Genting Malaysia Bhd’s indirect wholly-owned subsidiary, Resorts World Ltd, has finalised its proposed disposal of its stakes in Genting Hong Kong Ltd to Golden Hope Ltd (GHL) for US$415 million (about RM1.7 billion) in cash.
In a filing with Bursa Malaysia today, the company said it has inked a sales and purchase agreement with Golden Hope Ltd for the disposal.
Genting Malaysia first received offer from GHL for its stake in Genting Hong Kong on Sept 27.
The disposal involves the sale of Resorts World's entire 1.4 billion shares, which represents almost 16.9% of Genting Hong Kong’s total issued and paid-up share capital, for a price of US$0.29 (about RM1.20) per share.
Titijaya Land Bhd is proposing to acquire property development company NPO Builders Sdn Bhd (NPOB) from its vendors Titi Kaya Sdn Bhd, Lee Eng Wah and Lim Wen Yeh for RM115.6 million, by issuing new shares.
NPOB is principally engaged in property development and is the registered owner of a 33.21 acre residential land and a 12.99 acre commercial land located at Mukim of Bukit Raja, District of Petaling, Selangor.
The proposed development of the parcels of land will be commercial shops, serviced apartments and affordable homes, with a total estimated gross development value of RM2.4 billion, and is expected to commence development in the second half of 2017 with a targeted completion in the second half of 2027.
The proposed development is expected to be funded through a combination of internally generated funds of TLB and its subsidiaries.
NPOB is 51% owned by Titi Kaya, which is a 48.32% subsidiary of Brem Holdings Bhd while Eng Wah and Wen Yeh each have a 24.5% stake in the company.
Iskandar Waterfront City Bhd (IWCity) is buying two parcels of freehold land in Pulai, Johor, for RM90 million, for which it plans to develop a mixed project.
The total size of the tracts, both unconverted commercial development lands, are 3.89 hectares (9.55 acres), according to its bourse filing today.
The first tract, measuring 1.72ha, is being acquired for RM39 million via its wholly-owned unit, Success Straits Sdn Bhd (SSSB), which signed a conditional share sale agreement (SPA) with Malgold Construction Sdn Bhd for the acquisition today.
The price will be satisfied via a cash payment of RM11.7 million, with the remainder 70% or RM27.3 million to be settled by an issuance of 30.33 million shares at an issue price of 90 sen per share.
For the second 2.17ha tract, SSSB inked a conditional SPA with Eight Danga Sdn Bhd to acquire it for RM51 million, which will also be satisfied via a share issuance of 56.67 million new shares.
IWCity said the two pieces of land are located along Jalan Sungai Danga, Johor, and about 10 kilometres north-west of Johor Bahru city, respectively.
Gumusut-Kakap Semi-Floating Production System (L) Ltd, a wholly-owned subsidiary of MISC Bhd, has commenced arbitration proceedings against Sabah Shell Petroleum Company Ltd to seek resolution on contractual disputes totalling approximately US$245 million (RM1.01 billion).
In its filing to Bursa Malaysia today, MISC said Gumusut-Kakap has filed a Notice of Adjudication dated Sept 23 against Sabah Shell, under the Construction Industry Payment and Adjudication Act 2012 (CIPAA 2012).
Additionally, Gumusut-Kakap has also filed a notice of arbitration dated Sept 2, with the Kuala Lumpur Regional Centre for Arbitration.
MISC said it wishes to seek resolution on contractual disputes covering claims for outstanding additional lease rates, payment for completed variation works and other associated costs under the lease agreement dated Nov 9, 2012, which was entered into between Gumusut-Kakap and Sabah Shell.
The agreement between the parties was for the construction and lease of the Gumusut-Kakap Semi-Floating Production System (Semi –FPS), for the purposes of the production of crude oil.
Berjaya Corp Bhd posted a net loss of RM62.68 million in the first quarter ended July 31, 2016 (1QFY17), partly due to exceptional items, including loss on disposal of associated company, and non-cash impairments.
This compares with a net profit of RM56.13 million in the previous corresponding period. During the quarter, it also saw a higher tax expense.
Revenue was RM2.22 billion for the first quarter ended July 31, an increase of 3.7%, from RM2.14 billion from a year ago.
In a filing to Bursa Malaysia today, the group attributed its pretax profit for the current quarter to losses made from the retail business and lower shares of its associated companies' results following the termination of equity accounting for Berjaya Auto Bhd’s results, as well as “higher losses from certain associated companies”.
ACE-market listed Salutica Bhd, which recently had its shares floated on May 18, is seeking a transfer from the ACE market to the main market of Bursa Malaysia.
In its filing to the exchange today, the Bluetooth electronic components maker said it has met the requirements for the transfer of its listing to the main market, as set out in the equity guidelines issued by the Securities Commission Malaysia (SC Guidelines), and the main market listing requirements of Bursa Securities.
SapuraKencana Petroleum Bhd said it secured three offshore oil and gas support-service contracts, with a combined value of US$215 million (about RM889 million) in Malaysia, Brunei and India.
In a statement to Bursa Malaysia today, SapuraKencana said it secured the Malaysia project from Petronas Carigali Sdn Bhd, while the contract in Brunei was from Brunei Shell Petroleum Sdn Bhd. In India, SapuraKencana said the project was from Oil and Natural Gas Corp Ltd.
Astino Bhd’s net profit for the fourth quarter ended July 31, 2016 (4QFY16) expanded 17.7 times to RM8.4 million or 3.08 sen per share, from RM479,000 or 0.18 sen per share a year ago, due to an increase in revenue and profit margin.
Revenue grew 13.4% to RM111.9 million from RM98.6 million a year ago, the roofing products manufacturer said in a stock exchange filing today.
For the full financial year (FY16), net profit rose 53.27% to RM30.3 million or 11.08 sen per share, from RM19.8 million or 7.23 sen per share for FY15, on the back of revenue of RM472.7 million, down 2.67% lower versus RM485.7 million previously.