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Singapore Investment Bloggers

Malaysia Investment Bloggers


Comintel, Harn Len, Ireka, Impiana, CN Asia, UEM Sunrise, Meta Bright, FoundPac and Reservoir Link

KUALA LUMPUR (Dec 2): Here is a brief recap of some corporate announcements that made news on Friday (Dec 2): Comintel Corp Bhd, Harn Len Corp Bhd, Ireka Corp Bhd, Impiana Hotels Bhd, CN Asia Corp Bhd, UEM Sunrise Bhd, Meta Bright Group Bhd, FoundPac Group Bhd and Reservoir Link Energy Bhd.

Comintel Corp Bhd is set to resume trade on Bursa Malaysia Securities on Monday (Dec 5), following the upliftment of the trading suspension of the stock. The regulator said with the completion of Comintel’s private placement, the company’s regularisation plan has been completed. Comintel triggered the Practice Note 17 criteria on March 28, 2019, after its shareholders’ equity fell below RM24 million or less than 25% of its issued capital.

Shareholders of plantation group Harn Len Corp Bhd have given their approval for the eight-for-five bonus issue of 399.24 million shares. A resolution pertaining to the bonus issue, on the basis of eight bonus shares for every five existing shares in the group, was passed by the shareholders by way of poll at an extraordinary general meeting (EGM) held on Friday. All shareholders who attended the EGM, who collectively held 140.34 million shares, voted for the bonus issue.  

Ireka Corp Bhd is still working on a regularisation plan to address its financial condition after the construction company’s admission into the Practice Note 17 (PN17) list of Bursa Malaysia on March 1. The company has about three months left to submit the plan to the Securities Commission Malaysia and Bursa Securities under the obligations of a PN17 issuer, or face trading suspension and delisting. KAF Investment Bank Bhd is the principal adviser assisting Ireka in the regularisation plan.

Impiana Hotels Bhd has announced that the winding up petition served by Axventure Sdn Bhd over an unpaid sum amounting to RM2.26 million relating to a resort redevelopment has been amicably resolved. Impiana said Axventure on Friday filed a notice of discontinuance to discontinue the petition against Impiana’s wholly-owned subsidiary Impiana Cherating Sdn Bhd with liberty to file afresh. It comes just days before a case management via e-review on the matter, which had previously been fixed on Dec 13.

CN Asia Corp Bhd has disposed of 54.53 million shares in Zen Tech International Bhd (formerly known as Inix Technologies Holdings Bhd) through the open market. CN Asia disposed of 38.64 million shares on Nov 30, followed by another 15.90 million shares on Dec 1. This brings CN Asia’s stake in Zen Tech to 54.07 million shares, representing a 6.69% equity interest.

UEM Sunrise Bhd is disposing of 17 parcels of land in Perak, measuring a cumulative 1,776.6 acres to Sunsuria Bhd for RM75.52 million, as part of the group’s strategy to monetise non-strategic lands. The property developer’s indirect wholly-owned subsidiary, Symphony Hills Sdn Bhd, entered into three sale and purchase agreements with Sunsuria’s 65%-owned subsidiary, Tapah Land Development Sdn Bhd, for the disposals. Notably, four of the parcels of land, measuring 42.9 acres, are affected by the settlement of a group of indigenous people.

Meta Bright Group Bhd, formerly known as Eastland Equity Bhd, has proposed to issue 389.47 million new shares, or 20% of its share capital, to a group of investors, including its biggest shareholder and executive director Datuk Lee Wai Mun. The corporate exercise aims to raise some RM43.8 million by pricing the new shares at 11.25 sen apiece, which is a discount of 9.9% to the stock’s five-day volume weighted average price up to Nov 30 of 12.49 sen. Of the proceeds raised, 42.5% will be used to develop the group’s solar photovoltaic business; 22.8% each for refurbishment of a four-star hotel in Kota Bharu, Kelantan and for other business opportunities; 11% for general working capital, and the remaining RM400,000 for expenses of the placement exercise.

Precision engineering parts maker FoundPac Group Bhd is to fork out RM25.5 million to purchase industrial land measuring 8,365 square metres in the Bayan Lepas Free Industrial Zone in Penang, with a double-storey detached factory-cum-office building thereon, to increase its production capacity. FoundPac’s wholly-owned subsidiary FoundPac Technologies Sdn Bhd (FoundPac Tech) entered into a sale and purchase agreement with Zoomic Technology (M) Sdn Bhd, a unit of Iqzan Holding Bhd, to purchase two adjoining lots of industrial land. The purpose of the acquisition is to enable FoundPac Tech [to] increase its production capacity, noting that it envisages no major capital expenditure required to enhance the building to cater for its production requirement.

Reservoir Link Energy Bhd’s 51%-owned subsidiary Founder Energy Sdn Bhd has won five solar contracts between October and November this year, with a combined value of RM12.05 million. With these contracts, Reservoir Link’s order book for the solar renewable segment increased to RM51.5 million. These projects — which primarily involve the development of solar energy-related facilities in Kuala Lumpur, Selangor and Perak — are targeted to be completed between end-2022 and mid-2023.


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