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KUALA LUMPUR (March 7): Based on corporate announcements and newsflow today, stocks in focus tomorrow could include Malayan Banking Bhd, JAKS Resources Bhd, Taliworks Corp Bhd, SCH Group Bhd, Omesti Bhd, Atta Global Bhd and Hibiscus Petroleum Bhd.

Malayan Banking Bhd (Maybank) said the Monetary Authority of Singapore (MAS) has approved an application for its wholly-owned subsidiary Maybank Asset Management Group Bhd (MAMG) to acquire 100% equity interest in Singapore Unit Trusts Ltd (SUTL).

Maybank said MAS approved applications for the acquisition as well as the proposed subscription by Permodalan Nasional Bhd (PNB) of 8.33 million shares or a 20% stake in MAMG.

It said the approval by MAS is subject to the regulator being informed promptly when the proposals are effected.

JAKS Resources Bhd has agreed to complete Tower A of the Pacific Star project in Petaling Jaya by June 30 as demanded by Star Media Group Bhd.

JAKS said it wrote to Star yesterday saying it "shall endeavour" to complete the building by that date as sought by Star in a notice of demand dated Feb 28.

Tower A is one of two office towers in the Pacific Star project, which also features three residential blocks and related developments with a gross development value of RM1.1 billion.

A wholly-owned subsidiary of Taliworks Corp Bhd, Sungai Harmoni Sdn Bhd is being sued by Tenaga Nasional Bhd for a total of RM35.7 million.

Taliworks said it had received two writs of summons from TNB claiming a total of RM35.7 million for outstanding payments of electricity bills.

The first suit was for the outstanding sum of RM8.01 million and the second for RM27.69 million, both as at Jan 31, 2018. The suits have been fixed for case management on April 2 and April 19 respectively.

Quarry machinery and equipment supplier SCH Group Bhd announced its entry into the fertiliser business, a month after diversifying into the event equipment supply and rental activity.

The ACE Market-listed group said it is acquiring an 83.33% equity interest in PK Fertilizers (Sarawak) Sdn Bhd for RM19.05 million, from PK Fertilizers Sdn Bhd.

SCH said it will pay RM11.45 million in cash and issue 40 million new shares in the group at 19 sen per share.

Software and application developer Omesti Bhd has disposed of a 6.64% stake in Diversified Gateway Solutions Bhd for RM10.78 million.

Omesti said the stake, comprising 90 million shares, was sold in the open market from Dec 21, 2017 to yesterday, at an average price of 10 sen to 14 sen per share.

The group said the expected cumulative profit from the disposals is RM4.17 million. Omesti bought the stake in a series of acquisitions in 2010, 2013 and 2016 at an average cost of RM6.6 million or 7.34 sen per share.

Net proceeds from the disposals will be channelled to pare down the group’s borrowings and for working capital purposes, Omesti said.

Atta Global Bhd is buying a property firm that owns a 76,423 sq ft land in Penang on which the group intends to undertake a mixed development project.

Atta said it is acquiring Sungguh Gemilang Development Sdn Bhd for RM1.15 million, plus proposed assumption of liabilities of RM10.85 million, bringing the total consideration to RM12 million. The vendors are Ch’ng Dickeon and Chua Phaik Fang.

The group said the land was valued at RM12.5 million, based on a valuation exercise on March 3 by Henry Butcher Malaysia.

Hibiscus Petroleum Bhd's joint venture in Australia has been granted a five-year renewal term ending March 6, 2023 for the VIC/P57 exploration at the Gippsland Basin there.

Hibiscus said the JV is made-up of its indirect wholly-owned subsidiaries Carnarvon Hibiscus Pty Ltd and Gippsland Hibiscus Pty Ltd, as well as 3D Oil Ltd in which Hibiscus also owns a 13% stake.

In total, Hibiscus has a 78.3% effective interest in VIC/P57.



http://www.theedgemarkets.com/article/maybank-jaks-taliworks-sch-omesti-atta-and-hibiscus
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