KUALA LUMPUR (Jan 2): Based on corporate announcements and newsflow today, the companies that may be in focus on Monday (Jan 5) could include: Berjaya Land Bhd, Paramount Corp Bhd, IJM Corp Bhd, Kanger International Bhd, Sentoria Group Bhd, Brem Holding Bhd, LBS Bina Group Bhd and ML Global Bhd.
Berjaya Land Bhd (BLand), controlled by tycoon Tan Sri Vincent Tan Chee Yioun with a 73.17% stake, has aborted a plan to sell off its 70% stake in Berjaya (China) Great Mall Co Ltd (GMOC), which is developing the RM7.5 billion Great Mall of China project in Hebei Province, China, to Hong-Kong listed Carnival Group International Holdings Ltd.
In a filing with Bursa Malaysia today, BLand said the Memorandum of Understanding (MoU) outlining the disposal of its 70% stake in GMOC to Carnival Group had lapsed on Dec 31, 2014, and the parties are no longer obligated to proceed with the proposed disposal of equity interest.
The Edge Weekly had reported on Jan 20 last year reported that Tan’s ambitious plan to build the world’s largest mall in China was delayed after missing the October 2013 deadline to complete Phase 1.
BLand shares closed up 4 sen at 84 sen today, bringing it a market capitalisation of RM4.19 billion.
Property developer Paramount Corp Bhd is buying 12 contiguous parcels of freehold land in Salak Tinggi, Sepang, Selangor, from NCT United Development Sdn Bhd for RM227.38 million or RM22 per sq ft.
In a filing with Bursa, Paramount said it has today signed a conditional sales and purchase agreement (SPA) with NCT for the proposed acquisition of land totalling 237.3 acres.
The land forms undeveloped portions of an on-going mixed development scheme known as Salak Perdana, that is currently being undertaken by NCT.
In a separate statement, Paramount said the land has an estimated gross development value (GDV) of RM1.1 billion, which will bring the group's total GDV to RM9.1 billion.
Paramount shares fell 6 sen or 3.9% to RM1.48 today, bringing its market capitalisation to RM624.95 million.
ACE-market listed Kanger International Bhd has proposed to undertake an issuance of redeemable convertible notes (RCN) programme of up to RM100 million today, together with a proposed diversification into property investment and management.
In a filing with Bursa, the China bamboo flooring manufacturer said it has entered into a conditional subscription today (Jan 2) with Advance Opportunities Fund and Advance Capital Partners Pte Ltd for the proposed RCN, which comprises of redeemable convertible commercial papers and/or redeemable convertible medium-term notes.
“The proceeds raised from the proposed RCN will be used to fund the expansion of dealerships, acquisition of land and construction of a commercial building, pursuant to the proposed diversification into property investment and management,” said Leng XingMin, the group’s managing director in a statement.
Kanger closed up 0.5 sen or 1.32% at 38.5 sen today, giving it a market capitalisation of RM196.08 million. It was first listed on Dec 23, 2013, with an issue price of 25 sen.
IJM Corp Bhd’s wholly owned subsidiary, IJM Construction Sdn Bhd, has bagged a construction and completion of superstructure works for the proposed mixed development known as “Puteri Cove Residences” in Johor Bahru for RM538.5 million.
In a filing with Bursa, IJM Corp said IJM Construction has accepted a letter of award from NRY Architects Sdn Bhd – issued on behalf of Pearl Discovery Development Sdn Bhd – for the said works on Plot TR-2-2, Mukim Pulai, Daerah Johor Bahru, Johor Darul Takzim.
The contract is for 33 months and involves the building of three blocks of 32-storey serviced apartments with 998 units.
It also involves one block of five-storey SOHO with 56 units, serviced apartment facilities, two multi-storey car parks, as well as two lobbies and a two-storey retail centre.
IJM Corp closed up 5 sen or 0.76% today at RM6.62, giving it a market capitalisation of RM9.87 billion.
Property developer and leisure resort operator Sentoria Group Bhd has proposed to acquire three parcels of freehold land in Bandar Amanjaya, Kedah, from Ideal Appraisal Sdn Bhd for RM46.44 million.
In a filing with Bursa, Sentoria said its 75%-owned subsidiary, Sentoria Utara Sdn Bhd, has signed a sale and purchase agreement (SPA) with Ideal Appraisal for the proposed acquisition of lands totalling 304.605 acres.
The completion of the acquisitions is expected in the first quarter of 2016.
“The lands are adjoining each other and are situated with 9.2km route from toll Sungai Petani Utara at Kuala Muda, Kedah and next to Ambangan Heights," it added.
Its shares closed at RM1.23 today, giving it a market capitalisation of RM554 million.
Brem Holding Bhd today announced that it has disposed 114,000 ordinary shares representing a 2.2% stake in Titi Kaya Sdn Bhd (TKSB), which is primarily in property development and investment, to Kepong Haemodialisis Centre Sdn Bhd (KHC) for RM1.89 million, cash.
Brem told Bursa this afternoon that the disposal will reduce Brem’s stake in Titi Kaya from 50.5% to 48.3%. Consequently, Titi Kaya will no longer be a subsidiary but an associate company.
“The disposal is part of the internal re-organisation exercise of Brem’s Group of companies and it is expected to enhance contribution from the construction segment of the Brem Group of companies,” said the company.
It is expected to gain RM942,677 from the disposal, which it said will be utilised as working capital.
Brem closed 1 sen or 0.98% higher at RM1.03, giving it a market capitalisation of RM342.21 million.
Property developer LBS Bina Group Bhd has declared a special dividend of 6 sen per share, which is payable on Feb 6 this year.
LBS Bina told Bursa that it has set an ex-date for the special dividend on Jan 23, with an entitlement date on Jan 27.
This is the second special dividend declared by LBS Bina. The first was on Oct 18, 2013, when the group paid a special dividend of 8 sen per share.
Meanwhile, LBS Bina continues to accumulate shares in ML Global Bhd, previously known as VTI Vintage Bhd, a local-listed roof tiles steel trusses manufacturer.
In a separate filing, ML Global said LBS Bina had in the open market acquired 260, 000 shares at 43.3 sen on Dec 30, 2014, before it bought another 450, 000 shares at 43.6 sen on Dec 31. To date,
LBS Bina owns 19.777 million shares or 22.06% stake in ML Global.
Shares of LBS Bina were unchanged at RM1.63 today, with 65,200 shares traded, giving it a market capitalisation of RM859.81 million.