KUALA LUMPUR (Jan 11): Based on corporate announcements and news flow today, companies that may be in focus on Thursday (Jan 12) could include: Gadang, HeveaBoard, SapuraKencana, Bumi Armada, Paramount Corp and Sunway REIT.
Gadang Holdings Bhd has entered into a deal to develop a townhouse project with a gross development value of RM160 million in Taman Putra Perdana, Puchong.
The group said its indirect wholly-owned subsidiary Tema Warisan Sdn Bhd today inked a joint venture (JV) agreement with Perikatan Progresif Sdn Bhd for the proposed development on a 17.5-acre piece of leasehold land.
The JV is expected to be completed within 42 months from the date the building plans approval is obtained.
As of October 2016, Gadang's order book stood at RM603.7 million. The group said in November that it has been actively tendering for government infrastructure and building projects worth RM5.2 billion in total.
HeveaBoard Bhd has proposed to acquire a piece of leasehold vacant land in Seremban for RM13.46 million through its wholly-owned unit HeveaPac Sdn Bhd in order to expand its production capacities to meet demand.
HeveaPac is principally engaged in manufacturing ready-to-assemble furniture, and the vacant land is located next to its existing manufacturing plants.
The group added that the acquisition will be financed by internally generated funds (33%) and bank borrowing (67%).
SapuraKencana Petroleum Bhd and global technology services firm Proserv are joining forces to provide enhanced technology services offerings to clients in Asia Pacific.
SapuraKencana said its wholly-owned subsidiary, SapuraKencana Technology Sdn Bhd (SK Tech), and Proserv will jointly offer a range of services across drilling, production, maintenance and decommissioning market sectors with a strong focus on subsea production and subsea maintenance services.
The two groups, it said, will leverage on mutual strength — Proserv's suite of advanced subsea production equipment and controls and SK Tech's technical support, resources and assets.
Bumi Armada Bhd's subsidiary Bumi Armada Offshore Holdings Ltd has formed a wholly-owned subsidiary named Bumi Armada Americas Corp (BAAC).
In a filing to Bursa Malaysia today, Bumi Armada said BAAC was formed on Jan 9 in the US as a corporation under the Texas Business Organizations Code, and will be principally involved in offshore oil and gas marine services.
According to a separate filing, the Employees Provident Fund (EPF) had disposed of some 3.47 million or 0.06% shares in Bumi Armada. EPF now holds 334.42 million shares in Bumi Armada.
Paramount Corp Bhd is acquiring a 66% stake in a K-12 education group called REAL Education Group for RM183 million cash.
The K-12 education segment consists of kindergarten, primary and secondary education.
Paramount has entered into an agreement for the acquisition from Character First Sdn Bhd, as part of the former's effort to be one of the largest full-spectrum education services providers in Malaysia.
The acquisition will be funded through internally-generated funds and bank borrowings. Credit Suisse is acting as the exclusive financial adviser to Paramount for the acquisition.
Sunway Real Estate Investment Trust has entered into a conditional sale and purchase agreement with Champion Edge Sdn Bhd to acquire a 63.6-square-meter plot of land in Bandar Shah Alam for a cash consideration of RM91.5 million.
The property is under an existing lease of 18 years which will expire on Dec 31, 2034, and the agreement will be completed upon obtaining the building plan approvals from the relevant authorities.
The acquisition will be funded through the group's existing debt programme.
http://www.theedgemarkets.com/my/article/gadang-heveaboard-sapurakencana-bumi-armada-paramount-corp-and-sunway-reit
