KUALA LUMPUR (Jan 6): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Jan 9) could include: Felda Global Ventures Holdings Bhd, Tenaga Nasional Bhd, Ekovest Bhd, Sime Darby Bhd, Green Packet Bhd, Perisai Petroleum Teknologi Bhd and IJM Corp Bhd.
Tenaga Nasional Bhd is buying a 50% stake in Vortex Solar S.a.r.l. for £86 million (about RM477 million) in its planned venture into the UK’s electricity-generation market.
In a statement, Tenaga said the company, via its 100%-owned subsidiary TNB International Sdn Bhd, has signed the subscription and funding agreement with Beaufort Investment S.a.r.l. to subscribe for the new Vortex Solar shares.
Tenaga said Beaufort formed Vortex Solar to acquire TerraForm UK 2 Intermediate Holdings Ltd and TerraForm UK 3 Intermediate Holdings Ltd, both of whom own and operate solar photovoltaic (PV) assets in the UK, with a combined net installed capacity of about 365MW.
"Tenaga also wishes to announce that Tenaga has today entered into a shareholders’ agreement with Beaufort and Vortex Solar to regulate the relationship with one another in relation to Vortex Solar. The transaction is expected to be completed by the third quarter of the calendar year 2017 and will be immediately earnings-accretive," Tenaga said.
Ekovest Bhd, together with its joint-venture (JV) partner Samling Resources Sdn Bhd, has bagged a RM2.11 billion contract for package WPC-02 of Phase 1 works of the Pan Borneo Highway in Sarawak.
In a bourse filing, Ekovest said its wholly-owned subsidiary Ekovest Construction Sdn Bhd has entered into a JV and shareholders agreement with Samling Resources for the proposed project.
The JV company, Samling-Ekovest JV Sdn Bhd, would be held on a 70:30 ratio by Samling Resources and Ekovest respectively, and be incorporated as the vehicle for the parties to implement the project.
Samling Resources will sub-contract the project in its entirety on a back-to-back basis to Samling-Ekovest at the same price at which the project was awarded to Samling Resources.
Ekovest said the agreement was an opportunity for both parties to co-operate and leverage on each other’s strength and expertise.
Sime Darby Bhd is planning to give up a 50% stake in its port operator in Weifang, China, for RMB38.61 million (RM24.92 million) to secure a local partner for the business.
The proposed stake disposal in Weifang Sime Darby West Port Co Ltd (WSDWP), will result in the emergence of Shandong Chenming Paper Holdings Ltd (SCPHL) as Sime Darby's joint venture partner there.
The agreements to effect the equity disposal and the partnership were inked today to secure long-term collaboration with the giant paper producer.
Sime Darby said the partnership is to strategically secure significant baseload woodchip volume for WSDWP's multipurpose terminal at the Weifang Port in the Shandong province, besides potentially attract other forestry products to Weifang Port in the future.
Currently Sime Darby's indirectly wholly-owned Hong Kong unit, Sime Darby Overseas HK Ltd, owns a 99% stake in WSDWP, with the remainder held by Weifang Sime Darby Port Co Ltd or WSDP. WSDP is a 99%-owned unit of Sime Darby's that was incorporated in China.
Following the disposal, Sime Darby will be left with an indirect 50% stake in WSDWP, with SCPHL owning the other half.
The proposed joint-venture is expected to be completed in the first half of 2017, with proceeds from the new tie-up expected to be used as working capital or the funding of other logistics projects, said Sime Darby.
Green Packet Bhd's wholly-owned subsidiary Packet Interactive Sdn Bhd (PISB) has completed the acquisition of an 80% stake in e-payment firm WebOnline Dot Com Sdn Bhd for RM9 million.
In a bourse filing, Green Packet said PISB completed the purchase of 1.15 million WebOnline shares at RM5.22 per share for RM6 million in total.
Simultaneously with the purchase, PISB also completed the subscription of 450,000 new shares in WebOnline for RM3 million, or RM6.66 per share. Green Packet funded the acquisition via internal funds.
The completion of the share subscription, together with the share acquisition, represents 80% of the issued and paid-up share capital of WebOnline.
Green Packet was the second most actively traded counter on Bursa Malaysia today, with a trading volume of 61.79 million shares, far exceeding its 200-day average trading volume of 4.55 million shares.
Financially-troubled Perisai Petroleum Teknologi Bhd has lost pilgrims’ fund Lembaga Tabung Haji as its substantial shareholder after the latter disposed of 10.3 million shares on Dec 29, 2016.
This follows the disposal of 8.8 million shares on Dec 28 by Tabung Haji, as announced by Perisai Petroleum on Dec 30, when the fund still held 67 million or 5.3% direct interest in the company.
According to its Annual Report 2016, as at March 31 last year, Tabung Haji possessed 78.2 million shares or a 6.39% stake in Perisai Petroleum.
Perisai Petroleum slipped into Practice Note 17 or PN17 status in October after its unit defaulted on the repayment of the principal and interest of debt notes issued.
IJM Corp Bhd is buying Sebana Golf & Marina Resort Bhd (SGMR), the operator of the resort, marina and golf course at Sebana Cove Resort in Pengerang, Johor, for RM1.
The purchase was effected after an agreement was inked between IJM Corp's 70%-owned subsidiary Cypress Potential Sdn Bhd and Sebana Holdings Sdn Bhd, IJM Corp said in a filing on Bursa Malaysia today.
Cypress Potential, in which IJM Corp controls via its wholly-owned subsidiary IJM Properties Sdn Bhd, is the developer of Sebana Cove Resort.
Sebana Cove Resort is a 1,188-acre resort township where residential and commercial components are cohesively planned alongside a resort with a private marina and an 18-hole golf course, said IJM Corp.
IJM Corp said the acquisition is expected to provide synergy and enhance the attractiveness of the development of the resort.
Federal Land Development Authority (Felda) chairman Tan Sri Mohd Isa Abdul Samad will be replaced by former Domestic, Trade and Consumer Affairs Minister Tan Sri Shahrir Abdul Samad. Mohd Isa will continue as chairman of Felda Global Ventures Holdings Bhd (FGV).
Bernama quoted Prime Minister Datuk Seri Najib Razak as saying that under the restructuring, there is a division of responsibility towards settlers’ welfare and socio-economic status and Felda’s business.
Shahrir is the older brother of Parti Amanah Rakyat member and Shah Alam MP, Khalid Abdul Samad.
Felda is currently facing criticism following an announcement last month that it is buying a 37% stake in Indonesia's PT Eagle High Plantations Tbk for US$505.4 million, which critics deemed overpriced.
http://www.theedgemarkets.com/my/article/fgv-tenaga-ekovest-sime-darby-green-packet-perisai-petroleum-and-ijm
