Khazanah Nasional will book a modest divestment gain from selling its 42.7% stake in Proton Holdings for RM5.50 per share, or a total cash consideration of RM1.29bn. Speaking to the media during Khazanah’s annual review, MD Tan Sri Azman maintained that Khazanah’s entry cost into Proton in 2002 was lower than RM8 as reported. Azman, however, declined to disclose Khazanah’s investment cost in Proton or the expected divestment gain from the transaction, only saying that the RM5.50 per share price tag was slightly higher than Khazanah’s holding cost. (Financial Daily)
DRB-HICOM keeps options open on Lotus
Automobile assembler DRB-HICOM said yesterday it will keep its options open for selling Proton’s sports car unit Lotus, while ruling out an equity sale of Proton. MD Datuk Seri Mohd Khamil said the company will meet with the Lotus management as soon as possible and conduct due diligence before making a decision. “I’m open to options, whether to move up or move forward on Lotus. We have to sit with the Lotus management and look at their plans before making any decisions. “I’m not looking to sell at this moment until I see the company,” he said at a media briefing here yesterday. On another note, he also denied talk that the company is selling assets, borrowing from foreign banks amd using billionaire Tan Sri Syed Mokhtar’s influence to finance yhe purchase Proton Holdings shares. (Financial Daily)
CI on the lookout for weak companies
CI Holdings group managing director Datuk Johari Abdul Ghani said CI Holdings Bhd's next acquisition target is one where management is weak and has limited abilities to raise funds. Size does not matter, and the acquisition target could even be a small company. “I turn companies around and bring them to the next level. It is not about the sector. I like companies with weak management, meaning that the existing management cannot convince bankers that they can grow.’’ “Secondly, these companies have a limited capacity to raise cash because of the background of the shareholder of whatever reason. And thirdly, this company finds it hard to attract talent,” Johari told StarBiz after the company's EGM. He said he has a few proposals on his table and was in the process of evaluating them. (StarBiz)
MAS appoints senior officials
Malaysian Airline System Bhd has appointed Shane Nolan interim commercial director and Al-Ishsal Ishak senior vice president for marketing and promotions effective on 16 Jan. The group also appointed Dr Hugh Dunleavy as executive vice president, network, alliance, strategy and planning; and Shihaj Kutty as senior vice president, revenue management last month. Malaysia Airlines CEO Ahmad Jauhari said in a statement yesterday, “On behalf of the management team, I am extremely pleased to welcome Dr Dunleavy, Shihaj, Ishsal and Shane to Malaysia Airlines. We believe that their professional experience and inputs will be valuable for our efforts to successfully implement the business plan towards the profitability for our group.” (StarBiz)
XiDeLang proposes private placement, bonus and rights issue
China-based sports shoe and apparel maker XiDeLang Holdings is hoping to raise RM29.7m via a proposed private placement, bonus issue and rights issue of warrants. In a filing with Bursa Malaysia, XiDeLang said it is proposing a private placement of up to 43.99m new shares to be placed with independent third party investors to be identified at a later date. It is also proposing a 1-for-2 renounceable rights issue of up to 43.99m new shares. The private placement and rights issue are expected to raise up to RM29.7m, which would mainly be utilized to purchase machinery and equipment for its new design and production centre. (Financial Daily)
HELP International invests RM20m
HELP International Corporation is set to invest RM20m to establish HELP International School in Subang. It said the school would be built on a 2.8ha site and would cater for more than 3,000 students, with the first phase to open in September 2013, with an initial intake of 500 to 600 students. “We aim to make this school a model school and will look at other opportunities to expand within Malaysia and overseas,” it said in a filing with Bursa Malaysia. (StarBiz)
Brahim: Invited to buy into refined sugar producer. Brahim's Holdings Bhd (BHB) says it has received an invitation to take up to 60% equity interest in Admuda Sdn Bhd for a consideration of up to RM20m. Admuda holds a licence from the International Trade and Industry Ministry to operate as a licensed manufacturer of refined sugar and molasses in East Malaysia. (Source: Bursa Malaysia)
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