Tuesday, November 1, 2011

20111101 1007 Malaysia Corporate Related News.

Kuok Brothers to buy out Jerneh Asia
Jerneh Asia’s major shareholder, Kuok Brothers SB with a 37.7% direct stake, has launched a conditional takeover offer for Jerneh Asia in a move that could provide a quicker way to wind up matters at the cash-rich company that has been without a core business since last year. Kuok Brothers is offering RM1.45 cash per share for all remaining Jerneh Asia shares it does not own and for all new Jerneh Asia shares which may be issued arising from the exercise of the outstanding warrants. It is also looking to acquire the remaining 2.96m warrants for RM0.45 apiece. Kuok Brothers and persons acting in concert (PACs) hold a combined 41.8% stake and the deal is estimated to cost Kuok Brothers RM207.2m. (Financial Daily)

Hock Seng Lee wins RM90.3m SCORE contract
Hock Seng Lee (HSL) has secured a RM90.3m contract for a new rural water treatment plant project in Samalaju, Bintulu in the Sarawak Corridor of Renewable Energy (SCORE). The contract, through tender, will be the second water treatment plant to be built in Samalaju to serve the energy-intensive industries there. The treatment plant would comprise a pump house, chemical house, aerators, flocculation tanks, sedimentation tanks and other filtration process facilities. The contract period is for 17 months and HSL expects to take possession of the project site later this month. (StarBiz)

TRC wins RM51m award to upgrade Lumut jetty
TRC Synergy has secured a RM51.4m contract to upgrade the facilities at the Lumut jetty in Perak. TRC had received a letter of acceptance from Jabatan Kerja Raya for the contract. (Malaysian Reserve)

Ireka unit wins RM85m Vietnam contract
Ireka Corp’s Vietnam-based unit has been awarded a RM85.15m building contract from Hoa Lam-Shangri-La 1 LLC. The contract was for the construction of a nine-storey City International Hospital at the International Hi-Tech Healthcare Park in Binh Tan District, Ho Chi Minh. The contract entails the architectural, mechanical, electrical, external and ancillary works for the general hospital. (Malaysian Reserve)

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