KUALA LUMPUR (April 2): GW Plastics Holdings Bhd has changed its name to MCT Bhd, effective today.

In a filing with Bursa Malaysia today, the Practice Note 17 (PN17) company said it has received approval from the Companies Commission of Malaysia (CCM) today.

Subsequent to the name change, the company also saw a slew of changes in its list of substantial shareholders today, following the completion of its reverse takeover by MCT Consortium Bhd.
 
Dato’ Seri Yeoh Soo Ann, Abang Ariffin Abang Bohan, Keybumi Sdn Bhd, Lim Kok Boon and Megastart Sdn Bhd have ceased to be substantial shareholders of the company.

In a separate announcement, MCT (fundamental: 1.65; valuation: 0.3) said its board has also approved the proposed utilisation of RM384 million for its proposed regularisation plan.

Under the plan, RM231 million will be used as capital expenditure to develop property projects and investment properties within two years, RM120 million will be used to repay banks immediately, RM20 million will be used for working capital, while the remaining RM13 million will be used for expenses related to its proposed regularisation plan.

The company had just announced a new senior management line up yesterday (April 1), which saw MCT Consortium co-founder Tan Sri Goh Ming Choon, 51, being appointed deputy executive chairman of the PN17 company, effective immediately.

Another MCT Consortium co-founder, Datuk Seri Tong Seech Wi, 49, had been appointed as executive director and chief executive officer of the company.

Besides the two, Tan Sri Abi Musa Asa’ari Mohamed Nor, 65, Tan Sri Lau Yin Pin@Lau Yen Beng, 65, and Datuk Goh Hin San, 58, have also been appointed directors effective yesterday (April 1).

The suspension of trading of MCT’s securities on the Main Market of Bursa Malaysia is expected to be lifted on April 6, 2015.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)