Bursa highlights for Mon, May 30

Bursa highlights on May 30

* Inter-Pacific Securities Sdn Bhd has called for minority shareholders of property developer Petaling Tin Bhd (PTB) and leisure/tourism-related firm Karambunai Corp Bhd to reject the takeover offers made by their controlling shareholder Tan Sri Dr Chen Lip Keong. For both cases, the independent adviser says that although Chen’s offer can be deemed reasonable, it is of the view that the ‘not fair’ aspect substantially outweighs the ‘reasonableness’ of the share/warrant offer price. Chen is offering 24 sen each for PTB shares, 5 sen each for Karambunai shares and 2 sen each for Karambunai warrants. On Monday, PTB shares ended trading at 24.5 sen while Karambunai closed at 4.5 sen (shares) and 0.5 sen (warrants). Read more

* Kejuruteraan Samudra Timur Bhd ’s (KSTB) major shareholders, who last year made a voluntary takeover offer for its shares without aiming for a delisting, announced on Monday that they now plan to take the oil & gas service provider private. The company has not been able so far to regularise its PN16 status and currently does not have any viable assets identified for acquisition. The major shareholders, including KSTB cofounder Datuk Chee Peck Kiat, request that the board undertake a selective capital reduction and repayment exercise as the way of taking it private. They propose that the company make a capital repayment of 42 sen per KSTB share and 12 sen per warrant. KSTB’s shares and warrants were last traded at 45 sen and 12 sen respectively. Read more

* Iris Corp Bhd, a digital identity and business solutions company, has clinched a RM346.2mil contract from the Senegal government for the supply of 10 million identification biometric cards over five years. Read more

* Atlan Bhd’s Singapore-listed subsidiary Duty Free International Ltd (DFI) has received an unanimous shareholders’ approval to dispose up to 25% equity interest plus one share in unit DFZ Capital Bhd - the largest duty-free retailing group in Malaysia - to Heinemann Asia Pacific Pte Ltd. Read more

* Offshore oil & gas service provider Tanjung Offshore Bhd has signed a memorandum of understanding with Hills Education Group to venture into education and training as part of its diversification efforts for better returns to shareholders and employees. Read more

* Tropicana Desa Mentari Sdn Bhd, an indirect unit of Tropicana Corp Bhd , has signed a heads of agreement with Terran Property Sdn Bhd for the proposed disposal of and/or granting of development rights to Terran and/or its nominee(s) of 131.96ha in in Johor Baru,

* AWC Bhd ’s unit Qudotech Sdn Bhd has been awarded a contract worth RM18.15mil by Mulia Property Development Sdn Bhd to install and maintain the cold water and plumbing works for the RM3.5bil, 92-storey Signature Tower -- the tallest building to be built at the Tun Razak Exchange. Read more

* Engineering and construction firm Eversendai Corp Bhd posted a net loss of RM50.42mil in the first quarter ended March 31, 2016, compared with a net profit of RM19.4mil posted a year ago, as it registered financial asset fair value losses. Read more

* Two companies -- Mexter Technology Bhd and Raya International Bhd -- were queried by Bursa Malaysia Securities. Mexter was questioned over their shares’ sharp price rise and high volume. The computing and electronics service provider, whose share price has almost tripled (up 184.6%) to 18.5 sen since a week earlier, says it is unaware of any reason but points to director Khuan Kian Leng and managing director/CEO Ivan Sia Teck Fatt’s combined off-market disposal of 61.55 million shares at 15 sen each last Friday, with LYC Capital buying 55.85 million shares or 28.38% in Mexter.

* Meanwhile, Raya International Bhd was queried for the surge in trading volume, with 17.657 million shares traded on Monday (closing at 36 sen, half a sen higher from Friday’s close but up about 38% from a week earlier). The air and water filter maker says it is not aware of any corporate development that has not been announced, or any other explanation, for the high volume of trading. Read more 

* AirAsia Bhd has received a US$1 billion offer for its aircraft leasing unit, Bloomberg News quoted chief executive Tan Sri Tony Fernandes as saying. There is no announcement on this on Bursa’s website. Read more

Corporate News , Bursa highlights