News in brief

KUALA LUMPUR: IJM Corp Bhd has entered into a share sale agreement to dispose 10 million shares or 100% equity interest in Torsco Sdn Bhd to Kencana HL Sdn Bhd (KHL) for RM74.62mil cash. 

Torsco and KHL are wholly-owned subsidiaries of IJM Corp and Kencana Petroleum Bhd respectively. 

Torsco's principal activities are engineering, fabrication and construction works. 

In a filing with Bursa Malaysia yesterday, IJM said the proposed disposal was to enhance the return on assets of the group and to unlock value in its non-core assets. – Bernama 

KUALA LUMPUR: Transmile Group Bhd's shareholder Trinity Coral Sdn Bhd intends to nominate KPMG in place of retiring auditors Deloitte & Touche. 

The air cargo carrier told Bursa Malaysia it had received a notice from Trinity Coral of its intention to nominate the new auditors at the company AGM on Sept 5. 

Transmile said the notice of the nomination would be sent to all shareholders on Aug 24. – Bernama 

KUALA LUMPUR: Megan Media Holdings Bhd told Bursa Malaysia yesterday that a police report had been lodged on findings related to the investigations by Ferrier Hodgson MH Sdn Bhd and the company's specialist advisor, Sage 3 Capital Sdn Bhd. 

The police report entailed sufficient details of the irregularities at Megan Media as well as those who were responsible, the statement said.  

“Police investigations are not expected to have any impact on the company's legitimate manufacturing business which continues,” Megan Media said.  

KUALA LUMPUR: Protasco Bhd said its wholly-owned unit HCM Engineering Sdn Bhd has secured a RM12.4mil contract from the Education Ministry to build a teachers' training college in Penang. 

The contract is expected to have positive impact on the net assets and earnings of Protasco for the financial year ending Dec 31, 2007. – Bernama 

KUALA LUMPUR: CIMB Bank plans to sell up to RM10bil in asset-backed bonds over 20 years, the bank said yesterday. 

The bonds, backed by car loans, would have maturities of one, three, five, seven and eight years with the first tranche of RM505mil to be issued next month, said Patrick Khoo, CIMB Bank's head of securitisation and structured finance. – Reuters 

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Torsco and KHL are wholly-owned subsidiaries of IJM Corp and Kencana Petroleum Bhd respectively.