KUALA LUMPUR (June 3): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (June 4) may include the following: Can-One Bhd, Petronas Gas Bhd, Bintai Kinden Corp Bhd, ECM Libra Financial Group Bhd, Dolomite Corp Bhd, Sunway Bhd, Opcom Holdings Bhd, Datasonic Group Bhd, Kumpulan Perangsang Selangor Bhd and EA Technique (M) Bhd.
Can-One Bhd today received a conditional offer from Asia Dairy Creations Sdn Bhd (ADCSB) to acquire its entire stake of F&B Nutrition Sdn Bhd for up to RM1 billion.
ADCSB, a special purpose vehicle managed by Singapore-based Southern Capital Group Pte Ltd, is offering to buy F&B Nutrition from Can-One at an indicative consideration of between RM800 million to RM1 billion, which exceeds Can-One market capitalisation of RM659 million based on today’s closing of RM3.43.
The offer shall remain open for acceptance from the date of the offer letter until 5pm on June 4 after which it will automatically lapse, said Can-One.
Petronas Gas Bhd announced it signed a Heads of Agreement with Petronas Chemicals Group Bhd’s subsidiaries in relation to the expansion of industrial gas facility and supply of nitrogen.
The project, whose commercial operation date is expected to be commence by Feb 2021, will be funded via its internally-generated fund.
Bintai Kinden Corp Bhd’s wholly-owned subsidiary Kumpulan Bintai Kindenko Sdn Bhd (KBK) has bagged a RM20.4 million contract to undertake infrastructure and associated works for the Digital Free Trade Zone (DFTZ) at KL International Airport.
The contract is non-renewable and estimated to be completed within 10 months of the commencement date.
The Securities Commission Malaysia (SC) has approved ECM Libra Financial Group Bhd’s application to sell its entire equity interest in fund management arm Libra Invest Bhd to Kenanga Investment Bank Bhd (Kenanga IB).
The approval is subject to the condition that the proposed change of shareholder shall not adversely affect the soundness of Libra Invest’s business and the interests of Libra Invest’s clients.
Dolomite Corp Bhd’s wholly-owned unit Dolomite Industries Co Sdn Bhd (DICSB) has entered into a share sale agreement with Sunway Bhd’s wholly-owned unit Sunway Holdings Sdn Bhd (SHSB), for the proposed sale of its entire stake in Dolomite Granite Quarry Sdn Bhd (DGQSB) for RM125 million — a premium of RM2 million or 1.6% to the market value of the lands, plant and machinery.
Upon completion of the sale, RM92 million of the proceeds will be used for payment of redemption sum to Maybank Labuan, while the balance will be used to facilitate the fees involved in the transfer of lands, to settle debts with creditors of DGQSB, payment of income tax and royalty payable, among others.
Apart from resigning from his position as the executive chairman of Opcom Holdings Bhd last Friday, Tan Sri Mokhzani Mahathir had also simultaneously relinquished all his positions in the company and its subsidiaries, the company clarified in its filing with Bursa Malaysia.
Datasonic Group Bhd has received a RM28.79 million contract from the Home Affairs Ministry to provide maintenance services of card personalisation centres at the National Registration Department.
The contract is for two years commencing June 1, 2019 to May 31, 2021, with an option to extend the contract by another year.
Kumpulan Perangsang Selangor Bhd’s (KPS) wholly-owned unit Perangsang Dinamik Sdn Bhd (PDSB) has accepted an Islamic finance credit facility for up to RM150 million from RHB Islamic Bank Bhd to finance up to 48.2% of the group’s acquisition of Toyoplas Manufacturing (Malaysia) Sdn Bhd (TMMSB) from Toyoplas Consolidated Ltd. PDSB is paying RM311.25 million for the entire equity interest in TMMSB.
EA Technique (M) Bhd is planning to file an application to set aside the payment claim by Malaysia Marine Heavy Engineering Sdn Bhd (MMHE) in relation to a dispute concerning a contract to convert a vessel into a floating storage and offloading (FSO) facility.
EA Technique said the principal amount has been provided for in the accounts, whereas the interest portion - of approximately RM11.87 million - shall be included in the accounts once the company receives judgement of the above application. This is expected to reduce its future profit and cash flow position.
https://www.theedgemarkets.com/article/canone-petgas-bintai-kinden-ecm-libra-dolomite-sunway-opcom-datasonic-kps-and-ea-technique
