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Bursa highlights for Thursday, Oct 13
* R & A Telecommunication Group Bhd, which is waiting for the outcome of its appeal to Bursa Malaysia Securities against a de-listing, is eyeing the acquisition of a construction firm as part of its regularisation plan.
The telecommunication industry player signed on Thursday a memorandum of understanding with Datuk Lau Beng Wei, Lau Beng Sin, Lee Wah Lian and Lee Teck Wee for the proposed purchase of the entire paid-up capital of civil and building contractor Synergy Goldtree Sdn Bhd.
According to R & A, Synergy Goldtree had secured construction contracts with a total value of about RM839mil as at July 31, of which RM784mil was yet to be billed.
R & A said the final sum would to be determined following the legal and financial due diligence carried out on the target company. The sum will be settled entirely with the new ordinary shares to be issued by R & A.
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* The public portion of BCM Alliance Bhd’s initial public offering (IPO) received an oversubscription rate of 49.943 times, valued at RM212.94mil.
This is the highest subscription rate for the public category of an IPO so far this year.
The company, which is involved in the commercial laundry equipment and medical devices industries, said a total of 11,094 applications for RM1.12bil in new shares were received for the 22 million new shares that were made available.
The tentative listing date is Oct 24.
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* Datuk Dickson Tan Yong Loong, 35, has retired as director of Berjaya Land Bhd. The resolution to re-elect him at the AGM on Thursday was withdrawn as he did not seek a re-election.
Dickson is the son of Tan Sri Danny Tan Chee Sing, the brother of Tan Sri Vincent Tan who is the majority shareholder with almost 80% stake (direct and indirect).
* Tenaga Nasional Bhd’s unit TNB Global Ventures Capital Bhd has issued US$750mil (RM3.16bil) sukuk under its US$2.5bil multicurrency sukuk issuance programme.
The US dollar denominated sukuk, due 2026, were issued at par with a profit rate of 3.244% per annum.
* Boustead Heavy Industries Corp Bhd’s (BHIC) subsidiary has secured a RM62.58mil government contract to provide maintenance and support services for three Dauphin AS365N3 helicopters.
BHIC said BHIC Aeroservices Sdn Bhd would provide maintenance and logistics support services for these helicopters which belong to the Malaysian Maritime Enforcement Agency.
The 33-month contract took effect on Oct 1.
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* Sealink International Bhd has settled a four-year dispute with Boustead Heavy Industries Corp Bhd’s unit Boustead Penang Shipyard Sdn Bhd (BPS) over a shipbuilding contract and is accepting a payment of US$1.5mil (RM6.32mil).
The offshore marine support vessel owner and operator, which was originally seeking US$4.93mil (RM20.8mil), told Bursa Malaysia that BPS proposed and it had accepted the settlement sum as full and final settlement of all claims and counterclaims arising out of the shipbuilding contract they signed on April 3, 2008.
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* Nexgram Holdings Bhd
’s indirect 70%-owned subsidiary Blue Hill Development Sdn Bhd has been invited by Suara Hati Sdn Bhd and Good View Construction Sdn Bhd to participate with them on a 1Malaysia People’s Housing Scheme (PR1MA) in Gombak, Selangor, and a 1Malaysia Civil Servants Housing (PPA1M) Bukit Katil, Malacca, respectively.
The PR1MA joint-venture project known as Gombak PR1MA Valley would involve building 1,138 units of housing and 20 retail units on 49.43 acres in Gombak, Selangor.
Blue Hill Development would be the main sub-contractor for the other project at an agreed fee to be determined later on securing the contract work known as Proposed PPA1M Bukit Katil, which entails the construction of 462 apartment units.
Nexgram noted that there was no certainty that Blue Hill Development and/or its partners would be awarded the two projects.
* Damansara Realty Bhd (DBhd) has requested for the trading of its shares to be suspended from 9am on Friday (Oct 14) pending an announcement.
Among the construction and property services company’s recent announcements is on its unit Damansara Realty (Johor) Sdn Bhd entering into a memorandum of understanding with Country Garden Real Estate Sdn Bhd to jointly develop a portion of land in Johor Baru measuring about 52 acres.
* UOA Development Bhd has sold its 70% stake in the operator of Dao Xiang Chinese Restaurant in Nexus, Bangsar South, for RM300,000.
“After close to two years in operation, the company decided that it is not feasible to continue operating the business as the anticipated returns from this investment do not meet the group’s expectation,” it told Bursa Malaysia.
UOA had bought Solid Chef Sdn Bhd, which runs the restaurant, in March last year for RM2. Subsequently, it signed a shareholders’ agreement whereby a 30%c stake was taken by Liu Chunyan, a China national who was engaged to manage the restaurant’s food and beverages operations.
The 70% stake minus one share held by UOA’s unit UOA Hospitality Sdn Bhd is disposed to Liu while the remaining share is sold to Malaysian citizen Wong Wah Sung.
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