Companies in the news - MPCorp, FGV, Raya International, Kumpulan Europlus and Sarawak Consolidated Industries

KUALA LUMPUR (June 14): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Wednesday, June 15) could include: MPCorp, FGV, Raya International, Kumpulan Europlus and Sarawak Consolidated Industries.

Malaysia Pacific Corp Bhd (MPCorp) has received a notice of statutory demand from RHB Bank Bhd, demanding a payment of debt amounting to RM118.16 million. 

In a filing with Bursa Malaysia today, MPCorp said the amount consists of RM43.64 million revolving credit facilities, RM10.62 million of overdraft facilities and RM63.9 million of another overdraft facilities, as at June 8.

According to MPCorp, the bank is also demanding an interest to be calculated at the rate of 3.50% per annum, plus base lending rate on monthly rest from June 9 until the date of full settlement for the two overdraft facilities.

"The cost of RM5,000 where the judgement obtained by RHB against MPCorp at the Kuala Lumpur High Court Civil Suit, has not been stayed," it added.

Failing to comply with the terms within 21 days from the date of service of this notice of demand, MPCorp shall be deemed unable to pay its debts, and winding-up proceedings may thereafter be commenced against MP Corp pursuant to the Act.

MPCorp is seeking legal advice on the above and will make further announcements in due course.

Felda Global Ventures Holdings Bhd (FGV) has scrapped its plan to produce biodegradable plastics from palm oil biomass waste in Malaysia, as parties involved are unable to achieve mutual agreement on memorandum of understanding (MoU) inked on Dec 14 last year. 

In view of that, the world's largest producer of crude palm oil (CPO) told stock exchange today that all parties involved had taken steps to terminate the MoU.

Recall that the signing of the MoU was between Felda Global Ventures Downstream Sdn Bhd, US based-Newlight Technologies LLC and Innogas Technologies Sdn Bhd, to collaborate in a project to produce biodegradable plastics from palm oil biomass waste in Malaysia.

"The termination of this MoU would not have any financial impact on FGV and its subsidiaries," said FGV.

Health products manufacturer Water Beaute World Bhd has ceased to be the largest shareholder in Raya International Bhd, after selling 18.27 million shares or a 12.7% stake in the latter. 

According to Raya International's bourse filing today, Water Beaute disposed the shares on June 10 for an undisclosed amount. 

Following the disposal, Water Beaute shareholders Gan Siew Eng, Lui Leong Eng and Lee Chee Hoon, also no longer own an indirect 12.7% stake in Raya International.

In February, Raya International announced its plan to venture into oil bunkering and the trading of oil-related products from its current core business of water filter components distribution. 

Highway concessionaire Kumpulan Europlus Bhd saw two of its substantial shareholders, MWE Holdings Bhd and IJM Corp Bhd, raise their collective shareholding to 51.74%. 

According to its bourse filings today, Kumpulan Europlus said MWE had acquired six million shares or a 0.6% stake yesterday, bringing its total shareholding to 256.57 million shares or 25.59%.

MWE, a garments producer, held a stake of 20.91% in Kumpula Europlus as at Aug 10 last year, according to its Annual Report 2015. MWE is 32.96%-owned by businessman Tan Sri Surin Upatkoon, through his private vehicle Pinjaya Sdn Bhd.

Separately, Kumpulan Europlus said construction giant IJM Corp has raised its stake to 26.15% as at May 31, from 25.8% last August, after acquiring 1.33 million shares or a 0.13% stake in the company.

Kumpulan Europlus is in joint venture with IJM's unit Road Builder (M) Sdn Bhd to undertake the construction of the 233-km West Coast Expressway from Banting to Taiping. 

Sarawak Consolidated Industries Bhd saw 11 million shares, representing a 14.55% stake in the company, cross off market today.

According to Bloomberg data, the shares were moved in a block for a total value of RM6.98 million or 63.5 sen per share. 

The transaction price is 6.5 sen or 9.3% lower, compared with its open market price of 70 sen a share. 

It is not known as to who the parties involved in the trades were, at press time.

Sarawak Consolidated Industries, through its subsidiaries, invests in and develops properties and manufactures concrete products.