Friday 29 Mar 2024
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KUALA LUMPUR (Feb 10): Based on corporate announcements and news flow today, companies that might be in focus on Thursday (Feb 11) include the following: Compugates Holdings, Sunway, Malaysia Airports Holdings Bhd (MAHB), Petronas Gas, Kulim, XOX and Stone Master Corporation.

Compugates Perak Sdn Bhd (CPSB), a wholly-owned subsidiary of Compugates Holdings Bhd, has been awarded a Letter of Offer by Lower Sepik Holdings Ltd (LSHL) for a logging and marketing contract in Papua New Guinea (PNG).

Compugates said CPSB was invited at its earliest convenience to enter Lower Sepik Forest Area within the Angoram District, East Sepik Province, PNG, comprising of about 70,000 hectares (172,973 acres) of forested land,  to carry out such evaluation and assessments as CPSB considers necessary to assist in its final decision whether to enter into a binding commercial enterprise with LSHL or not.

LSHL maintains its offer to CPSB exclusively for a period of six months, and will not invite any other person or entity for that purpose.

Upon written confirmation by CPSB, accepting to enter into a binding commercial enterprise with LSHL during the six months period, which has been agreed upon by both LSHL and CPSB, an agreement shall be executed within 14 working days by both parties, from the date of receipt of the relevant documents required for the drafting of the agreement.

Sunway Bhd’s property division, Sunway Property, has been named Property Company of the Year 2015 — Asia in the World Finance Real Estate Awards by World Finance, a UK-based financial magazine published by World News Media.

In a statement today, the company said the award was in recognition of its high standards in design, quality, innovation and sustainable practices.

Airports in Malaysia registered 6.85 million passengers in January, an increase of 3.2% compared to the 6.64 million passengers recorded a year ago, said Malaysia Airports Holdings Bhd (MAHB).

In a statement today, the airports operator said the growth was contributed by pre-Chinese New Year traffic, as well as the additional traffic carried by new airlines that started operations in 2015.

“The international and domestic sector recorded 3.5 million and 3.3 million passengers, an increase of 6% and 0.3%, respectively,” MAHB said.

It added that the growth was higher than expected, despite cuts from Malaysia Airlines, as the airline’s withdrawn capacity was filled by both local and foreign carriers.

Prolonged uncertainty on the Regasification Terminal Lahat Datu (RTLD) project in Sabah has resulted in the termination of the shareholders agreement between Petronas Gas Bhd and Sabah Energy Corp Sdn Bhd, on the project estimated to be worth RM1 billion.

Petronas Gas told Bursa Malaysia via a filing that the parties agreed to mutually terminate the agreement today.

“In view of the prolonged uncertainty of the RTLD project, the parties to the shareholders agreement for Regas have mutually agreed to terminate the said SHA effective Feb 10, 2016,” it said.

With oil prices dropping below US$30 per barrel, Kulim (Malaysia) Bhd has revised the price it is set to pay for a 60% stake in Indonesian oil and gas (O&G) player PT Citra Sarana Energy (CSE), to US$80 million (RM329.74 million).

The company had announced on Dec 10 that its wholly-owned unit Kulim Energy Nusantara Sdn Bhd would be purchasing the 60% stake in CSE for US$133.55 million (RM550.45 million), to strengthen its footprint in Indonesia's expanding oil and gas sector.

The deal comprises the purchase of 6,282 shares or 41.88% interest in CSE for US$64.15 million (RM264.41 million); and the subscription of 6,796 new shares, representing 31.18% stake in the company for US$69.4 million (RM286.05 million).

The shares will be acquired from the existing shareholders of CSE, namely PT Wisesa Inspirasi Sumatera and PT Inti Energi Sejahtera.

Mobile virtual network operator (MVNO) XOX Bhd’s renounceable rights issue with warrants was undersubscribed by 43.71% or 155.58 million shares.

In a filing with Bursa Malaysia, XOX said at the close of the acceptance, excess application and payment on Feb 4, that only 200.4 million rights shares with warrants were applied for.

This represented 56.29% of the rights shares with warrants available for acceptances under the rights issue of shares with warrants, which represents an undersubscription rate of 43.71%, XOX said.

However, it said the minimum subscription level of 35.6 million rights shares, together with 35.6 million warrants, was achieved.

Marble and granite manufacturer Stone Master Corporation Bhd will undertake a special issuance of shares to settle its debt of about RM3.06 billion, with 25 creditors.

In a filing with Bursa Malaysia, the company said today that it had executed the settlement agreements with all 25 creditors.

The creditors include two of Stone Master’s substantial shareholders — executive chairman Datuk Eii Ching Siew, who holds a 18.4% stake in the company; and Starfield Capital Sdn Bhd, which holds 10.51% stake.

With Stone Master owing RM2.8 million to Eii, he stands to see his stake increase to 26.19%, while Starfield can expect its stake in Stone Master to increase to 50.1%.

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