Parkson Holdings Bhd’s Hong Kong-listed subsidiary, which operates about 60 Parkson stores in China, made a last-ditch attempt to get the court to revoke a 141 million yuan (RM93.2mil) arbitration award it must pay in a dispute with its former landlord. Alas, its request was rejected. Expect visible repercussions for Parkson Holdings, as the China operations contributed over 60% to its group operating profit for the year ended June 30, 2015. Read more
General insurer LPI Capital Bhd, whose net profit grew 31.8% in the first nine months of the year, has more good news to share. It has sold 2.5 million shares in Public Bank Bhd resulting in a RM37.1mil gain (an increase in earnings per share of 11.17 sen) and net profit of RM1.3mil. The sale proceeds, it says, will be used to pay cash dividend to LPI’s shareholders in the first quarter of 2016. Read more
Bumi Armada Bhd has passed the financial hurdle for its 12-year tanker facility charter contract (with options of 8 yearly extensions) with NYSE-listed eni SpA worth a cool US$3bil (RM12.9bil), with a further possible additional value of up to US$0.9bil (RM3.9bil). This is because last Wednesday the offshore oilfield services provider secured a syndicated facility of US$1.12bil (RM4.81bil) to part-finance the project. Read more
Mah Sing Group Bhd, which terminated a contract to buy 425.3ha in Seremban for RM359.56mil after discovering a caveat on the land. has avoided a lengthy legal dispute with the vendors. In an out-of-court settlement, the vendors have agreed to refund its entire RM35.96mil deposit, but they will keep the interest from the deposit estimated at RM1.56mil. Read more
IT company Heitech Padu Bhd may have added a new core business when it bought (in August) a 51% stake in Duta Technic Sdn Bhd, which caters to the energy industry’s needs for electrical, mechanical and civil engineering works. Duta Technic has just bagged a RM26.2mil contract from Tenaga Nasional to set up a main intake substation in Kelantan. Read more
UEM Edgenta Bhd’s unit Edgenta Propel Bhd (formerly Projek Penyelenggaraan Lebuhraya Bhd) has been awarded a five-year road maintenance contract by the Public Works Department, Selangor, worth RM109.06mil. Read more
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