KUALA LUMPUR (June 4): Based on news flows and corporate announcements, stocks on focus for Friday (June 7) may include: Can-One Bhd, Seacera Group Bhd, Yee Lee Corp Bhd, Maxwell International Holdings Bhd, Xingquan International Sports Holdings Ltd, Metronic Global Bhd.
Can-One Bhd has accepted the offer from Asia Dairy Creations Sdn Bhd (ADCSB) to sell its sweetened creamer and evaporated creamer original equipment manufacturer (OEM) unit F&B Nutrition Sdn Bhd for a price tag of between RM800 million to RM1 billion.
Can-One announced the offer from ADCSB, a special purpose vehicle managed by Southern Capital Group Private Ltd, yesterday. Can-One has a direct 20% stake in F&B, with the balance 80% indirectly held under its wholly owned Amber Alliance Sdn Bhd.
The trading of Seacera Group Bhd’s shares will be suspended on June 12 if it does not furnish Bursa Malaysia its quarterly financial report for the quarter ended March 31, 2019. The tile manufacturer has up to June 11 to submit the report, otherwise the regulator will proceed to suspend its shares.
Yee Lee Corp Bhd shareholders now have another fortnight – up till June 21 – to consider the takeover of RM2.33 a share from the joint offerors, private equity fund Dymon Asia Private Equity (S.E. Asia) Fund II Ptd Ltd and Yee Lee’s founder Datuk Lim A Heng @ Lim Kok Cheong and his family.
This is because the joint offerors extended the deadline for the acceptance from the original due date this Friday (June 7). As of June 3, the joint offerors have acquired 69.95% or 134.03 million shares of the group’s outstanding 191.6 million shares, after 6.62% or 12.69 million of outstanding shares have accepted their offer.
China-based Maxwell International Holdings Bhd and Xingquan International Sports Holdings Ltd will continue to see a suspension in the trading of their shares after the two companies failed to submit their quarterly financial reports for the period ended March 31 by May 31. In the case of Maxwell, this is the third time the group did not deliver its quarterly fiscal report.
Metronic Global Bhd shareholders claiming to hold at least 10% of the group’s shareholdings, are calling for an extraordinary general meeting (EGM) to replace its board of directors.
In a bourse filing, shareholders Lagenda Perdana Sdn Bhd and Ng Wai Yuan have called for the EGM to be held in order to appoint Loh Chye Teik, Seah Soo Chang, Kok Chee Hong and Choo Chung Tiong as directors.
The EGM will also decide on proposals to remove Hoo Wai Keong, Datuk Kua Khai Shyuan, and Khor Ben Jin as directors of the group.
The shareholders aim to hold the EGM on July 1, 2019, to carry out their resolutions.