Thursday, June 17, 2010

20100617 0945 Malaysia Corporate News.

SC gets injunction against Ishak
The SC has obtained an ex-parte injunction to refrain Datuk Ishak Ismail from dealing with RM10.2m, proceeds from his disposal of about 58.7m shares of Kenmark Industrial Co (M). In a statement yesterday, the SC said the Kuala Lumpur High Court also ordered Ishak to furnish full and complete details of his assets, whether in Malaysia or elsewhere, within four days. Investigations in the meantime are actively being pursued on possible breaches of securities laws within Kenmark, especially with respect to its previous board, management and key shareholders, it said. (Financial Daily)

PNB, Taiwan group in talks to sell stakes in Titan
Titan Chemicals Corp’s two major shareholders, Taiwan’s Chao Group and Permodalan Nasional (PNB) are in talks to divest their stakes in the petrochemical company. The prospective buyer could be a foreign party. If the potential buyer acquires Chao Group and PNB’s 37.4% and 30.2% stakes respectively, it could trigger a mandatory general offer for the remaining shares in Titan, unless it involves a partial divestment that’s below the takeover threshold. (StarBiz)

Maxis mulls options to raise up to RM4.5bn
Maxis is preparing to raise as much as RM4.5bn to upgrade its network and pay back debt, chief financial officer Rossana Rashidi said. The carrier, controlled by billionaire T. Ananda Krishnan, was in talks with bankers to weigh options that included the company’s first sale of bonds, Rossana said in an interview on Tuesday. Maxis may raise the funds in the next three to six months, she said. The company plans to invest RM1.4bn on its mobile phone and broadband networks this year as revenue from voice calls shrinks. (Financial Daily)

Daya Materials placement fixed at 22 sen
Daya Materials announced that it has fixed the price of the first tranche of shares in its proposed private placement at 22 sen a share. In its release to the exchange yesterday, Daya said the price of 22 sen represented a discount of 9.5% over the weighted average market price of Daya shares for the five market days preceding 16 June of 24.31 sen a share. Daya plans to issue up to 109m new shares in the placement exercise, according to its past filing with the exchange. (Malaysian Reserve)

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