KUALA LUMPUR (March 17): Based on corporate announcements and news flow today, companies that may be in focus on Monday (March 20) may include the following: Time dotCom, Tan Chong Motor, QL Resources, UMW O-G, Gabungan AQRS, Axiata and Rohas Tecnic.
Time dotCom Bhd is adding another 1.85% to its existing 37% stake in Thailand’s Symphony Communication Public Co Ltd for 73.44 million baht (RM9.25 million) through its wholly-owned unit Time dotCom International Sdn Bhd.
Time dotCom previously bought its 37% shareholding for 1.47 billion baht (RM186.7 million). It will acquire the 1.85% from Symphony Communication's executive vice president for finance and accounting Dr Bussakorn Jaruwachirathanakul.
Symphony Communication is a fixed line operator in Thailand, covering 84 leading office towers, 41 industrial estates, 43 major provinces nationwide with 17 service centres nationwide.
Nissan dealer Tan Chong Motor Bhd wants to run 15 dealerships in Myanmar by 2022 from three currently, according to a report by Nikkei Asian Review.
In the report, Tan Chong is said to be eyeing over 20% of Myanmar’s new car market share, and will set up two new dealerships per year in the nation. This came as the Myanmar government announced plans to reinforce a new car import policy this year to curb used-car imports.
QL Resources Bhd plans to sell a 61.97% stake in QL KK Properties Sdn Bhd for RM11.82 million cash as part of its strategic review to spin-off its property play and to focus on its core business.
The stake in QLKK will be sold by QL Resources’ subsidiary QL Feedingstuffs Sdn Bhd to a related party, Ruby Techniques Sdn Bhd, under a share sale agreement signed today. The proposal is expected to materialise within three months.
Ruby Techniques is owned by CBG Holdings Sdn Bhd and Farsathy Holdings Sdn Bhd, both major shareholders of QL Resources.
UMW Oil & Gas Corp Bhd (UMWOG) today announced that the value of two jack-up drilling contracts it secured this week, from Vestigo Petroleum Sdn Bhd and Petrofac Malaysia-PM304 Ltd, are US$2 million (RM8.9 million) and US$5.4 million respectively.
In a separate announcement, the company said it has, via two separate letters to Hallmark Odyssey Sdn Bhd and Tetap Kuasa Sdn Bhd, mutually agreed to extend the due diligence deadline on Icon Offshore Bhd and Orkim Sdn Bhd to April 19.
In January, UMWOG announced it will be acquiring a 42.3% stake in Ekuiti Nasional Bhd (Ekuinas)-controlled Icon Offshore at 50 sen apiece or RM248.88 million in all, as well as a 95.5% stake in Orkim at RM12.75 per share or RM472.73 million. Hallmark Odyssey and Tetap Kuasa are investment holding companies owned by Ekuinas.
Gabungan AQRS Bhd is selling a 5.15-acre piece of land in Selangor’s Petaling district via its 52%-owned unit Prestige Field Development Sdn Bhd to Ara Indah Development Sdn Bhd for RM34.73 million.
Proceeds of the sale — expected to be completed within 12 months — will be used for working capital for its RM1.7 billion order book and repayment of borrowings, the company said.
The group is also looking to dispose of 19.13 acres of land in Dengkil, Selangor, which is expected to materialise by the end of its first financial quarter ending March 31, 2017.
Axiata Group Bhd, Singapore Press Holdings Ltd (SPH) and Keppel Telecommunications & Transportation Ltd are reviewing their shareholdings in M1 Ltd, the smallest telecommunications services provider in Singapore.
Axiata owns a 28.32% stake in M1, while Keppel owns 19.09% and SPH 13.28%. “There is no assurance that any transaction will materialise from such strategic review or that any definitive or binding agreement will be reached,” Axiata said.
Rohas Tecnic Bhd’s debut on Bursa Malaysia’s Main Market today saw its share price drop 20.5% or 10.5 sen to 89 sen at market close, with some 6.36 million shares traded.
The infrastructure company has a RM180 million order book for the next year and a half, and is bidding for a little over RM500 million worth of projects in FY17.
Rohas Tecnic is the result of a reverse takeover of Tecnic Group Bhd by Rohas-Euco Holdings Sdn Bhd (RE Holdings), which resulted in the injection of Rohas-Euco Industries Sdn Bhd's business and assets into Tecnic.
http://www.theedgemarkets.com/en/node/339403
