Mah Sing Group Bhd will discuss with the vendor of a 85.43-acre piece of land in Sultan Salahuddin Abdul Aziz Shah Golf Course (KGSSAAS), Selangor, to renegotiate the terms of the sale and purchase agreement (SPA) for RM327.48 million or RM88 per sq ft.
The country's second-largest property developer by sales value said in a statement its unit Enchanting View Development Sdn Bhd has proposed a time frame of six months starting today for the said discussion and renegotiation.
"The discussion and renegotiation is in line with the terms of the SPA," it said, adding any material developments from the discussion and renegotiation will be announced in due course.
Under the SPA inked on March 12, 2014, the conditions precedent include the approval for the change of category of land use of the land, located within KGSSAAS, to residential within a year from the date of the agreement with an automatic extension of six months, as well as authoritative approval for the transfer of the land to Mah Sing.
Mah Sing had proposed to develop the land into landed and high-rise residences including super link, linked semi-detached, semi-detached, bungalows and serviced apartments.
The proposed development was estimated to have a potential gross development value of about RM2.5 billion and was slated for launch in 2016.
Top Glove Corp Bhd proposed to undertake the secondary listing of all the company's existing shares, which are listed in the Main Market of Bursa Malaysia, to the Main Board of the Singapore Stock Exchange (SGX-ST) by way of introduction.
Under the proposal, a shareholder holding Top Glove shares listed on Bursa Malaysia may transfer such shares to SGX-ST and vice versa for trading on the respective stock exchanges. The proposed secondary listing will not involve any issuance of new Top Glove shares.
The transfer is subject to the fulfilment of transfer conditions and criteria, Top Glove told Bursa Malaysia today.
Top Glove also intends to explore with its substantial shareholders the possibility of selling a portion of their shareholdings in the company of approximately S$20 million, or RM59.4 million, in value on the open market in Singapore.
The glove maker said the proposal "is expected to enhance Top Glove's investor reach and diversify its investor base as well as allow direct participation by investors in Singapore in the equity of Top Glove".
With the proposed secondary listing, it enables Top Glove to tap into a new platform for potential future fundraising as well as merger and acquisition exercises.
"It enhances the visibility of Top Glove's profile among international investors, analysts and media, thereby potentially resulting in stronger brand awareness for Top Glove," it said.
The proposals are conditional upon approvals from the relevant authorities and the group's shareholders.
Felda Global Ventures Holdings Bhd (FGV) said it is now deliberating on the change of its chief executive officer (CEO). The post is currently held by Datuk Mohd Emir Mavani Abdullah.
"The board of FGV will deliberate on the appointment/change of FGV CEO and will make the requisite announcement immediately upon the receipt of the nomination letter from the relevant authority," it said in a filing with Bursa Malaysia today.
FGV had on Friday issued a statement, saying Emir will continue to serve as its CEO and president, after local media reported that he may be replaced next month.
According to The Star newspaper, Emir, who was appointed to his current post on Jan 1, 2013, is expected to be replaced by Datuk Zakaria Arshad, the head of the group's downstream operations.
Alam Maritim Resources Bhd has bagged a RM54.2 million contract for the provision of workboat for Petronas Carigali Sdn Bhd.
The oil and gas services provider said the two-year contract awarded to Alam Maritim (M) Sdn Bhd ends on Feb 18, 2018, with an extension option of one year on the part of Petronas Carigali.
"The contract is expected to contribute positively to the group's future earnings," it said.
HeiTech Padu Bhd has won a RM28.61 million contract from the Health Ministry to develop and implement a pilot module for clinical documentations in patient management system.
The four-year contract, commencing on March 21, also covers supply, delivery, installation, configuration, testing, commissioning, hardware, software, and equipment.
The group said the contract is expected to contribute positively to the future earnings of the group and its earnings per share.
"Any further renewal or extension of the contract's duration is at the government's discretion," it added.
Hibiscus Petroleum Bhd plans to settle the US$5.4 million it owes Ping Petroleum Ltd via the issuance of up to 53.85 million new shares, which represent a 4.88% stake in Hibiscus.
The sum it owes is the remainder of the US$6 million (RM24.68 million) introducer fee for its acquisition of the Anasuria Cluster oil and gas fields in Central North Sea in the UK.
In a bourse filing today, Hibiscus said it had agreed to pay the introducer fee to Ping upon successful completion of the Anasuria Cluster acquisition as Ping had already achieved the preferred bidder status with the vendors prior to Hibiscus' entry into the transaction.
The proposed settlement will be implemented in two tranches within six months from the date of approval by Bursa Malaysia.
Meanwhile, Bumi Armada Bhd has filed a suit in Australia against Woodside Energy Julimar Pty Ltd over the termination of its Armada Claire floating production storage and offloading contract.
It told stock exchange today that its unit Armada Balvanes Pte Ltd (ABPL) has filed its writ of summons in the Supreme Court of Western Australia.
ABPL is seeking a declaration that the contract was repudiated by Woodside purporting to terminate the contract by issuing the notice of termination dated March 4 to ABPL.
It is also seeking damages for alleged breach of contract over the repudiation, the amount of which will be quantified at a later stage, and an additional sum of US$66.19 million for work done and materials supplied pursuant to the contract.
Protasco Bhd has received an extension of 10 years for the concession to do maintenance work for the Peninsular Federal Road, with most of the tenure's compensation to be on a performance-based contract.
The construction firm said in its bourse filing that it had received a letter from the Malaysian government for the extension of concession for maintenance of the Peninsular Federal Road, good for 10 years.
The interim period of two years from Feb 17 this year to Feb 16, 2018, Protasco said, keeps the same terms and conditions of the existing concession. But the remaining eight years of the concession, which shall end on Feb 16, 2026, will be based on the performance-based contract model.
Ho Wah Genting Bhd's rights issue with free warrants was undersubscribed by 294.98 million shares or 49.07%, almost half the 601.15 million rights shares made available for subscription.
The wires and cables manufacturer said as at the close of acceptance on March 9, total valid acceptances and valid excess applications received for its cash call was 306.17 million rights shares, together with 244.94 million warrants, representing a subscription of 50.93% of the rights shares.
"The valid acceptances received were 229.68 million shares or 38.21%, while the valid excess applications were 76.49 million shares or 12.72%," it added.
In view of the fact that the rights shares with warrants have not been fully subscribed for, Ho Wah Genting said it will allot the shares with warrants to all successful applicants.
It added that as the acceptances and excess applications received fall below the maximum issue size of 601.15 million rights shares, the issue size of the rights issue with warrants shall be based on 306.17 million rights shares and 244.84 million warrants, with fractional warrants disregarded.
Bursa Malaysia has given more time to Asia Knight Bhd (A-Knight) to submit its regularisation plan.
In a filing with Bursa Malaysia, A-Knight said the stock exchange has granted it an extension time of up to June 30 to submit its regularisation.
If it fails to do so, its shares would be suspended from trading and subsequently delisted from the stock exchange.
The plastic parts manufacturer had earlier aborted a plan to venture into construction, as part of its Practice Note 17 (PN17) status.
The company fell into PN17 status on Oct 31, 2014, following a disclaimer of opinion issued on its financial statement ended June 30, 2014.
SMTrack Bhd has received an unusual market activity query from Bursa Malaysia for the sharp rise in trading volume of its shares today.
The stock closed unchanged at nine sen, giving it a market capitalisation of RM28.78 million. Trading volume surged to 37.58 million shares as compared to last Friday's 456,000 shares.
The group posted a net profit of RM720,000 in the third financial quarter ended Dec 31, 2015 (3QFY16) as compared to a loss of RM6.73 million in the previous corresponding quarter on higher revenue on more software solutions and related equipment supplies secured locally.
It also attributed the better quarterly results to a gain on disposal of RM690,000 and an impairment of investment of RM4.99 million.
Revenue increased 11 times to RM2.55 million in 3QFY16 from RM214,000 in 3QFY15.
For the cumulative nine months (9MFY16), net loss narrowed to RM6.58 million from RM10.2 million a year ago, while revenue increased 71.07% to RM3.26 million from RM1.91 million in 9MFY15.
Kamarul Bahrein Kamarulzaman, who was appointed as the group CEO of TDM Bhd this year, has stepped down from his post due to family matters.
The mid-sized plantation player told the local bourse that Kamarul Bahrein's resignation was effective last Friday.
"The board is currently undertaking the process of identifying and selecting a new group CEO and thereafter, will make the appropriate announcement in due course," the group said.
Kamarul Bahrein was appointed to the post on Jan 1, succeeding Badrul Hisham Mahari, who tendered his resignation due to health reasons last year.
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