Bursa Highlights logo for Star Online (Business).
Bursa highlights on June 6
* The Government will inject up to RM1.25bil into DRB-Hicom Bhd's unit Proton Holdings Bhd (PHB) by subscribing to new redeemable convertible cumulative preference shares (RCCPS) in the carmaker to enable PHB to regularise its cashflow and settle the long outstanding balance payable to its creditors, vendors and suppliers. Assuming the Government converts the entire 1.25 billion PHB RCCPS and the unpaid dividend declared for the PHB RCCPS into new PHB shares, DRB-Hicom’s shareholdings in PHB will be diluted from 100% to about 20.72%, while Minister of Finance Inc will own about 79.28%. Read more
* Marine construction firm Muhibbah Engineering (M) Bhd has acquired 500 acres in Gebeng from the Pahang state government for RM26.5mil, which will be developed into a RM2bil Kuantan Maritime Hub over the next 10 years. Read more
* Property developer Global Oriental Bhd has proposed to acquire 279.86 acres in Bentong, Pahang, where it sees potential for “resort-like residential and commercial development”. for RM170.67mil. Read more
* Sime Darby Bhd’s indirect unit Sime Darby Engineering Sdn Bhd and former consortium partner Swiber Offshore Construction Pte Ltd are pursuing a claim through arbitration against Indian oil and gas firm Oil & Natural Gas Corp Ltd, for whom they executed a job for US$618.4mil (RM2.53bil) six years ago. Read more
* WZ Satu Bhd has clinched another West Coast Expressway subcontract, this time a RM43mil job from Menuju Asas Sdn Bhd to upgrader the Teluk Intan - Kg Lekir federal road in Perak. The 24-month project begins this Friday. In May last year, WZ Satu was awarded a RM498.9mil job from works contractor IJM Construction Sdn Bhd to complete a 28km stretch of the West Coast Expressway (Kampung Lekir interchange to Changkat Cermin interchange).
* Special auditor Ferrier Hodgson MH Sdn Bhd, appointed by Nexgram Holdings Bhd in March to carry out independent verification over certain assets within the group, requires an additional three to four weeks to submit its first draft report to the board of directors. Bursa Securities had earlier requested Nexgram as well as its advisers to provide information about certain assets of Nexgram in relation to Nexgram’s (now aborted) proposed takeover offer for Ire-Tex Corp Bhd securities. Read more
* KUB Malaysia Bhd is exiting the engineering and construction sector. It has signed an agreement to sell loss-making precast concrete slab maker, KUB Precast Sdn Bhd, to Jeks Precast Sdn Bhd for RM19mil. Read more
* Malayan Banking Bhd has reshuffled three senior management personnel effective July 1. In a press statement (no filing with Bursa Malaysia), the bank announces Datuk Amirul Feisal Wan Zahir, currently global banking group head, will become group chief financial officer (CFO). His group head (global banking) position will be filled by Datuk Muzaffar Hisham, the current group head of Islamic banking and CEO of Maybank Islamic. As for Muzaffar’s two vacated positions, these will be taken over by Datuk Mohamad Rafique Merican, the current group CFO. Read more
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