Friday 29 Mar 2024
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KUALA LUMPUR (Oct 7): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Oct 10) could include: Deleum, CME, REDTone, MSM and Malaysia Smelting.

Deleum Bhd, whose share price rose nine sen or 8.5% over the past two days to RM1.15, confirmed that its chairman Datuk Izham Mahmud has received several share acquisition requests.

The group said Izham has received several informal enquiries from several interested parties on his equity interest in the company.

It, however, said nothing conclusive has been agreed upon at this juncture.

The company issued the announcement in response to The Edge Financial Daily's earlier report that stated billionaire Tan Sri Syed Mokhtar Albukhary may take up to 20% stake in Deleum.

Quoting sources, the financial publication said Syed Mokhtar is eyeing oil and gas (O&G) assets in Iran and is considering Deleum as an avenue to park these assets.

The report said Izham could be the one who is looking to cede his shareholding in the upstream O&G service provider.

The 75-year-old is Deleum's largest single stockholder, with a 34.57% stake, mostly held through his interests in IM Holdings Sdn Bhd and Lantas Mutiara Sdn Bhd.

CME Group Bhd's wholly-owned subsidiary CME Edaran Sdn Bhd has bagged a contract to supply fire fighting vehicles and provide maintenance services to Petronas Refinery & Petrochemical Corp Sdn Bhd, worth RM48.82 million.

CME said the duration of the contract to supply fire fighting vehicles is three years, starting from Sept 29, and the planned delivery dates are based on a phasing basis as per the agreed schedule.

The maintenance services, however, are for five years, upon expiry of the two-year warranty period for the vehicles.

REDtone International Bhd is selling its entire 92.31% stake in REDTone Asia Inc to Million Vision Development International Ltd for RMB38.31 million (RM23.78 million), to streamline and rationalise its operations including the divestment of non-income generating subsidiaries.

The telecommunication services provider said the disposal consideration is to be satisfied via two methods.

Firstly, the assumption of debt by the purchaser of a sum of RMB21.31 million (RM13.23 million) being amount owing by REDTone International to REDtone Asia and/or its subsidiaries; and secondly, the balance of RMB17 million (RM10.55 million) to be paid in cash.

REDTone International said its original cost of investment in REDtone Asia is about RM75.43 million, incurred since 2010.

As at July 31, the carrying value of REDtone Asia at the group is about RM16.82 million.

Million Vision was incorporated in Hong Kong as an investment holding company on April 28, 2016. Its present director and shareholder is Chan Wa Faat.

MSM Malaysia Holdings Bhd has awarded an RM18.3 million contract for the construction of a TNB substation and other ancillaries and associated works to Felda Engineering Services Sdn Bhd.

The country's largest sugar producer said the contract was awarded by its wholly-owned unit, MSM Refinery (Johor) Sdn Bhd.

It pointed out that the contract was tendered by way of public tender exercise, and Felda Engineering was chosen as it has the lowest bid and also met both commercial and technical requirements for the tender.

MSM said the job shall be completed within 14 months, starting today, or by any extended period as stipulated in the conditions of contract.

Six companies had submitted their quotations during the public tender exercise, of which four were shortlisted based on both technical and commercial requirements.

Malaysia Smelting Corp Bhd (MSC) should also be in the limelight on Monday, following the appointment of Patrick Yong as its new chief executive officer.

He will replace Chua Cheong Yong, who has resigned to pursue personal interests.

Yong is currently the managing director of M Smelt (C) Sdn Bhd, a wholly-owned subsidiary of MSC.

According to MSC, Yong has more than 40 years of experience in global business operations in several business areas including leadership, research and development of international marketing and sales organisation.

"The fast-paced changes of this world demand that we can adapt quickly, easily and at a minimal cost while retaining the focus on each business divisions. Our future set-up must effectively respond to these challenges," said Yong.

 

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