KUALA LUMPUR: Based on corporate announcements and news flow last Friday, stocks that may garner interest today could include KNM Group Bhd, Bertam Alliance Bhd, Harvest Court Industries Bhd, Pasukhas Group Bhd, Luxchem Corp Bhd, and Amtel Holdings Bhd.
KNM Group has proposed a one-for-five renounceable rights issue of up to 430.49 million new shares, together with free warrants on the basis of one warrant for every two rights shares subscribed, to raise between RM233 million and RM310 million. “Assuming an indicative issue price of 72 sen per rights share, the proposed rights issue is expected to raise gross proceeds of up to RM232.61 million and RM309.95 million under the minimum scenario and maximum scenario, respectively,” said KNM in a filing with Bursa Malaysia.
Half of the proceeds is to repay borrowings, while the other half is for working capital.
Bertam Alliance Bhd has appointed Sabah businessman Lim Nyuk Foh as its managing director. Lim is also the managing director and founder of timber products manufacturer Priceworth International Bhd.
Lim is to succeed Tan Ai Tong, who has been redesignated as executive director. Lim had also recently became a substantial shareholder of building materials manufacturer Sarawak Consolidated Industries Bhd, with a 23.47% stake. Bertam slipped 2 sen or 2.38% to close at 82 sen, with a market capitalisation of RM169.54 million.
Datuk Raymond Chan has ceased to be a substantial shareholder of Harvest Court after selling 3.7 million shares or a 1.32% stake in the company last Thursday, via open market transaction.Chan was removed as a director of Harvest Court at the company’s annual general meeting in June, but had stayed on as its chief executive officer. Harvest Court closed unchanged at 21.5 sen, with a market capitalisation of RM60.4 million.
Mechanical and electrical (M&E) engineering solutions provider Pasukhas Group has secured a RM44.43 million contract for the sub-structure and external works of a medical tourism project at Barat Daya, Penang.
In a filing with Bursa last Friday, Pasukhas said its wholly-owned unit, Pasukhas Sdn Bhd, had on Oct 13 accepted a letter of award from Senja Aman Development Sdn Bhd, the developer of the medical tourism project.
Pasukhas closed 1 sen higher at 22 sen, bringing its market capitalisation to RM64.9 million.
This article first appeared in The Edge Financial Daily, on October 20, 2014.