Friday 29 Mar 2024
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KUALA LUMPUR (Jan 4): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Jan 7) may include the following: Malaysia Airports Holdings Bhd, LBS Bina Group Bhd, Spring Gallery Bhd, PUC Bhd and Ho Wah Genting Bhd.

Raja Azmi Raja Nazuddin, who has served as acting group chief executive officer (CEO) of Malaysia Airports Holdings Bhd (MAHB) since June 23, 2018, is now officially the airport operator's group CEO for a three-year tenure.

Raja Azmi, 52, assumed the role of acting group CEO following the retirement of Datuk Mohd Badlisham Ghazali from MAHB on June 22 last year.

LBS Bina Group Bhd has set a new property sales target at RM1.5 billion in 2019 as the developer foresees persistent housing loan application rejections in Malaysia curbing real estate sales.

LBS group managing director Tan Sri Lim Hock San said the group's property sales have been heavily affected by banks' stringent loan approval criteria and is expecting a rate of 50% or more.

He added that the housing loan application rejection rate stood at 50% in 2018 and 45% in 2017.

He noted that the group is trying to sell houses with pricing around RM300,000 and this will be its focused strategy for the next five years, noting that properties in this price range have always been well received and can help tackle the high rejection rate on housing loan applications.

Spring Gallery Bhd’s chief executive officer Datuk Lim Chaing Cheah has resigned from the loss-making group due to “focus on ceramic business at the subsidiary level”. Spring Gallery did not name any successor for Lim.

The ceramics and pottery products manufacturer has also appointed Rasydan Alias Mohamed as an independent non-executive director, replacing Amirul Azhar Baharom, who resigned today for “other personal and business commitments”.

PUC Bhd's wholly-owned subsidiary Wealth Pursuit Sdn Bhd has entered into a Memorandum of Understanding (MoU) today with Yayasan Pekerja Malaysia (YAPEM) to provide micro financing to YAPEM members.

The signing of the MoU comes on the heels of the company’s proposed takeover of Pictureworks Holdings Sdn Bhd, which specialiases in imagery capture and distribution platforms, for RM168 million through a share plus cash deal.

PUC said that YAPEM will facilitate all operations to implement the deduction of salary program to manage its respective members’ repayment of the micro financing to its financial services arm Wealth Pursuit.

Wire and cable manufacturer Ho Wah Genting Bhd proposed a private placement of up to 34.24 million new shares to third party investors to raise funds for working capital and repayment of borrowings.

The private placement may be implemented in one or more tranches within six months from the date of Bursa's approval or any extended period approved by Bursa.

The issue price of each tranche of the placement shares, where applicable, shall be determined separately and announced by the company at a later date following the receipt of relevant approval for the proposed private placement based on the volume weighted average market price of its shares for the five market days immediately prior to the price-fixing date, with a discount of not more than 10%.

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