Bursa highlights on June 3
* SP Setia Bhd plans to raise up to RM1.07bil for current working capital and future projects by issuing up to 1.07 billion Islamic redeemable convertible preference shares (RCPS-i) at an issue price of RM1 each on the basis of two RCPS-i for every five SP Setia shares. The RCPS-i has a dividend rate of 6.49% per annum and the conversion ratio is two new SP Setia shares for every seven RCPS-i held. SP Setia shares closed trading one sen lower at RM3.16 on Friday.
* Eastern & Oriental Bhd (E & O) group managing director Datuk Seri Terry Tham Ka Hon has bought 10% equity interest in the company from Sime Darby Bhd for RM327.5mil, raising his stake to 21% to replace Sime Darby as E & O’s single largest shareholder. In addition, Tham bought all 48.796 million convertible warrants 2015/2019 in E&O held by Sime Darby at 30 sen each, or RM14.64mil. Read more
* Scomi Engineering Bhd is buying an additional 42.25% of the equity of Quark Fabricacao de Equipamentos Ferroviarios e Servicos de Engenharia LTDA, which is supplying rolling stock for a line under the rapid transit system in Sao Paulo, Brazil. This brings its stake in Quark to 80% while its partner Brasell Gestao Empresarial LTDA will raise its stake to 20% (both are buying out a third business partner). Quark will pay the outgoing partner 20 million reals (RM23.2mil) plus commissions on future projects awarded such as additional contract for the supply of five monorail trains.
* CIMB Group Holdings Bhd has entered into a strategic bancassurance (insurance sale via banks) partnership with Japan’s largest bancassurance insurer Sompo Japan Nipponkoa Holdings Inc for the South-East Asian region. Subject to the execution of in-country agreements, CIMB will distribute Sompo’s non-life insurance products through its extensive distribution network. Read more
* Integrated poultry producer CAB Cakaran Corp Bhd, which originally planned to buy certain assets of poultry processing firm Farm’s Best Food Industries Sdn Bhd (FBF) for an indicative price of RM80mil, has signed a conditional agreement in which it teams up with other parties to buy a 100% stake in FBF from Farm’s Best Bhd for only RM9.45mil. Read more
* Multimedia video conferencing system assembler MLabs Systems Bhd has proposed to inject a new core business -- selling footwear and apparels -- which will also see the emergence of new controlling shareholder. It has signed a heads of agreement with Bage Holdings Ltd to acquire 100% equity interest in Bage (China) Co Ltd (Bage HK) for RM260mil to be satisfied with new MLabs shares. Read more
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