KUALA LUMPUR (March 6): Based on corporate announcements and news flow today, companies that will be in focus on Monday (March 9) may include: TRC Synergy Bhd, Acoustech Bhd, Vsolar Group Bhd, Sinotop Holdings Bhd, MyEG Services Bhd and Rubberex Corp (M) Bhd.
TRC Synergy Bhd’s wholly-owned subsidiary, Trans Resources Corp Sdn Bhd (TRC), has signed a supplemental agreement with MRCB George Kent Sdn Bhd (MGK), to revise the contract price of its Light Rail Transit Line 3 (LRT3) project package to RM536.8 million from RM760.55 million originally. MGK is the main contractor for the project, which is now set for completion on November 2023.
Acoustech Bhd plans to raise up to RM80 million via the issuance of redeemable convertible preference shares (RCPS) mainly to fund its property development projects. The proposed issuance involves up to 800 million new 2% RCPS to Sycamore Capital SPC, which is acting on behalf of Sycamore Equity Fund SP, at an issue price of 10 sen each. The parties had inked a subscription agreement for the RCPS on March 5.
It is also planning a bonus issue that will involve up to 97.21 million free warrants on the basis of one warrant for every two existing shares held in Acoustech on a date to be fixed.
Vsolar Group Bhd's major shareholder Asiabio Capital Sdn Bhd has reduced its undertaking commitment to subscribe for the company's rights shares by more than half to RM3 million from RM6.3 million previously. Vsolar said the move is in view of the recent market price performance of Vsolar shares, which has been on a downward trend.
Sinotop Holdings Bhd plans to acquire a 30% stake in Television Airtime Services Sdn Bhd (TAS) for RM7 million, which it intends to satisfy by cash and share issuance. The proposed acquisition comes with a profit after tax guarantee of not less than RM9 million over three years.
TAS currently own 20% stakes in e-government solutions provider, Dapat Vista (M) Sdn Bhd (DVSB). While the remainder stake in DVSB is held by HeiTech Padu Bhd, TAS is in the midst of acquiring 60% from Heitech Padu that will raise its DVSB stake to 80%.
The Employees Provident Fund (EPF) board has re-emerged as a substantial shareholder in MyEG Services Bhd, over a year after it ceased as the e-government service provider's substantial shareholder in December 2018. This comes after EPF bought 3 million MyEG shares on Wednesday (March 4), which raised its share tally in MyEG to 173.66 million shares, representing a 5.013% stake.
Datuk Ong Choo Meng is now Rubberex Corp (M) Bhd's largest shareholder with a 31.33% stake, just 1.67% shy of the 33% threshold that would trigger a mandatory general offer for the remaining shares he does not own in the company. This follows an execution of a share sale agreement on Feb 28, which gave him 26.69% in Rubberex, a stake he raised further via a series of share acquisitions he undertook last week.
Ong is a non-independent executive director at Hextar Global Bhd, and a non-independent and non-executive director at SCH Group Bhd.
http://www.theedgemarkets.com/article/trc-synergy-acoustech-vsolar-sinotop-holdings-myeg-and-rubberex
