Bursa highlights on May 5
* DRB-Hicom Bhd has terminated its plan to sell 90% equity interest in Corwin Holding Pte Ltd, which owns the six-storey The Verge shopping mall in Singapore. It and the shareholders holding the balance 10% have sent a termination notice to the intended purchaser, Evolutyon Real Estate Investment Holding. Read more In other news, DRB-Hicom group CEO Datuk Seri Syed Faisal Albar Syed AR Albar has been appointed as chairman of its subsidiary Proton Holdings Bhd following Tun Dr Mahathir Mohamad’s resignation in March. Read more
* Tenaga Nasional Bhd has signed an agreement to buy electricity from Petroliam Nasional Bhd’s indirect unit Pengerang Power Sdn Bhd for 21 years. Read more
* Construction firm Gabungan AQRS Bhd will have a a 49% stake in a joint venture to develop PR1MA affordable homes, along with all the necessary amenities, utilities, facilities and infrastructures, in Kuantan, for a contract value of RM424.23mil. Read more
* Diversified MWE Holdings group’s indirect unit Melati Mewah Sdn Bhd, has sold nine pieces of Petaling Jaya land totalling 481,925 sq m to Newfields Land Sdn Bhd for RM54.93mil while MWE sold its 100% equity interest in loss-making MWE Golf & Country Club Bhd (MWEGCC) also to Newfields for RM1. The net liabilities of MWEGCC is RM136,568 and Newfields undertakes to settle the inter-company loans in total of RM15.17mil owed to MWE and Melati Mewah. The proposed disposal of the lands is expected to give an estimated gain of RM27.3mil while the proposed disposal of the sale shares is expected to generate an estimated gain of RM0.2mil.
* Fajarbaru Builder Group Bhd has secured a RM259.7mil contract from the Transport Ministry to rehabilitate the railway track between Jerantut, Pahang, and Gua Musang, Kelantan. Read more
* The High Court has granted Lion Corp Bhd’s subsidiary Megasteel Sdn Bhd a 90-day restraining order (starting from May 5) against creditors. This prohibits proceedings against Megasteel and Lion Corp, as well as their assets, to give Megasteel time to formalise the schemes of arrangement for the approval of the scheme creditors. To recap, Megasteel had defaulted on a banker’s acceptance payment last September, leading to a cross default event with total amount outstanding of RM3.02bil.
* Versatile Creative, a print and packaging solutions provider, was queried by Bursa Securities on its share price surge (its price has jumped 31.5% in the three working days up to Thursday). The only possible reason that the company can give is a share sale deal struck by a major shareholder priced at 60 sen per share, while Versatile shares closed at 96 sen on Thursday. Read more
http://www.thestar.com.my/business/business-news/2016/05/06/bursa-highlights-for-may-5/
