MBSB, Power Root, Cypark, Pos Malaysia, Bioalpha, Serba Dinamik, Kimlun, Radium and Top Builders
KUALA LUMPUR (June 9): Here is a brief recap of some corporate announcements that made the news on Friday (June 9), involving Malaysia Building Society Bhd (MBSB), Power Root Bhd, Cypark Resources Bhd, Pos Malaysia Bhd, Bioalpha Holdings Bhd, Serba Dinamik Holdings Bhd, Kimlun Bhd, Radium Development Bhd and Top Builders Capital Bhd.
Malaysia Building Society Bhd (MBSB) will acquire the entire equity interest in Malaysian Industrial Development Finance (MIDF) from Permodalan Nasional Bhd (PNB) via a RM1.01 billion share deal, expected to be completed in the third quarter of 2023. The RM1.01 billion purchase consideration is to be satisfied via the issuance of 1.05 billion MBSB shares — which amount to 12.78% of its enlarged share base — to PNB at an issue price of 96.52 sen per share. In turn, PNB will emerge as a substantial shareholder of the group, while EPF’s stake will be diluted to 57.45% from 65.87%. The acquisition is subject to the requisite approval of MBSB shareholders, Securities Commission Malaysia and Bursa Securities.
Power Root Bhd, which closed its financial year ended March 31, 2023 (FY2023) with its net profit more than doubling its FY2022 earnings, is expecting FY2024 to deliver an even stronger set of results, according to group chief executive officer Wong Tak Keong. However, the local instant and canned beverage manufacturer expects to see a softer start to its FY2024 due to cautious consumer spending. Meanwhile, it has signed a co-investment agreement with Thailand’s Sappe PCL to become the sole distributor of the Thai nata de coco drink, Mogu Mogu, in Malaysia. The initial investment is 20 million baht (RM2.66 million), and Power Root will contribute up to 12 million baht (RM1.59 million), while Sappe will contribute the remaining 8 million baht (RM1.06 million).
Renewable energy engineering Cypark Resources Bhd is claiming, through arbitration, RM61.34 million from the government for loss and expenses, which it alleged was due to various instructions that caused delays in the completion of a job. The company alleged that the claimed amount has not been paid despite acknowledgment of its rights to claim, notices provided and submission of its finalised claim for the loss and expenses dated Jan 3, 2022. Its arbitration proceedings are against the government, the Ministry of Local Government Development, the National Solid Waste Management Department and its director general.
Pos Malaysia Bhd announced that Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has ceased to be a substantial shareholder of the national postal service firm. This came after the civil service pension fund offloaded 100,000 shares on the open market to trim its stake to 4.99% or 39.09 million shares. KWAP began disposing of Pos Malaysia shares in May this year. Between May 12 and June 8, the pension fund sold 2.47 million shares — equivalent to a 0.32% stake.
Bioalpha Holdings Bhd has proposed a rights issue of warrants to raise up to RM19.19 million, mainly for the expansion of its pharmacy business as well as repayment of bank borrowings. The rights issue of up to 639.5 million warrants will be on the basis of three warrants for every eight existing shares held on an entitlement date to be determined. Based on an assumed price of three sen per warrant, the group will raise gross proceeds of RM3 million under the minimum scenario and RM19.19 million under the maximum scenario. The exercise price of the warrants is assumed at 10 sen, representing a discount of 1.96 sen or 16.36% to its pro forma net assets per share as at end-December.
Serba Dinamik Holdings Bhd is in the midst of finalising its financial report for the third quarter ended March 31, 2023 (3QFY2023), with the aim of releasing it by June 13. The group has engaged Baker Tilly Insolvency PLT as restructuring consultant, and Dennis Nik & Wong as its restructuring lawyers as part of its restructuring and regularisation efforts to address its financial condition.
Kimlun Bhd has secured two construction contracts in Johor Bahru from Bandar Nusajaya Development Sdn Bhd worth a total of RM95.41 million. The contracts, obtained via its wholly-owned Kimlun Sdn Bhd, are for the construction of one block of affordable apartments, 166 units of link houses, an ancillary building and related infrastructure. The projects are to be completed in the second quarter of 2025.
Radium Development Bhd’s wholly-owned Radium Global Sdn Bhd has proposed to acquire two pieces of land in Kuala Lumpur from several vendors for RM71.79 million, to accumulate strategic land for property development purposes. The vendors were Lau Leok Wooi, Low Yoke Keong, Low Boon Wah @ Lawrence Low, Low Lay Ching @ Nancy Low, Catherine Low Lay Ming and Low Lay Teng.
Top Builders Capital Bhd says it did not appoint any forensic auditors to look into irregularities found in the group's scheme of arrangement implemented in the second quarter of FY2022 due to budgetary constraints. It has submitted its delayed financial report for the first quarter ended Sept 30, 2022 (1QFY2023). But trading of the group’s shares, which has been suspended from Nov 8 2022 following the group’s failure to release its 2022 Annual report, will continue as there are still two more outstanding reports — its quarterly reports for 2QFY2023 and 3QFY2023 — it has yet to submit.
https://theedgemalaysia.com/node/670640
Singapore Investment
-
-
-
-
-
-
-
-
How I Save More With Fave14 hours ago
-
Another SEA, halfway across the world14 hours ago
-
-
-
SBOCT24 GX24100H is 2.77%16 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Gro Cash Sure: Honest Review3 days ago
-
-
-
-
-
-
-
-
-
-
Summary of August 20245 days ago
-
-
-
-
-
Month of August 20241 week ago
-
-
-
-
Buying after Black Monday1 week ago
-
-
-
Portfolio (Aug 30, 2024)1 week ago
-
-
-
-
-
-
-
-
-
-
-
-
What Makes Up Our Wealth?1 week ago
-
-
Youth Action Challenge Season 61 week ago
-
-
-
-
-
4 bank valuation facts you don’t know2 weeks ago
-
-
-
-
-
-
-
-
Will mortgage rates fall off a cliff?3 weeks ago
-
-
-
500k Milestone!3 weeks ago
-
Random thoughts: Air Drying of car3 weeks ago
-
-
Lentor Hills Residences4 weeks ago
-
-
-
-
A pullback or…?4 weeks ago
-
-
-
Jul 2024 Portfolio4 weeks ago
-
-
Few Reflections1 month ago
-
-
-
-
Be anti-fragile1 month ago
-
-
-
-
-
-
Monthly IBKR Update – June 20241 month ago
-
At the Half Year Mark2 months ago
-
-
-
-
2Q 2024 Investment Strategy Update2 months ago
-
Oh My Spins Casino Login App2 months ago
-
-
-
-
Free money again! Don't say #bojio.3 months ago
-
-
-
-
-
Breakthroughs in portfolio :)3 months ago
-
-
-
China’s going downhill?4 months ago
-
-
-
Feb 2024 Expenditure5 months ago
-
-
The Market Is A Scam!6 months ago
-
-
-
-
Options Trading Journal Jan 20246 months ago
-
-
-
-
Year 2023 DIYQuant Portfolio Performance Report8 months ago
-
Monthly Summary of November 20239 months ago
-
Migration of website9 months ago
-
-
-
-
-
-
-
-
-
-
-
-
A New Light1 year ago
-
-
-
-
-
-
2022 Thoughts, Hello 2023!1 year ago
-
Series of Defaults for Maple Finance1 year ago
-
Takeaways from “Sea Change”1 year ago
-
Greed is Coming Back1 year ago
-
-
-
-
-
-
-
-
-
-
-
What is Overemployment2 years ago
-
Terra Hill Condo (former Flynn Park)2 years ago
-
Alibaba VS Tencent: The Battle Royale2 years ago
-
-
-
-
-
-
-
-
-
Home
companies
MBSB, Power Root, Cypark, Pos Malaysia, Bioalpha, Serba Dinamik, Kimlun, Radium and Top Builders