bhd to Worldclass Inspiration Sdn Bhd for RM39.5mil.  

The proposed disposal would result in a net gain of RM3.7mil. In a filing with Bursa Malaysia yesterday, Perisai said proceeds from the sale would be used to reduce the company's gearing level to 0.16 time from 1.06 times as at end-December 2006. 

KUALA LUMPUR: KNM Group Bhd said its wholly-owned subsidiary KNM Process Systems Sdn Bhd has secured an order worth RM122mil from Mission Biofuels Sdn Bhd for the construction of a biodiesel plant in Pahang. 

KNM Process Systems design and construct the biodiesel plant, with an output of 750 tonnes and a 98% pure technical grade glycerine output of 82 tonnes per day, the company told the stock exchange yesterday. 

According to the statement, it will be the largest biodiesel plant in Malaysia and the first biodiesel project in Asia using the latest second generation technology called ESTERFIP-H from France's Axens. 

The order is expected to contribute positively to the KNM group's earnings and net tangible assets for financial years 2007 and 2008, it said. – AFX-Asia 

KUALA LUMPUR: TIMEdotCom Bhd said there is no proposal for the company to exchange its broadband spectrum for shares in rival DiGi.com Bhd. 

“There is no proposal for the company's wholly-owned subsidiary TTdotCom Sdn Bhd to take up a 5%stake in DiGi nor is there any arrangement for DiGi to be given exclusive rights for use of TTdotCom's 3G's spectrum,” the company told the exchange yesterday. 

DiGi is the only company among the top three telcos without a 3G licence. – AFX-Asia  

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KUALA LUMPUR: UMW Holdings Bhd said its unit UMW India Ventures (L) Ltd (UMW India) has acquired a 14.9% stake in Bombay-listed Oil Country Tubular Ltd (OCTL) for RM41.96mil. OCTL is expected to be a key customer to United Seamless Tubular Pvt Ltd, which will eventually become a 50%-owned unit of UMW India, UMW Holdings told Bursa Malaysia in a filing. – AFX-Asia 

KUALA LUMPUR: Perisai Petroleum Teknologi Bhd has proposed to sell its 55% stake in Allied Marine & Equipment Sdn Bhd to Worldclass Inspiration Sdn Bhd for RM39.5mil.  

The proposed disposal would result in a net gain of RM3.7mil. In a filing with Bursa Malaysia yesterday, Perisai said proceeds from the sale would be used to reduce the company's gearing level to 0.16 time from 1.06 times as at end-December 2006. 

KUALA LUMPUR: KNM Group Bhd said its wholly-owned subsidiary KNM Process Systems Sdn Bhd has secured an order worth RM122mil from Mission Biofuels Sdn Bhd for the construction of a biodiesel plant in Pahang. 

KNM Process Systems design and construct the biodiesel plant, with an output of 750 tonnes and a 98% pure technical grade glycerine output of 82 tonnes per day, the company told the stock exchange yesterday. 

According to the statement, it will be the largest biodiesel plant in Malaysia and the first biodiesel project in Asia using the latest second generation technology called ESTERFIP-H from France's Axens. 

The order is expected to contribute positively to the KNM group's earnings and net tangible assets for financial years 2007 and 2008, it said. – AFX-Asia 

KUALA LUMPUR: TIMEdotCom Bhd said there is no proposal for the company to exchange its broadband spectrum for shares in rival DiGi.com Bhd. 

“There is no proposal for the company's wholly-owned subsidiary TTdotCom Sdn Bhd to take up a 5%stake in DiGi nor is there any arrangement for DiGi to be given exclusive rights for use of TTdotCom's 3G's spectrum,” the company told the exchange yesterday. 

DiGi is the only company among the top three telcos without a 3G licence. – AFX-Asia  

For latest Bursa Malaysia indices, charts and other information click here