Cash company Tecnic Group Bhd, which needs a new core business after disposing of its entire business of making plastic products and moulds last year, has asked Bursa Malaysia to suspend the trading of its securities on Friday, Jan 29, pending a “material corporate transaction,” This Sunday is the expiry date for Tecnic to reach a definitive agreement with Tan Sri Wan Azmi Wan Hamzah’s company for a proposed reverse takeover of Tecnic. The RTO involves the purchase of 100% equity interest in Rohas-Euco Industries Bhd -- a fabricator of steel structures for high-tension transmission towers -- for RM200mil through a share swap.
Electricity sales went up in its first quarter ended November 2015, but Tenaga Nasional Bhd posted a 16% lower net profit of RM1.98bil. That’s due to the recognition of the imbalance cost pass-through (ICPT) rebate and the weaker ringgit. ICPT reporting only began in the third quarter of the previous year. Also, TNB suffered a forex translation loss of RM58.5mil in the quarter under review versus a forex gain of RM45.9mil previously. Read more
Cash company Kejuruteraan Samudra Timur Bhd is negotiating to buy Sabah independent power producer Sepangar Bay Power Corp as part of its proposed regularisation plan, which also entails a cash distribution to shareholders, the transfer of its listing status to a new company and a management buy-out. Read more
Axiata Group’s 91.6% owned subsidiary Robi Axiata Ltd, a mobile telecommunication service provider in Bangladesh whose other shareholder is NTT DoCoMo, will merge with Bharti Airtel Ltd’s unit Airtel Bangladesh Ltd to create a company with an implied enterprise value of US$1.85bil to US$2.2bil (RM7.7bil to RM9.2bil) and a strong No. 2 mobile player in Bangladesh. Read more
K&N Kenanga Holdings Bhd has bought the 19-storey Dijaya Plaza in Kuala Lumpur from Tropicana Corp Bhd for RM140mil. The financial services group plans to use it as the K&N Kensnga group’s new corporate office, where offices in various locations will be consolidated resulting in rental savings and operational efficiency. Read more
Integrated circuit and semiconductor device maker Malaysian Pacific Industries Bhd boosted its net profit by a whopping 36.9% to RM32.93mil in the second quarter ended Dec 31, 2015 thanks to higher margin products, a stronger US dollar and lower raw material cost (due to the lower commodity prices). Read more
Foundations and piling specialist Pintaras Jaya Bhd earlier this month bagged a RM72.8mil contract for piling and structural works for I-Bhd’s CentralPlaza shopping mall in i-City, Shah Alam. On Thursday, it was awarded the piling and substructure works for the Central Tower project in i-City, comprising DoubleTree by Hilton, residential service suites, and signature offices. The latest contract from I-Bhd is worth RM67.6mil. Read more
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