Companies in the news - Eco World, MBSB, AWC, Top Glove, Magna Prima and Menang Corp

KUALA LUMPUR (June 9): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Friday, June 10) could be the following: Eco World, MBSB, AWC, Top Glove, Magna Prima and Menang Corp.

Property developer Eco World Development Group Bhd has tied up with Cascara Sdn Bhd to jointly undertake an eco-themed mixed development, with an estimated gross development value of RM8.58 billion, over a 15-year period in Klang.

Through a jointly-owned entity called Jendela Hikmat Sdn Bhd, EcoWorld will have access to three pieces of adjacent freehold land, with a total land size of 533.92 acres. Both parties agreed to value the land at RM1.29 billion.

They will jointly fund Jendela Hikmat as the joint venture vehicle to develop a mixed development, to be known as "Eco Ardence".

The land, according to EcoWorld’s bourse filing, is located in Bukit Raja, adjacent to Setia Alam.

EcoWorld said the project will comprise a good mix of landed bungalows, semi-detached houses and terrace houses, along with integrated high, mid- and lowrise residential and commercial units within a fully strata-titled, gated and guarded environment.

Malaysia Building Society Bhd (MBSB), a non-bank lender, has fixed the issue price for its rights issue at RM1 each, and the entitlement basis of one rights share for every one existing MBSB share held.

In an announcement to Bursa Malaysia, MBSB said the first call of 59 sen for each rights share will be payable in cash on application; and the second call of 41 sen will be capitalised from MBSB's share premium account.

In addition, MBSB said it has entered into an agreement with AmInvestment Bank, RHB Investment Bank, Affin Hwang Investment Bank Bhd, Maybank Investment Bank Bhd and MIDF Amanah Investment Bank Bhd, to underwrite the remaining portion of 1.051 billion rights shares, representing 36.3% of the total issue size of the rights issue, based on the first call of 59 sen per rights share that is not covered by the Employees Provident Fund Board’s undertaking.

MBSB said the entitlement date of the rights issue is June 24, while the date of the sale of provisional allotment of rights is July 1.

AWC Bhd, an integrated facility manager, has secured a maintenance work contract for the Integrated Transport Terminal in Bandar Tasik Selatan (TBS-BTS), which comes with a fee of RM130 million over a five-year period.

In a filing with Bursa Malaysia, AWC said its tender submitted by its facilities division has been accepted by the Malaysian government.

AWC said the contract extends its involvement in the commercial and healthcare segments.

TBS-BTS is the new main long distance bus terminal in Kuala Lumpur. It is integrated with the Bandar Tasik Selatan Rail Interchange Station to form a 24-hour integrated transportation hub.

The Singapore Exchange (SGX) has granted Top Glove Corp Bhd, approval for the glove maker’s proposed secondary listing on the main board in the republic.

In a filing with Bursa Malaysia today, the glove producer said it had received a letter of conditional eligibility-to-list from SGX. The approval comes with several conditions.

Among conditions are that the company needs to maintain its primary listing on Bursa Malaysia, and that it submits a written undertaking stating it will comply with requirements of the listing manual of the SGX-ST.

An introductory document containing details of the proposed secondary listing will be issued in Singapore, prior to the secondary listing of and quotation for all existing shares of the company on the main board.

Property developer Magna Prima Bhd’s wholly-owned subsidiary Magna City Shah Alam Sdn Bhd (MCSASB) has proposed to acquire a piece of leasehold land, measuring about 5.25 acres in Shah Alam, from Regalia Raintree Sdn Bhd (RRSB) for RM43 million, to undertake a residential development.

In a filing to Bursa Malaysia, Magna Prima said MCSASB has entered into a conditional sale and purchase agreement with RRSB to purchase the land.

Thereafter, MCSASB will undertake the development, construction and completion of the proposed residential development on the land, which has an estimated gross development value of RM220.81 million.

The total development cost is estimated to be RM180.69 million, with an expected gross profit of RM40.12 million.

Magna Prima plans to develop a residential project, comprising 315 units of 3 blocks of 15-storey residential apartments and 5 shop offices. The residential condominiums and shop offices are proposed to be complemented with 953 parking bays.

The development is expected to commence in the third quarter of 2016, and is estimated to be completed by 2019.

Menang Corp (M) Bhd chairman Datuk Abdul Mokhtar Ahmad has pared down his direct stake in the company to 0.013%, from 1.29% on May 24.

In a filing to Bursa Malaysia today, Menang, a builder cum property developer, said Abdul Mokhtar disposed of of 3.41 million shares in six tranches, between May 18 and June 1.  

Upon disposal, he owns a direct stake of 33,600 shares or 0.013%, as well as an indirect stake of 30.15 million shares or 11.29% in the company.

Abdul Mokhtar has been reducing his shareholding in Menang since February. He owned a direct stake of 2.91% as at Feb 26.