Astro : Privatisation to succeed. The general offer for Astro All Asia Networks reached 99.3% acceptances from all parties, which exceeds the level needed for compulsory acquisition. The offerors will proceed to extend a final offer to compulsorily acquire the remaining shares of Astro at the same price of RM4.30 per share. Astro has already been excluded as a component of the KLCI 30 index and replaced by Hong Leong Financial Group, effective on 26th May. (Source: Bursa Malaysia)
F&N : Plans for RM1b cash to be made known. Fraser & Neave Holdings Bhd (F&N) will soon announce plans for its potential cash pile of RM1b arising from disposals of certain assets as the company enters its next stage of development. F&N CEO, Tan Ang Men mentioned they were on the lookout for potential acquisition targets. (Source: The Edge)
Property : Overwhelming response to latest condo launch at Desa ParkCity. Almost 90% of the non-bumiputera units at the latest condominium project, The Westside One in Desa ParkCity have been snapped up at an average of RM600psf. (Source: The Edge)
Proton : VW?s turn to snub Proton. The latest proposed tie-up between Proton Holdings Bhd and Volkswagen AG (VW) has collapsed as the latter has ?other priorities?. There was speculation that the two parties could not reach an agreement as VW intended to assemble its low-priced models at Proton?s plants, and that would most likely cannibalise the latter?s sales. According to managing director Datuk Syed Zainal Abidin Tahir, Proton was also discussing with Mitsubishi and Renault for collaboration in engines and products. (Source: The Edge)
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