OCK Group, Perak Corp may be in focus today

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KUALA LUMPUR: Based on newsflow and corporate announcements last Friday, stocks that may garner interest today are OCK Group Bhd, Perak Corp Bhd, Chemical Company of Malaysia Bhd (CCM), and Prolexus Bhd.

OCK Group Bhd announced that the Securities Commission Malaysia (SC) had approved its proposed transfer from the ACE Market to the Main Market of Bursa Malaysia.

It said the SC had also approved the application for the proposed lifting of the moratorium on OCK shares held by Aliran Armada Sdn Bhd, Ooi Chin Khoon, Abdul Halim Abdul Hamid, Low Hock Keong, Chang Tan Chin and Chong Wai Yew in conjunction with the proposed transfer.

“The lifting of the moratorium is to be effective on the date of the official listing of OCK on the Main Market of Bursa Malaysia,” the filing read.

Perak Corp told Bursa Malaysia that its board would deliberate the possible withdrawal of the proposed selective capital reduction (SCR) and repayment exercise that would pave the way for Perbadanan Kemajuan Negeri Perak (PKNP) to take the company private at RM3.90 per share.

The announcement came after PKNP, together with three other associated firms — Fast Continent, Cherry Blossom and Perak Equity — wrote to Perak Corp to request the company to withdraw the proposed SCR, subject to the SC’s consent. State-owned PKNP owns a direct 52.27% stake in Perak Corp, while the other three companies hold 0.63%.

PKNP’s request is in view of Sime Darby Property’s (Sime Property) — a substantial shareholder with a 6.13% stake — opposition to the proposed SCR and repayment. The latter had informed Perak Corp that it would be voting against the proposed SCR and repayment at an extraordinary general meeting to be convened in relation to the proposal.

“The board of Perak Corp will deliberate the withdrawal letter and decide on the next course of action to be taken in relation to the proposed withdrawal, on which an announcement will be made in due course,” Perak Corp told Bursa Malaysia in a filing.

The filing also revealed that Sime Property’s shareholding of 6.13% translates into 13% of the voting shares held by the entitled minority shareholders.

This article first appeared in The Edge Financial Daily, on October 27, 2014.