Tanjung Offshore gets 8-month extension for HoA

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KUALA LUMPUR: Based on news flow and corporate announcements last Friday, the stocks that may be in focus today could include the following: Tanjung Offshore Bhd, TH Heavy Engineering Bhd, Euro Holdings Bhd, Titijaya Land Bhd and Weida (M) Bhd.

Tanjung Offshore Bhd told the local bourse that the conclusion of the two heads of agreements (HoA) entered into on June 5, in relation to its proposed reverse takeover of Bourbon Group’s businesses, will be extended by another eight months from Oct 5 this year to June 5 next year.

TH Heavy Engineering Bhd has proposed to undertake a renounceable rights issue to raise up to RM450 million, with a bonus issue of one bonus share for every five rights share subscribed.

As of last Friday, the entitlement basis for the rights shares and the issue price have not been fixed.

The mandatory general offer for Euro Holdings Bhd (EHB) at 44 sen per share has been deemed “not fair” and “not reasonable” by independent advisers DWA Advisory Sdn Bhd.

In a circular released to Bursa Malaysia last Friday, DWA said the offer price of 44 sen per share did not reflect the fair value of EHB shares and was below its market price.

Property developer Titijaya Land Bhd has appointed Tan Sri Syed Mohd Yusof Syed Nasir (pic) — popularly known as “Jojo” — to its board as well as nomination committee, after the resignation of Datuk Wan Ahmad Fauzi Hashim, who was previously non-independent non-executive director and member of the nomination committee.

Weida (M) Bhd has partnered with Pacific Mutiara Sdn Bhd to jointly develop residential, commercial, low-cost and affordable property units on two parcels of leasehold land totalling 11.45 acres (4.63ha), in Cheras, Kuala Lumpur.

The two lands, measuring 8.93 acres and 2.52 acres respectively, are located in Cheras and are accessible via well-established road links and highways such as Jalan Cheras, Jalan Loke Yew and the Middle Ring Road 2.

This article first appeared in The Edge Financial Daily, on October 7, 2014.