Major Bandar Raya shareholder offers to buy assets
Ambang Sehati SB, the major shareholder of Bandar Raya Developments (BRDB) with a 18.8% stake, has offered to buy some of the developer’s assets, including Bangsar Shopping Centre, Menara BRDB in Jalan Maarof, CapSquare Centre and Permas Jusco Mall in Johor Bahru. The price will be determined later. Ambang Sehati SB believes the proposed disposal will enable BRDB to monetize these assets and achieve a more efficient utilization of its capital. The entire assets, according to BRDB’s annual report, have a carrying value of RM942.4m, and were revalued last year. (Financial Daily)
Offer to privatise DXN at RM1.75 per share
DXN’s major shareholders have issued a notice of conditional takeover to acquire all the remaining shares in DXN they do not own at RM1.75 per share, a 23.2% premium to yesterday’s closing price of RM1.42. The offer for DXN, a multilevel marketing company that distributes lingzhi-based and other herbal health products, is subject to a 90% acceptance condition. The joint offerors do not intend to maintain DXN’s listing status should the 90% acceptance condition be achieved. The joint offerors currently hold a 66.6% stake. (Financial Daily)
Dijaya acquires 80 ha in Kajang for RM228m
Dijaya has acquired 80 ha of freehold development land in Kajang from Taiyo Resort (KL) for RM228m, or RM26.40 per sq ft. It will be turned into a mixed development with expected GDV of RM2bn. The five parcels of land are currently occupied by the Kajang Hill Golf Club. The planned development, named Tropicana Kajang, will comprise houses, condominiums, apartments and shop offices. The company said that the proposed Kajang-Sungai Buloh MRT project will enhance the investment potential in the vicinity of Kajang. The acquisition will be funded by internally generated funds and bank borrowings. (Financial Daily)
Dialog Group Bhd : Indonesian unit issues new shares
Dialog Group Bhd said its Indonesian subsidiary PT Dialog Sistemindo had increased its issued and paid-up share capital to US$400,000, or RM1.2mil (from US$340,000, or RM1.0mil), by issuing 60 new shares of US$1,000 (RM2,970) each at par for cash. As a result of the enlarged issued and paid-up capital of PT Dialog, the group’s equity interest in its unit has been reduced to 90.0% (from 95.0%). The balance 10.0% stake is held by one Edison Sinaga. – Business Times
CIMB Group Holdings Bhd : CIMB Islamic loans to boost CIMB this year
According to CIMB Islamic Bank Bhd executive director and CEO Badlisyah Abdul Ghani, CIMB Islamic expects an increase in its financing contribution to the CIMB group to between 15.0% to19.0% this financial year, up from 13.8% currently. He said that both the conventional bank and the Islamic bank are growing but they expect the share of loan book by the Islamic bank to grow bigger but not to the extent that it will be growing too fast. – The Edge
Malaysia Marine and Heavy Engineering Holdings Bhd : Buy of Sime’s yard depends on lease extension
Malaysia Marine and Heavy Engineering Holdings Bhd’s (MMHE) RM393.5mil acquisition of the Pasir Gudang fabrication yard depends on the tenure of the land leases being extended by 34 years. The company also said upon completion of the deal, MMHE will be the largest fabricator in the country with its yard size increasing from 372 acres to 488 acres. In tandem with the increase in yard size, the transaction is also expected to increase capacity to 69,700 metric tonnes per year production. In reply to queries by Bursa Malaysia on its proposed purchase of the fabrication yard that is scheduled to be completed by March 31, 2012, MMHE in substantiating its proposed purchase of the Pasir Gudang yard from Sime Darby Engineering Sdn Bhd (SDE) stated that the facility is in close proximity to MMHE’s existing yard and is equipped with infrastructure that can support higher-end fabrication works. In the event that the land leases fail to receive the relevant approvals from Johor Port Authority and Johor Port by March 16, 2012 (the cut-off date for completion of the transaction), the board of MMHE will then have to decide on its next course of action and an announcement will be made in due course. – The Edge
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