KUALA LUMPUR (Dec 3): Based on corporate announcements and news flow today, companies that might be in focus tomorrow (Friday, Dec 4) include the following: Malaysian Resources Corp (MRCB), MRCB-Quill Real Estate Investment Trust (MQREIT), UEM Sunrise and Halex.
Malaysian Resources Corp Bhd (MRCB) is planning to inject the 33-storey Menara Shell into MRCB-Quill Real Estate Investment Trust (MQREIT) to unlock RM640 million worth of investment value in the property.
MRCB said its wholly-owned subsidiary 348 Sentral Sdn Bhd has entered into a heads of agreement (HOA) with Maybank Trustees Bhd, trustee for MQREIT, for the disposal of the office tower that is located next to Kuala Lumpur Sentral at Jalan Tun Sambanthan.
The property comes together with a five storey podium and a four storey basement car park.
MRCB said the RM640 million price tag for the proposed disposal is based on the valuation of Menara Shell by independent valuer, CH Williams Talhar & Wong Sdn Bhd, via a certificate of valuation dated Nov 25, 2015.
Property developer UEM Sunrise Bhd is selling the serviced apartments component of the group’s maiden Australian project, the mixed development Aurora Melbourne Central at La Trobe Street, Melbourne Australia, to Ascendas Hospitality Trust for A$120 million (RM380 million).
The disposal, expected to be completed by Sept 30, 2019, will contribute A$26.95 million (RM83.27 million) to UEM Sunrise Group’s earnings for the financial year ending 2019, according to UEM Sunrise's Bursa Malaysia filing.
UEM Sunrise's wholly-owned subsidiary, UEM Sunrise (La Trobe Street) Pty Ltd, signed an agreement yesterday (Dec 2) with The Trust Company (Re Services) Ltd, trustee for the Ascendas Australia Hotel Trust, for the sale of the apartments — 252 units in all — located on level 10 to 32 of Aurora Melbourne Central.
The apartments are also equipped with common facilities located on level nine and a restaurant on the ground floor.
The disposal does not require approval from UEM Sunrise’s shareholders, but is subject to approvals from relevant authorities.
Halex International Sdn Bhd, a subsidiary of Halex Holding Bhd, has terminated its Memorandum of Understanding (MoU) with Goh Teik Keng, the major shareholder of VW Win Holdings Plc, in relation to its proposed acquisition of at least a 51% stake in VW.
Halex said the company was not provided with complete documentation to enable it to carry out the requisite due diligence exercise as stipulated in the MoU, and as such, has decided to terminate the MoU.
To recap, Halex had on Sept 14 entered into the MoU to acquire the stake in VW Win, which currently operates a licensed lottery gaming business in Cambodia, and intends to apply for and operate an online gaming license in the kingdom.
The conditions stipulated in the MoU include Halex International receiving a written approval from the relevant authorities in Cambodia with regards to the proposed sale and purchase of the shares; completing a legal and financial due diligence on the business of VW Win; and obtaining shareholders’, Bursa Malaysia’s and Securities Commission Malaysia’s approval in relation to the proposed acquisition.
The MoU also stated that VW Win must obtain a valid online gaming licence in Cambodia.
(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.)