Ekovest, TNB, IHH, OCR, Axiata, Berjaya Sports Toto, Spring Gallery, Chin Hin, Stone Master and Matang

KUALA LUMPUR (July 18): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (July 19) may include the following: Ekovest, TNB, IHH, OCR, Axiata, Berjaya Sports Toto, Spring Gallery, Chin Hin, Stone Master and Matang.

The government will trade land with Ekovest Bhd, controlled by tycoon Tan Sri Lim Kang Hoo, in return for rehabilitation works undertaken by the property developer on the first 2.2km of a 10km stretch of the Gombak river under the Kuala Lumpur River City (KLRC) project.

Under the deal, Ekovest will get 30 acres (12.14ha) of land within the KLRC development, said Ekovest managing director Datuk Seri Lim Keng Cheng.

“With the land swap package, we can generate over RM9 billion in GDV (from the 30-acre land), which is 10 times the cost of the land given to us,” Ekovest’s managing director Datuk Sri Lim Keng Cheng told reporters after the launch of the KLRC project today.

Ekovest will undertake construction works of the non-mechanical Gombak River Enhancement And Tunnel (GREAT) system for the 2.2km portion, for which it is investing RM950 million in development cost. It expects the project to be completed in two and a half years.

Tenaga Nasional Bhd (TNB) said the deadline to fulfil conditions for its planned acquisition of a 51% stake in Southern Power Generation Sdn Bhd had been extended by another 30 days after the seller requested more time.

TNB is buying the Southern Power Generation stake from SIPP Energy Sdn Bhd for RM51. It announced the deal on May 3.

Today's time extension is the second granted to SIPP. On June 19 this year, Tenaga said it had given SIPP 30 days to fulfil the transaction's conditions.

IHH Healthcare Bhd's wholly-owned Singapore unit Parkway Pantai Ltd is on the prowl in India for large hospitals in which it can take a controlling stake, according to Parkway Pantai chief executive operator for India operations, Ramesh Krishnan.

On Monday, the Hindu Business Line reported, quoting Ramesh, that hospitals in India now are ripe for the picking, as he scouted the healthcare landscape there for suitable assets to buy.

"There is a readiness for consolidation, there are hospital promoters willing to let go and there are good assets available but it depends on what you are looking for," Ramesh was quoted as saying in Mumbai by the Indian publication.

While the search was for large hospitals in big cities, the key factor is for IHH to get a controlling 51% stake in the target entity, he said.

O&C Resources Bhd (OCR) has bagged a RM324 million turnkey contract to build houses under the 1Malaysia Civil Servants Housing Project (PPA1M) in Precinct 5, Putrajaya from Damansara Realty (Johor) Sdn Bhd (DRJ) to undertake the project on an 11.9-acre site.

OCR said it also signed a commercial and collaboration agreement with DRJ for the commercial portion.

However, the estimated value of this portion was not revealed except that OCR will be entitled to 80% of the profit and DRJ the remaining 20%.

Berjaya Sports Toto Bhd has acquired 5.4 million shares, representing a 0.49% equity interest, in 7-Eleven Malaysia Holdings Bhd for RM7.38 million, at an average price of RM1.37 per share.

Berjaya Sports Toto said the shares were acquired in the open market between July 4 and July 14 through its 88.26%-owned subsidiary Berjaya Philippines Inc (BPI), which is listed on the Philippine Stock Exchange (PSE).

Following the acquisition, BPI now holds a total of 11.3 million shares representing 1.02% equity interest in 7-Eleven.

Axiata Group Bhd and other major shareholders of Singapore's M1 Ltd — Keppel Telecommunications & Transportation Ltd and Singapore Press Holdings Ltd — have called off the strategic review to dispose of their stakes in M1, as proposals from interested parties did not meet the minimum criteria.

Axiata said no arrangement or agreement with any third party has been reached in relation to each majority shareholders' respective shareholdings in M1.

Spring Gallery Bhd has ended a joint venture (JV) with Hasil Senudong Sdn Bhd (HSSB) to undertake a residential development with a gross development value of RM161.2 million in Perak after both parties failed to strike an agreement before the deadline expired.

It inked the JV agreement with HSSB for the proposed project on Jan 18, in which HSSB was to contribute a piece of 3.3ha land for the development.

However, Spring Gallery said as at today, HSSB had failed to obtain the approval to convert the use of the land from recreation to residential.

Building materials manufacturer Chin Hin Group Bhd has proposed to acquire a 45% stake in Atlantic Blue Sdn Bhd, a solar system installer, for RM24.75 million.

Chin Hin said the acquisition will enable the group to enhance its involvement in the solar power investment business, diversify its customer base, and further strengthen its income from the solar power business.

After months of power wrangling, Stone Master Corp Bhd officially axed its managing director (MD) Datuk Koh Mui Tee, together with executive director Datuk Lee Hwa Cheng, after the group withdrew its lawsuit against the new board yesterday.

The group also announced its new board line up of seven directors, including its chairman, in a series of filings with Bursa Malaysia today.

Matang Bhd is looking to acquire two contiguous parcels of leasehold agricultural land in Raub, Pahang, which measures a total of 4,219.79 acres (1,707.69ha) for RM180 million.

Matang said it has issued a letter of intent (LoI) to Raub Mining & Development Company Sdn Bhd (RMDC) and Raub Oil Mill Sdn Bhd (ROM) setting out its intention to buy the land, which will include the oil palm plantation, buildings, plant, machinery, equipment, and a palm oil mill on the lands, as well as vehicles and stocks of the aforesaid plantation and mill.