KUALA LUMPUR (Jan 12): Based on corporate announcements and news flow today, companies that may be in focus on Friday (Jan 13) could include: Ho Hup, EKA Noodles, Sarawak Cable, Perisai, Thriven, BIMB, Prestariang and Atlan.
Ho Hup Construction Company Bhd, via an unincorporated joint venture (JV), has been awarded a 36-month contract worth RM221.4 million by DSE Construction Sdn Bhd for rehabilitation works along Sungai Besut, Terengganu.
Ho Hup owns an 80.7% stake in the JV while the remainder is held by DSE Construction.
The contract is to construct a breakwater, revetment, silt curtain, beach nourishment, install settlement plates and all associated works in relation to the rehabilitation works along Sungai Besut, and is scheduled to commence this month.
Ho Hup said DSE Construction's principal activities are construction and services and rental of plant and machinery.
EKA Noodles Bhd's wholly-owned subsidiaries Kilang Bihun Bersatu Sdn Bhd (KBBSB) and EKA Foodstuff Sdn Bhd (EFSB) will shut down their manufacturing plants and cease operations from Jan 18.
According to EKA Noodles, the proposed cessation will also involve the disposal of KBBSB's assets. The proceeds from the disposal will be used to settle the company's liabilities.
The proposed cessation, the group said, will affect approximately 96 employees (49 from KBBSB and 47 employees from EFSB), who "will be made redundant".
Sarawak Cable Bhd has decided to pull the plug on its proposed private placement of up to 10% of its issued and paid-up share capital to raise about RM53.9 million due to market conditions and its share price.
The exercise would have seen the company issuing 31.7 million shares worth RM15.9 million at an indicative issue price of RM1.70 per share, with the shares placed to third party investors.
A year ago, Sarawak Cable said RM53.4 million of the raised proceeds would be used to pay off both its group and subsidiaries' borrowings within six months.
Last July, the group asked for a six-month extension to complete the implementation of the private placement, which lapsed today.
Perisai Petroleum Teknologi Bhd and its wholly-owned subsidiary Perisai Capital (L) Inc have been granted a restraining order by the High Court against all proceedings and actions brought against the two companies.
The company said the order was applied for as part of its plan to regularise its and the group's financial condition through proposed schemes of arrangement, the details of which will be announced in due course.
Thriven Global Bhd has teamed up with the Perak State Secretary Inc (SSI) to build affordable houses on 11 pieces of freehold land measuring 43.297 acres in Behrang Ulu, Muallim, Perak.
Thriven announced that its 85%-owned subsidiary Thriven NCR Sdn Bhd has entered into a JV agreement with SSI for the proposed development. New Catalysts Resources (M) Sdn Bhd owns the remaining 15% shares of Thriven NCR.
Under the JV, SSI is entitled to RM6.49 million plus 25% of pre-tax profit for the proposed project, while Thriven NCR will be entitled to the remaining 75%.
Bank Islam Malaysia Bhd (BIMB) says it has full confidence in its managing director Datuk Sri Zukri Samat as he completes his tenure at the bank and helps to implement a smooth transition to a soon-to-be-appointed managing director.
Zukri is due to retire in June 2017.
BIMB chairman Datuk Zamani Abdul Ghani said there is no truth to a posting on Facebook on Wednesday regarding Zukri.
Prestariang Bhd has signed a memorandum of understanding with Alibaba's subsidiary Alibaba Cloud and technology firm Conversant Solutons Pte Ltd to jointly build an integrated education platform known as EduCloud.
Prestariang announced that EduCloud will be a single platform to deliver all activities linked to education and related services. These cloud-based services will include campus management, teaching and learning, entertainment, digital payment, many other services and online applications.
Beginning in Malaysia, the collaboration is intended to empower all three companies to deliver a comprehensive range of education services and explore new opportunities in the Asia-Pacific market.
Atlan Holdings Bhd's subsidiary Duty Free International Ltd has announced a bonus warrants issue of up to 477.74 million warrants on the basis of two warrants for every five existing shares.
Each bonus warrant will entitle the warrant holder to subscribe for one new share in the company at an exercise price of 43 Singapore cents (RM1.35) each, which is at a premium of 7.5% to the last transacted price of 40 Singapore cents.
The company intends to use the proceeds from the exercise of the bonus warrants for its investments to support the group's business activities and general working capital, as well as the renovation and upgrading of business outlets.
Atlan said the bonus warrants issue is aimed at increasing the issued share capital base of the company.
http://www.theedgemarkets.com/my/article/ho-hup-eka-noodles-sarawak-cable-perisai-thriven-bimb-prestariang-and-atlan
