Caely, WCE, Privasia, MHB, Pintaras Jaya, Southern Cable, DRB-Hicom, Ivory Properties, CN Asia, Meta Bright, Sand Nisko and Silver Ridge

Caely, WCE, Privasia, MHB, Pintaras Jaya, Southern Cable, DRB-Hicom, Ivory Properties, CN Asia, Meta Bright, Sand Nisko and Silver Ridge

KUALA LUMPUR (Oct 11): Here is a brief recap of some corporate announcements that made news on Tuesday (Oct 11), involving Caely Holdings Bhd, WCE Holdings Bhd, Privasia Technology Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd (MHB), Pintaras Jaya Bhd, Southern Cable Group Bhd, DRB-Hicom Bhd, Ivory Properties Bhd, CN Asia Corp Bhd, Meta Bright Group Bhd, Sand Nisko Capital Bhd and Silver Ridge Holdings Bhd.

Perak-based lingerie manufacturer Caely Holdings Bhd's new board of directors, led by executive chairman Ng Keok Chai, has instructed its solicitors to serve a demand on Virdos Lima Consultancy (M) Sdn Bhd, seeking the return of full documentation of its wholly-owned subsidiary Caely (M) Sdn Bhd (CMSB) handed to Virdos Lima by Caely's previous management, for purposes of conducting a forensic audit into allegations of suspicious and irregular transactions at CMSB in April. The new board also wants Virdos Lima to provide a list of the alleged documents, which are said to have stalled progression of the investigation.

West Coast Expressway Sdn Bhd (WCESB), an 80%-owned subsidiary of WCE Holdings Bhd, has secured up to RM400 million from the government to part-finance the land acquisition cost for the RM5.044 billion West Coast Expressway project. WCE said WCESB had on Oct 7 entered into a reimbursable land cost agreement with the Ministry of Finance (MOF) for the financing of up to RM400 million to part-finance the land acquisition cost of the expressway.

Privasia Technology Bhd has secured two contracts worth approximately RM1.2 billion in total from the Ministry of Communications and Multimedia, relating to the installation and maintenance of fibre optics in both the northern and southern regions of the country. This follows Konsortium Apex-Privasat, a joint venture between Apex Communications Sdn Bhd and Privasat Sdn Bhd (a wholly owned subsidiary of Privasia), accepting the contracts from the ministry on Tuesday.

Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) has secured an engineering, procurement and construction services contract from Sarawak Shell Bhd relating to an offshore platform for the Rosmari-Marjoram gas project, located off the coast of Sarawak. The works comprise the construction of a wellhead platform, a topside, and a four-legged jacket. MHB said its wholly-owned and major subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd, had received a letter of award dated Sept 21 from Sarawak Shell to undertake the project for a duration of 19 months. The value of the contract is approximately less than half a billion ringgit.

Piling and foundation specialist Pintaras Jaya Bhd has secured six new piling contracts worth a combined RM192 million in Singapore. Pintaras said the contracts were clinched through its indirect wholly-owned subsidiary in Singapore, Pintary Foundations Pte Ltd.

Southern Cable Group Bhd is targeting RM100 million sales of cables and wires to the US in the financial year ending Dec 31, 2023 (FY2023). The cable and wire manufacturer said it will begin deliveries to a US-based cable and wire distributor in the fourth quarter of 2022. It said the positive demand outlook for FY2023 is supported by an upcoming distributorship agreement from its US-based customer, following recent successful performance of trial orders.

Six months after DRB-Hicom Bhd inked memorandums of understanding (MOU) with China’s Zhejiang Geely Holding Group Co Ltd and the Perak government in regard to the development of the Automotive HiTech Valley in Tanjong Malim, no definitive agreement has been produced. DRB-Hicom said the six-month validity period of its MOU with Geely was about to lapse, and it was in talks with the Chinese automotive group to extend the duration.

Heng Huat Resources Group Bhd’s managing director Datuk H’ng Choon Seng has ceased to be a substantial shareholder of Ivory Properties Bhd. H’ng disposed of 80 million shares via off market transaction on Tuesday, representing a 16.32% stake in the Penang-based property developer. It is believed that NLY Development Sdn Bhd is the buyer of that block of 80 million shares being offloaded by H’ng. NLY bought 80 million shares in the off market, raising its stake to 19.08% — making it the second largest shareholder after Low Eng Hock (27.25%), who is the chief executive officer of Ivory Properties.

Steel storage tank maker CN Asia Corp Bhd is planning to place out up to 40% of its existing number of issued shares, to raise as much as RM16.45 million to fund its money lending business and repay bank borrowings. This proposed private placement would be the third fundraising exercise that the company has undertaken in the past 12 months, to fund its money lending business.

Leading Ventures Sdn Bhd's mandatory takeover offer for Meta Bright Group Bhd (formerly known as Eastland Equity Bhd) is not fair and unreasonable, according to independent adviser UOB Kay Hian Securities (M) Sdn Bhd, which is recommending Meta Bright’s shareholders to reject the offer. The financial institution said the offer is not fair because the offer price of seven sen represents a discount of 28.57% to the revalued net asset value of Meta Bright shares of 9.8 sen apiece. It also said Leading Ventures’ offer price of half a sen per Meta Bright warrant is a discount of 92.1% to the theoretical value of Meta Bright’s warrants of 6.33 sen each. UOB Kay Hian is of the view that the offer is not reasonable due to Leading Ventures’ intention to maintain Meta Bright’s listing status on the Main Market of the local exchange.

Sand Nisko Capital Bhd on Tuesday announced the resignation of Lee Ping Wei as its executive director, less than eight months after he was appointed. Lee, 33, resigned “to focus on other matters that require his full attention”. He was appointed to the post on Feb 28.

Warrant specialist Alan Voon Sze Lin has resigned as the non-independent non-executive director of Silver Ridge Holdings Bhd, to pursue his personal interests. His resignation takes effect from Tuesday.

http://www.theedgemarkets.com/article/caely-wce-privasia-mhb-pintaras-jaya-southern-cable-drbhicom-ivory-properties-cn-asia-meta