Companies in the news - Luster Industries, Mercury Industries, Nova MSC, BLand, MMC Corp, ECM Libra, KTC Consolidated

KUALA LUMPUR (June 7): Based on corporate news flow and announcements today, stocks in focus tomorrow (Wednesday, June 8) may include: Luster Industries, Mercury Industries, Nova MSC, BLand, MMC Corp, ECM Libra and KTC Consolidated.

Luster Industries Bhd saw changes in its boardroom with 47-year-old Hong Kong-based businessman Gary How Soong Khong emerging as its managing director.

He is replacing 60-year-old Lim See Chea, who was redesignated as executive director effective today.

According to Luster Industries, How is the managing director of a private company in Hong Kong, Citi-Champ International Ltd, and manages his family's business which includes hotel, property, manufacturing and gaming

Aside from that, his wife Yap Yoke Chuan and brother in-law Yap Kean Kok were also appointed as the company's executive directors with immediate effect.

In separate filings, Luster Industries said several members who sat on the current board, including two of its executive directors, Lim See Meng and Lim See Hwa, have resigned from their posts to focus on subsidiaries' business and operation.

Ng Chin Nam, who was the independent and non-executive director, also resigned from his post due to other work commitments.

Mercury Industries Bhd's 70%-owned unit Paramount Bounty Sdn Bhd has bagged a construction contract from Aturan Prisma Sdn Bhd worth RM9.8 million.

According to its bourse filing, the contract is for site clearance, earthworks, retaining wall and soil improvement — all to be carried out on Lot 15296 at Bandar Ulu Kelang, Daerah Gombak, Selangor.

Nova MSC Bhd today fixed the issue price for the first tranche of its private placement at 10 sen per share.

The private placement involves the issuance of up to 155.02 million new shares, representing 20% of the enlarged issued and paid-up capital of the company after its proposed acquisition of a 31% stake in CNA Development Pte Ltd from Stone Villa Ltd for RM10 million, to be satisfied via the issuance of 45.45 million new shares and cash payment of RM5 million.

The acquisition will result in CNA becoming a 51%-owned subsidiary of Nova MSC. CNA is principally involved in the provision, design and implementation of integrated control and automation systems and information technology solutions for buildings and facilities.

Berjaya Land Bhd (B-Land) and its wholly-owned subsidiary Gateway Benefit Sdn Bhd have sold 9 million shares, representing a 0.67% stake, in Berjaya Sports Toto Bhd (BToto) for RM25.75 million.

The shares were disposed of on May 24 and June 6 at an average price of RM2.86 per share, B-Land said in a filing to Bursa Malaysia.

It said the disposals resulted in a net loss of RM5.57 million as the shares, which were purchased since 1992, have a total carrying value of RM31.32 million, or an average of RM3.48 per share.

Following the disposals, B-Land and its unlisted subsidiaries now hold a total of 539.88 million shares, representing 40.05% equity interest, in BToto.

Meanwhile, B-Land together with its holding company Berjaya Corporation Bhd and its unlisted subsidiaries, hold a total of 655.4 million shares or a 48.62% stake in BToto.

BToto remains a subsidiary of BLand, which in turn is a subsidiary of Berjaya Corporation, said B-Land.

MMC Corp Bhd's indirect subsidiary Kontena Nasional Bhd was served a winding-up petition by Mewah Indah Resources (M) Sdn Bhd in respect of a judgment in default for RM5.4 million.

The winding-up proceedings arose from the non-payment by Kontena Nasional of the judgment sum. Kontena Nasional disputes the debt and has taken steps to set aside the judgment in default. As such, it will be contesting the winding-up petition, MMC Corp told Bursa Malaysia in a filing today.

Ambank Group chairman Tan Sri Azman Hashim has ceased to be a substantial shareholder in ECM Libra Financial Group Bhd upon the disposal of his entire 27.8% indirect stake in ECM Libra, via four vehicles.

In a filing with Bursa Malaysia, ECM Libra said Azman has relinquished his substantial deemed interest in the group of 74.19 million shares after Amcorp Group disposed of 9.78 million shares, Equity Vision divested 43.51 million shares, Hikkaya Jaya sold 16.51 million shares, and Arab-Malaysian (CSL) sold 4.4 million shares.

The announcement of the stake disposal came following the execution of a share sale agreement (SSA) between Amcorp Group, Hikkaya Jaya, Arab-Malaysian (CSL) and Equity Vision and Truesource Sdn Bhd (the purchaser) with respect to the 74.19 million shares in February. The purchase consideration for the shares was 37 sen per share.

Truesource is a subsidiary of Plato Capital Ltd, of which ECM Libra's managing director and substantial shareholder Lim Kian Onn is also a director and substantial shareholder.

Pursuant to the SSA, Lim issued a notification of potential mandatory general offer to acquire the remaining stakes he and the persons acting in concert (PACs) with him do not already own in ECM Libra, followed by a notice of unconditional takeover offer dated May 20, at 37 sen for each ECM Libra share.

As at the date of the notice, Lim and the PACs are deemed to have beneficial interest over 144 million ECM Libra shares, representing approximately 50.26% of the issued and paid-up share capital of ECM Libra, after the SSA became unconditional on the same day.

Lim intends to maintain the listing status of ECM Libra.

Kim Teck Cheong (Sarawak) Sdn Bhd (KTC Sarawak), an 80%-owned subsidiary of Kim Teck Cheong Consolidated Bhd, has entered into a distributorship agreement with Anakku Sdn Bhd.

KTC Sarawak is appointed the non-exclusive distributor under the agreement for the sale and distribution of Anakku's hardline accessories, which include baby feeding, grooming and teething accessories and toys; fast moving consumer goods such as wet wipes, toiletries and napkins; and softline products such as apparels and other wear accessories.

Kim Teck Cheong said the appointment of KTC Sarawak as the distributor of Anakku will enable the company to further expand its portfolio of distribution of third party brands and products in the state of Sarawak.