Sime Darby re-looks at property JVs
Sime Darby is taking a re-look at some of its property joint ventures and where possible, is seeking to unwind out of ventures that do not create maximum value for itself. It is also in no hurry to list its Indonesian plantation arm, as was earlier speculated, preferring to enhance efficiencies before such an exercise. (Starbiz)
Glomac to buy Dengkil land from Cyberview for RM27m
Glomac will acquire seven acres of land in Dengkil from Cyberview SB for a purchase consideration of RM27.44m to expand its Glomac Cyberjaya Development. Its wholly-owned subsidiary, Berapit Properties SB, has entered into a sale and purchase agreement (SPA) with Cyberview amd Setia Haruman SB, the developer for the project, in a move to purchase the land. The proposed acquisition, located in the Cyberjaya Enterprise Zone and adjacent to the Glomac Cyberjaya project, will increase its existing landbank in the Klang Valley. (MalaysianReserve)
KNM proposes to consolidate shares
KNM Group has proposed to consolidate its shares to improve its capital structure by reducing the number of shares but without affecting value of the securities. The group is proposing to consolidate every four of its shares of 25 sen each into 1 ordinary share of RM1 each. The company has also proposed to amend its memorandum and articles of association to effect the share consolidation exercise. As at 30 Aug 2010, the issued and paid-up share capital of KNM was about RM1bn, comprising 4.004 billion shares. Upon completion of the proposed share consolidation, the issued and paid-up share capital of KNM would be rounded down to about RM1.0 billion, comprising about 1.0bn consolidated shares. (BT)
MASB defers implementation of IFRIC 15
The Malaysia Accounting Standards Board (MASB) has deferred the implementation of the IC interpretation 15 Agreements for the Construction of Real Estate (IC 15) from 1 July, 2010 to 1 Jan 2012. IC 15 is MASB’s wordfor- word reproduction of the IFRIC 15 (International Financial Reporting Interpretations Committee on real estate development) issued by the International Accounting Standards Board (IASB) in July 2008. MASB had commenced the due process for adoption in August 2008. (FInancialDaily)
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