Sona Petroleum, Econpile, Berjaya Assets, CIMB, Olympia Industries, Vizione, Priceworth, FGV, Iris and Litrak


KUALA LUMPUR (Sept 6): Based on corporate announcements and news flow today, stocks in focus tomorrow (Sept 7) may include: Sona Petroleum, Econpile, Berjaya Assets, CIMB, Olympia Industries, Vizione, Priceworth, FGV, Iris and Litrak.

Sona Petroleum Bhd, which is in the midst of being liquidated, has announced that the liquidator is targeting to make a final distribution from the cash trust account to shareholders in December, subject to tax clearance.

It returned 47.99 sen for every share held on Oct 31, 2016, marking the end of the road for the special purpose acquisition company that was listed in 2013. The interim distribution represents 97% of the monies held in its cash trust account.

Econpile Holdings Bhd has proposed a one-to-two share split, together with a bonus issue on the basis of one bonus share plus one free warrant, for every four split shares held.

The warrants will have a five-year tenure, said Econpile. Year to date, shares of the piling company has appreciated 63.93% to its last closing price of RM3.

Berjaya Assets Bhd has also proposed a one-to-two share split, in order to improve its trading liquidity on Bursa Malaysia. Year to date, shares of the company has appreciated 37.02% to its last close of RM1.24.

CIMB Group Holdings Bhd announced it will acquire Jupiter Securities Sdn Bhd for RM55 million. Jupiter Securities will be the Malaysian platform for CIMB's joint venture with China Galaxy Securities Co Ltd in the stockbroking business.

Jupiter Securities, together with its four subsidiaries, has a combined paid-up capital of RM24.59 million. The firm is a subsidiary of Olympia Industries Bhd, which will get RM42.1 million from the disposal of its stake.

Vizione Holdings Bhd has obtained its shareholders' approval to buy construction company Wira Syukur (M) Sdn Bhd (WSSB) for RM280 million — via a combination of cash and new Vizione shares issued at 11 sen apiece.

Its managing director Datuk Ng Aun Hooi said the acquisition will further enhance the construction earnings of Vizione, and mitigate any potential conflict of interest between Vizione and his interest in WSSB.

Timber and forest management company Priceworth International Bhd has begun harvesting operations in its Forest Management Unit 5 (FMU5) in Sabah via its subsidiary Sinora Sdn Bhd, following the completion of infrastructure and construction works there.

The rights to manage, replant, and harvest FMU5 under a 100-year licence were acquired via Priceworth's Singaporean subsidiary, GSR Pte Ltd, for RM260 million in October last year.

Felda Global Ventures Holdings Bhd (FGV) said the delay in its domestic inquiry (DI) on Datuk Zakaria Arshad was to allow the suspended CEO to continue to present his defence, after he submitted a two-day medical certificate before the long weekend break last week.

FGV also said that contrary to Zakaria's claims, his predecessor Datuk Mohd Emir Mavani Abdullah was not involved in the deal between FGV's subsidiary Delima Oil Products Sdn Bhd and customer Safitex Trading LLC. Zakaria and three others are being investigated by FGV amid alleged discrepancies in the deal.

Iris Corp Bhd said Datuk Hamdan Mohd Hassan has retired as deputy managing director, a position he held in the company since Aug 27, 2013. He also served as acting CEO between Nov 2016 and Jan 2017.

On Jan 20 this year, Hamdan was nabbed by the Malaysian Anti-Corruption Commission following allegations of graft relating to an e-passport contract with the Republic of Guinea worth RM739.21 million.

Former Auditor-General of Malaysia, Tan Sri Ambrin Buang, has been appointed the independent and non-executive chairman of highway concessionaire Lingkaran Trans Kota Holdings Bhd (Litrak).

He will succeed Tan Sri Wan Abdul Rahman Wan Yaakob, who had been independent non-executive chairman until his retirement on Aug 30 this year.


http://www.theedgemarkets.com/article/sona-petroleum-econpile-berjaya-assets-cimb-olympia-industries-vizione-priceworth-fgv-iris