BHIC, Boustead Holdings, Wah Seong, Perak Corp, Pecca, Scientex, Al-'Aqar Healthcare REIT and KPJ Healthcare
KUALA LUMPUR (Sept 2): Here is a brief look at some corporate announcements and news flow on Friday (Sept 2), which include Boustead Heavy Industries Bhd (BHIC), Boustead Holdings Bhd, Wah Seong Corp Bhd, Perak Corp Bhd, Pecca Group Bhd, Scientex Bhd, Al-'Aqar Healthcare REIT and KPJ Healthcare Bhd.
Boustead Heavy Industries Bhd (BHIC), which is embroiled in the RM9 billion littoral combat ship (LCS) project fiasco, announced that the letter of awards to two main contractors in relation to the six vessels for the Royal Malaysian Navy (LCS Programme) have been voided. BHIC said the two contractors — Contraves Advanced Devices Sdn Bhd (CAD) and Contraves Electrodynamics Sdn Bhd (CED) — had received a notice dated Aug 23, 2022, stating that the letters issued by its unit Boustead Naval Shipyard Sdn Bhd (BNS) to these companies under the programme were void. “The board of BHIC is currently engaging professional advisers to assess available recourse in resolving this matter, following the receipt of the notice,” said the group, adding that the financial, legal and operational impact cannot be ascertained yet.
BNS had appointed the companies as the main contractors for the project. BHIC held the majority 51% stake in both companies, while Germany’s Rheinmetall Group held the remaining 49%. Meanwhile, BNS is 20.77%-controlled by BHIC, 68.85% by Boustead Holdings Bhd, with armed forces fund Lembaga Tabung Angkatan Tentera (LTAT) holding 10.38%. Boustead Holdings, meanwhile, controls 65% of BHIC.
Wah Seong Corp Bhd's attempt to dispose of idle Singapore real estate for S$13 million (RM40.1 million) lapsed as the buyer, Swee Joo (Pte) Ltd — wholly owned by Singaport Cleanseas Pte Ltd — was not able to get approval from the relevant authorities in the island nation. The real estate consists of 13,734 sq m leasehold land with industrial workshop, warehouse and office built on it. The disposal was part of Wah Seong's initiative to unlock its idle assets to improve its working capital position. The oil and gas and industrial services provider said the property is not being used as its fabrication business was moved to Batam Yard, Indonesia a few years ago.
Perak Corp Bhd has been granted a further extension of time up to Feb 10, 2023 to submit its regularisation plan to the regulatory authorities. Previously, the Practice Note 17 (PN17) company was granted an extension of time to submit the regularisation plan to Aug 10. It slipped into the PN17 status in February 2020, as a result of a default in payment and its inability to declare solvency.
MCA, a component party of Barisan Nasional, has emerged as a substantial shareholder of car leather upholstery maker Pecca Group Bhd with a 5.7% stake. The party, through Huaren Holdings Sdn Bhd, bought 3.68 million shares on Tuesday (Aug 30) and 4.37 million shares on Thursday (Sept 1), raising its total interest to 42.73 million shares. Pecca is 49.6%-controlled by MRZ Leather Holdings Sdn Bhd, the investment vehicle of founder and group managing director Datuk Teoh Hwa Cheng and his family.
Scientex Bhd is partnering with Japan-based producer of liquid and paste packaging systems, Taisei Lamick Co Ltd, to expand its market share in the region. Scientex said its unit Scientex Packaging Film Sdn Bhd has entered into a share sale agreement with Taisei Lamick to acquire 8,100 ordinary shares representing 80.2% equity interest in Taisei Lamick’s subsidiary, Taisei Lamick Malaysia Sdn Bhd (TLM) for RM63.8 million cash consideration. TLM is involved in the manufacturing and sale of printed and laminated flexible light packaging materials for food and beverage and fast-moving consumer goods products.
Al-'Aqar Healthcare REIT has acquired three hospitals from KPJ Healthcare Bhd for RM192 million, to be paid in cash and new shares. The acquisition is deemed to be a related-party transaction, as both entities have a common major shareholder in Johor Corp. Al-'Aqar Healthcare REIT is buying TMC Healthcare Centre Building in Taiping, Perak for RM14.30 million in cash, and KPJ Seremban Specialist Hospital Building for RM84.7 million in cash. The real estate investment trust (REIT) is also buying Pasir Gudang Specialist Hospital in Johor for RM93 million, to be satisfied by a combination of a cash payment of RM67.99 million and the issuance of 20.5 million new units in the REIT at RM1.22 per unit. Concurrently, with the purchases, Al-'Aqar Healthcare REIT said its trustee (Amanahraya Trustees Bhd) and its manager (Damansara REIT Managers Sdn Bhd) have entered into lease agreements with the three KPJ Healthcare subsidiaries involved.
The REIT also announced that it plans to raise RM138 million via a private placement of up to 118.97 million new units or 16.16% of its total issued units, mainly for repayment of bank financing.
http://www.theedgemarkets.com/article/bhic-boustead-holdings-wah-seong-perak-corp-pecca-scientex-alaqar-healthcare-reit-and-kpj
Singapore Investment
-
-
-
-
Geneo – New place to hangout3 hours ago
-
-
-
-
-
-
Where Will I Deposit 80K in May 2025?15 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Maximising Returns2 days ago
-
Selling HRnet and Fiverr2 days ago
-
Community2 days ago
-
-
-
-
-
-
-
-
-
-
-
-
-
GE 2025: Aftermath1 week ago
-
-
-
Quick Updates1 week ago
-
-
-
Portfolio Summary for April 20251 week ago
-
-
Portfolio (April 30, 2025)1 week ago
-
Portfolio (April 30, 2025)1 week ago
-
-
-
-
Month of April 20251 week ago
-
-
3 Beaten-Down Stocks for your portfolio2 weeks ago
-
-
-
-
-
-
-
-
-
-
-
-
Gold on bullet train!3 weeks ago
-
-
-
FAQ on Quantitative Investing Part 24 weeks ago
-
-
-
-
-
-
US/China/SG stocks all crashed?5 weeks ago
-
Investing vs. Speculating5 weeks ago
-
-
-
-
-
-
-
-
-
March 2025 Updates1 month ago
-
-
-
-
-
-
-
-
-
-
The Ultimate SG-JB Geo Arbitrage: Petrol2 months ago
-
-
-
-
-
-
ETF vs Mutual Fund: Which is Better?3 months ago
-
-
-
-
-
-
-
-
-
Arigato Everyone! A Decade of Blogging!4 months ago
-
Top 10 Highlights of 20244 months ago
-
-
2023 Trading Recap – $11,000 in profit!5 months ago
-
-
Union Square Residences6 months ago
-
-
-
STI ETF7 months ago
-
-
-
Unibet Casino Bonus Codes 20248 months ago
-
-
-
-
-
The Stigma against Early Retirement (FIRE)10 months ago
-
Monthly IBKR Update – June 202410 months ago
-
-
Portfolio Transactions (May 2024)11 months ago
-
-
-
-
-
Breakthroughs in portfolio :)11 months ago
-
-
-
Feb 2024 Expenditure1 year ago
-
-
-
-
-
-
-
Monthly Summary of November 20231 year ago
-
Migration of website1 year ago
-
-
-
-
-
-
-
-
-
A New Light2 years ago
-
-
-
-
-
-
2022 Thoughts, Hello 2023!2 years ago
-
Series of Defaults for Maple Finance2 years ago
-
Takeaways from “Sea Change”2 years ago
-
Greed is Coming Back2 years ago
-
-
-
-
-
-
-
-
What is Overemployment2 years ago
-
Terra Hill Condo (former Flynn Park)2 years ago
-
Alibaba VS Tencent: The Battle Royale2 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-
Home
companies
BHIC, Boustead Holdings, Wah Seong, Perak Corp, Pecca, Scientex, Al-'Aqar Healthcare REIT and KPJ Healthcare