Friday, August 5, 2011

20110805 1107 Malaysia Corporate Related News.

Engtek directors accept taking company private at RM2.50 per share
Non-interested directors of Engtek decided to accept the takeover offer price of RM2.50 per share. Engtek’s board will next table the resolutions to the shareholders for their consideration and approval at an extraordinary general meeting to be convened. In late July, Engtek major shareholders made an offer to take the company private at an indicative offer price of RM2.50 per share or RM307.2m. (Malaysian Reserve)

Major shareholders sell out on Sanichi
Germany-based Projektarbelt Technische Beratung Venretung International (Protev) is conducting due diligence on Sanichi for possible acquisition of a strategic stake in the latter. Sanichi said the due diligence would be conducted between August and September, in relation to the MoU that both parties had signed in June. Meanwhile, PFM Capital SB sold its entire 18.95% stake in Sanichi. Datuk Md Wira Dani Abdul Daim is likely to be the buyer for part of the block after surfacing as a substantial shareholder with a 6.12% stake. (Financial Daily)

Affin: Scraps plan to buy Indonesian bank. Affin has discontinued plans to acquire a 80% controlling stake in PT Bank Ina Perdana (Bank Ina) given that Indonesia's central bank is mulling plans to reduce the limit on foreign majority shareholdings in Indonesia's commercial banks. (Source: Bursa Malaysia)

CIMB: Sets up investment banking advisory JV in Sri Lanka. CIMB Group Holding's indirect wholly owned subsidiary, CIMB securities International Pte Ltd, will establish an investment banking advisory joint venture in Sri Lanka. The JV company would be a subdiary of CIMB securities International upon its incorporation. (Source: Bursa Malaysia)

Catcha Media: Another new shareholder. Catcha Media Bhd says HSC Healthcare Sdn Bhd, headed by Dr Lim Yin Chow, has become a substantial shareholder by acquiring a 5% stake. (Source: Bursa Malaysia)

Transportation: Early study on KL-S'pore hi-speed train ready Aug 19. A pre-feasibility study on the high-speed train connecting Kuala Lumpur and Singapore is expected to be completed by Aug 19. The study would allow the government to decide on the corridors and stations to be located between Kuala Lumpur and Singapore. (Source: The Edge Malaysia Online)

Construction: KLIFD takes shape. 1Malaysia Development Bhd (1MDB), the government-owned firm in charge of setting up the Kuala Lumpur International Financial District (KLIFD), has picked Akitek Ju-rurancang (Malaysia) Sdn Bhd and its international partner, Machado Silvetti and Associates (MSA), as the project's master planners. The USD8b (RM23.7b) KLIFD, one of Malaysia's biggest projects, aims to tightly cluster financial institutions and top global firms on 30.3ha of land in the Imbi area, fronting Jalan Tun Razak here. (Source: Business Times)

Property: SP Setia Says not in talks with E&O. Sp Setia Bhd said it is not in any acquisition or takeover talks with rival Eastern & Oriental Bhd (E&O) or its shareholders. It was responding to a query from Bursa Malaysia based on reports that it is keen on buying E&O to gain access to land in Penang. (Source: Bursa Malaysia)

Plantation: Oil palm JV firms suffer RM34m losses on FFB theft. Oil palm joint-venture companies (JVCs) managed by the Sarawak Land Custody and Development Authority (LCDA) have suffered an estimated losses of RM33.6m due to theft of fresh fruit bunches (FFB) since last year. The NCR projects include SPB Penan Jambatan Suai Sdn Bhd whose 1,855ha plantation at Suai in Miri that is being jointly developed with Sarawak Plantation Bhd amd 150 landowners, had incurred losses of RM21.2m. (Source: The Edge Financial Daily)  

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