KUALA LUMPUR (Jan 20): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Jan 23) include Iris Corp, MISC, Uzma, The Store Corp, Dancomech and Nakamichi Corp.
Iris Corp Bhd has appointed its chief operating officer for Iris Trusted Identification Choong Choo Hock as acting chief executive officer, following the remand of deputy managing director Datuk Hamdan Hassan by the Malaysian Anti-Corruption Commission (MACC).
In a filing with the exchange, Iris noted the MACC’s allegations of bribery and abuse of power concerning the 15-year e-passport project for the government of the Republic of Guinea.
Iris said Hamdan’s remand will not have any implications on the validity of its contract with the government of the Republic of Guinea nor will it have implications on the e-passport project.
It added that the remand will not materially impact the company’s earnings and net assets of the company for the financial years ending March 31, 2017 and 2018.
“Rest assured that as a public-listed company, Iris does not countenance any corrupt practice, misappropriation or abuse of power in the course of conducting its business activities,” it said.
MISC Bhd today held the naming and delivery ceremony of Seri Cenderawasih, its second in a series of five MOSS-Type liquefied natural gas (LNG) carriers.
MISC said the carrier was ordered from Hyundai Heavy Industries Co Ltd and it will be on long-term charter to Petroliam Nasional Bhd (Petronas).
They are part of MISC’s long-term fleet expansion programme to cater to the energy transportation needs of Petronas and designed for worldwide trading capability to enable them to call at all major LNG terminals in the world.
Today’s delivery brings the current number of MISC’s LNG fleet to 27 vessels.
Uzma Bhd has embarked on a joint venture with a China-incorporated company for the provision of engineering, procurement, construction, installation and commission of non-metallic pipes in Malaysia.
The joint venture-cum-shareholders agreement was signed between Uzma, China-based Aerosun Corp, its subsidiary Aerosun Hong Kong Co (Aerosun HK) Ltd as well as one individual by the name of Gameladha Nasiriffin Arifin.
On Jan 18, a joint venture company was created under the name of Aerosun Uzma Malaysia Sdn Bhd.
In a filing with Bursa today, Uzma said it will be subscribing to a total of 240,000 shares, which represents 48% of the fully paid-up capital in Aerosun Uzma, while the remaining 49% will be subscribed by Aerosun HK and 3% by Gameladha Nasiriffin.
Aerosun Uzma’s intended business is the provision of onshore and offshore engineering, procurement, construction, installation and commissioning services for non-metallic reinforced thermoplastic pipes and pipelines and to capture non-metallic pipe, flexible pipeline projects in Malaysia and Southeast Asia.
The Store Corp Bhd’s shares will be suspended in February, paving way for a privatisation exercise after the group managing director Tan Sri Tang Yeam Soon’s family vehicle TYS Consolidated Sdn Bhd managed to procure more than 90% of the issued and paid-up share capital acceptance to its takeover offer.
The Store disclosed that TYS controls 90.28% stake or 61.85 million shares in the listed entity as of today.
In view that TYS does not intend to maintain The Store’s listing status on the Main Market of Bursa Malaysia, the bourse said it will suspend trading of shares in the counter upon expiry of five market days from Jan 31.
Dancomech Holdings Bhd has proposed the subdivision of every one of its 40 sen shares into two 20 sen shares, to be followed with an issue of free warrants.
The process control equipment and measurement instruments distributor said the share split is aimed at boosting the trading liquidity of its shares, which would also result in a downward adjustment to the market price that might appeal to investors.
Meanwhile, the warrants is to allow shareholders to participate in convertible securities, strengthen the group’s capital base and fund its working capital requirements, without incurring cost compared with bank borrowings, and improves gearing.
The company said it has fixed the warrant exercise price of 30 sen representing a discount of 41.78 sen or 58.21% to the theoretical ex-price after the proposed share split, a full exercise of the warrants would raise RM44.7 million.
Timber company Nakamichi Corp Bhd has proposed to venture into the upstream oil and gas (O&G) industry as part of its regularisation plan to exit its Practice Note 17 (PN17) status.
Nakamichi said its wholly-owned subsidiary Nakamichi Oil and Gas Sdn Bhd (NOGSB) has entered into a joint investment agency agreement with Aktau Transit LLP and Caspian Oil Project LLP for the appointment of NOGSB as the agent of Aktau Transit to monitor and oversee the exploration, development and production activities of the Aktau Transit Oilfields in Kazakhstan.
The three parties signed an agreement to invest up to US$146 million (RM657 billion) for the proposed joint operations and monitoring.
Nakamichi also proposed to undertake a par value reduction, a reduction of share premium by RM38.5 million to set-off against Nakamichi’s accumulated losses, and a special issue of 24.9 million new Nakamichi’s shares to an identified investor.
Under the rights offer, Nakamichi plans to issue 7.2 billion new rights shares together with 3.65 billion free detachable warrants at an issue price of 10 sen per rights share.
The proposal also includes an increase in the authorised share capital of the company as well as the amendments to the memorandum of association of the company to facilitate the proposed par value reduction.
Nakamichi said the main objective of the proposed regularisation scheme is to revitalise its business operations based on a renewed platform to return the group back to profitability and to improve its financial performance.
http://www.theedgemarkets.com/my/article/iris-corp-misc-uzma-store-dancomech-and-nakamichi-corp
