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Serba Dinamik, Boustead Holdings, Media Prima, UEM Sunrise, GUH, MAG and China Automobile Parts

KUALA LUMPUR (July 2): Based on corporate announcements and news flow today, companies in focus on Monday (July 5) could include Serba Dinamik Holdings Bhd, Boustead Holdings Bhd, Media Prima Bhd, UEM Sunrise Bhd, GUH Holdings Bhd, MAG Holdings Bhd and China Automobile Parts Holdings Bhd.

Serba Dinamik Holdings Bhd has formally appointed Ernst & Young Consulting Sdn Bhd (formerly known as Ernst & Young Advisory Services Sdn Bhd) [EY] as the special independent reviewer to assist the board in undertaking the special independent review on the issues raised by its former external auditor KPMG PLT.

It said the appointment of EY is “also made under the directive from Bursa Malaysia pursuant to paragraphs 2.23 and 2.24 of the Main Market Listing Requirements of Bursa Malaysia”.

“This decision is on the back of discussion held between the company and Bursa Malaysia whereby EY is fit for the engagement as they are a reputable 'Big 4' firm of auditors,” it added.

Boustead Holdings Bhd has entered into a consortium with Angkatan Koperasi Kebangsaan Malaysia Bhd  (Angkasa) and an independent insurance brokerage company to jointly submit an application for the Islamic Digital Banking Licence.

The three parties will collaborate under MyAngkasa Digital Services (MDS) to apply for the Islamic digital banking licence from Bank Negara Malaysia. MDS Sdn Bhd is a subsidiary of Angkasa and a special purpose vehicle to participate in the bidding for the digital banking licence.

Media Prima Bhd is paying RM156.4 million to buy back Balai Berita Bangsar, one of two properties it sold to Permodalan Nasional Bhd (PNB) for RM280 million in 2018.

In a bourse filing, Media Prima said it had received a letter of offer from PNB’s wholly-owned subsidiary PNB Development Sdn Bhd to acquire the building as well as the two parcels of freehold land — which measure approximately 151,814 sq ft — it currently occupies. The deal will be satisfied entirely by cash, it added.

UEM Sunrise Bhd has sold three parcels of freehold agriculture land in Mersing, Johor to Lagenda Properties Bhd for RM45.1 million, translating to RM2.40 per sq ft for the plots measuring 431.1 acres.

The property developer said its indirect wholly-owned subsidiary Sunrise Mersing Sdn Bhd has entered into agreements with Lagenda Mersing Sdn Bhd, a wholly-owned subsidiary of Lagenda Properties, for the disposal.

GUH Holdings Bhd and fellow shareholders of Straits International Education Group Sdn Bhd (SIEG) are disposing of their stakes in the education group to Tenby Educare Sdn Bhd for RM52.5 million.

SIEG owns and operates international schools in Rawang and Penang.

GUH, which owns 25% of SIEG, said the sale of the stake will enable the group to dispose of a non-core business entity and focus its resources into other core businesses.

Shareholders of MAG Holdings Bhd have approved the acquisition of a 100% equity interest in North Cube Sdn Bhd for RM200 million — a deal that is more than the company's market capitalisation — at the extraordinary general meeting today.

In a statement, MAG said 99.9% of shareholders voted in favour of the deal, with the proposed acquisition to be satisfied via a cash consideration of RM60 million, issuance of 300 million shares at 20 sen per share and 400 million new redeemable preference shares (RPS).

The proposed acquisition also comes with a profit guarantee of not less than RM18 million in aggregate on a consolidated basis for the 18-month financial period ending June 30, 2022.

China Automobile Parts Holdings Bhd is making another attempt at regularising its Practice Note 17 condition by inking a Memorandum of Understanding (MOU) with several vendors for the acquisition of Singapore-based Tenda Construction Equipment Pte Ltd and Tenda Equipment & Services Pte Ltd.

The company said it had entered into the MOU with Lee Seng Guan, Tan Gim Yiam, Lee Hay Chiang and Lee Peng Quan to negotiate on a definitive share sale agreement for the acquisition of the entire equity interest in the two companies.

The target companies are involved in the provision of repair and maintenance of construction and civil engineering machinery and equipment, as well as the provision, renting and sale of the machinery and equipment.


https://www.theedgemarkets.com/article/serba-dinamik-boustead-holdings-media-prima-uem-sunrise-guh-mag-and-china-automobile-parts

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