Media Chinese International Ltd (MCIL) is selling its entire 73.01% stake in One Media Group Ltd, which is listed on the Hong Kong Stock Exchange, to a Chinese state-owned enterprise, for HK$498.06 million (US$64.21 million or RM258.5 million) cash.
MCIL estimates the disposal to bring it a gain of about HK$363.3 million (approximately US$46.8 million), after deducting the net carrying value of the sale shares as at March 31, 2016, and after taking into consideration the estimated expenses and relevant accounting adjustments.
MCIL said the disposal would provide it an opportunity to realise its investment in One Media, at a premium to the market price of the shares for the past one year. It plans to use the sale proceeds to repay bank and other borrowings, for working capital and investments, and to pay expenses related to the proposed disposal within 12 months.
Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) posted a net loss of RM2.56 million in the second quarter ended June 30, 2016 (2QFY16), dragged by its heavy engineering segment and shrinking profits from the marine segment.
This is the third consecutive loss recorded by MHB, but its net loss narrowed by 66.2% as compared with RM7.57 million in the preceding quarter (1QFY16). The group posted a net profit of RM18.03 million in 2QFY15.
Revenue for the quarter fell 48.9% to RM297.44 million, from RM582.14 million a year earlier, due to weaker performance from heavy engineering and marine segments.
For 1HFY16, MHB posted a net loss of RM10.14 million, versus a net profit of RM54.05 million in 1HFY15. Cumulative revenue was 57.4% lower at RM554.16 million, from RM1.3 billion a year earlier.
United Plantations Bhd’s net profit for the second quarter ended June 30, 2016 (2QFY16) rose 3.8% to RM72.35 million, from RM69.68 million a year ago, on lower tax expenses; as revenue gained 8.6% to RM277.73 million, from RM255.69 million.
The group’s net profit for the first half of the year (1HFY16) came in at RM132.11 million, 0.97% higher than RM130.83 million for 1HFY15; while revenue was 9.7% higher at RM537.31 million, from RM489.61 million.
Hektar Real Estate Investment Trust's (Hektar REIT's) net property income (NPI) for the second quarter ended June 30, 2016 (2QFY16) fell 3.9% to RM18.89 million, from RM19.65 million, on higher property operating expenses.
The retail-centric REIT said there will be an income distribution amounting to RM10.42 million or 2.6 sen per unit, payable on Sept 2.
Quarterly revenue was almost flat at RM30.94 million, compared with RM30.98 million in 2QFY15.
For the cumulative six months (1HFY16), its NPI fell 1.9% to RM37.56 million, from RM38.27 million in 1HFY15; while revenue went up marginally by 0.6% to RM62.54 million, from RM62.19 million.
Bina Puri Holdings Bhd has bagged an RM80 million contract from Arus Sutera Sdn Bhd to provide project management consultancy services for 440 units of walk-up flats under the People's Housing Project in Pitas, Sabah.
The works will be completed within 42 months and is expected to contribute positively to the group’s net assets and earnings for the financial year ending Dec 31, 2016.
Coastal Contracts Bhd entered into a memorandum of understanding with PT Jaya Samudra Karunia Internasional (JSK Internasional) and Yudha Kurniawan Tanos to acquire 215 shares in JSK Gas for US$6.55 million (RM26.44 million), translating into US$30,476 (RM123,011) per share.
Upon completion, Coastal Contracts will hold 1,715 shares or a 49% stake in JSK Gas, which will be recognised as the group's jointly-controlled entity.
The acquisition enables Coastal Contract to establish its presence in the liquefied natural gas (LNG) supply chain and develop expertise in the FSRU solution.
Cuscapi Bhd is supplying self-ordering tablets to a China restaurant chain, for which it expects to receive 250 million yuan (RM151.72 million) of service fees over the next six years.
Cuscapi’s wholly-owned subsidiary, Cuscapi Interactive Technology (China) Pty Ltd, has entered into an agreement with Shanghai Lead Food and Restaurant Management Co Ltd (SLFRMC) today, to exclusively deploy and manage REV self-ordering tablets to SLFRMC.
Cuscapi expects to deploy up to 25,000 REV self-ordering tablets for existing Ajisen restaurants in China.
UMW Holdings Bhd (UMW) has partnered with the United States Spark Labs International, Inc. to participate in technology co-working business in North America.
The initial contribution to the capital of the joint venture entity will be US$2 million (RM8.05 million), where it is to be contributed by the parties on a 50:50 basis.
Tadmax Resources Bhd executive deputy chairman Datuk Faizal Abdullah has resigned to pursue other personal interests.
Faizal, has served in various divisions in the company, including managing its business in relation to timber extraction and logging activities in Sarawak for more than 10 years. He assumed the position of managing director in February 2012, and was in June 2014, redesignated as deputy chairman.
Mah Sing Group Bhd has appointed Ho Hon Sang as chief executive officer (CEO) cum executive director, effective today.
Ho takes over from Ng Chai Yong, who has resigned to pursue other interests. Ho was formerly the CEO of property developer Sunsuria Bhd, a position he held until May 23 this year.