Sg Buloh-Kajang MRT line to be finalised latest by May
The locations of the 35 stations of the first mass rapid transit (MRT) line from Sg Buloh to Kajang are expected to be finalised between April and May, says Land Public Transport Commission (SPAD) CEO, Mohd Nur Ismal Kamal. The line, with about 9.5km underground, will run through Sg Buloh, Kota Damansara, Kuala Lumpur, Cheras to Kajang. However, it was previously reported the alignment of the MRT may differ from what it was first proposed by MMC-Gamuda JV SB, the project delivery partner, as some highly busy hubs like Klang, Petaling Jaya and Shah Alam were not included in the initial MRT alignment. (Malaysian Reserve) Puncak receives formal water assets offer from Selangor Govt Puncak Niaga Holdings and its subsidiary Syarikat Bekalan Air Selangor SB have received formal offers from the Selangor state government for their water assets, the company said in a statement to the Malaysian stock exchange. Details of the offer will be announced following review by management, according to the statement. (Malaysian Reserve)
Hap Seng to raise funds via rights issue, placement
Plantation and property group Hap Seng Consolidated Bhd is proposing a renounceable rights issue, bonus issue and private placement to, among other things, raise funds for capital expenditure requirements, corporate purposes and additional working capital purposes. The company is proposing a rights issue of up to 448.31m shares together with up to 448.31m new free detachable warrants on the basis of one rights share together with one warrant for every five Hap Seng shares held. The bonus issue being proposed will involve up to 1.49bn new shares to be credited as fully paid-up on the basis of two bonus shares for every one existing Hap Seng share on an entitlement date to be determined and announced later. The company's proposed private placement will involve up to 124.53m new ordinary shares of RM1 each, representing up to 20% of the issued and paid-up share capital of the company. The proposed increase in the authorised share capital will boost the share capital to RM5bn from the present RM1bn. (StarBiz)
Guan Chong expects to raise RM120m
Guan Chong Bhd expects to raise up to RM120m from its corporate exercise of issuing 60m free warrants. “Based on the exercise price of the warrants of RM2 per new GCB share, the company stands to potentially raise up to RM120m during the tenure of the warrants upon full exercise of the warrants by the holders of the warrants. “Such proceeds will be utilised for the day-to-day working capital requirements of the GCB group,” it told Bursa Malaysia last Friday. The company said that it had fixed the exercise price for the warrants at RM2, which was 9.29% or 17 sen over the theoretical ex-price after the proposed bonus issue of RM1.83 per share, based on the five-day volume weighted average price of RM2.44. (StarBiz)
JCorp may sell land, property to pare down debts
Johor Corp is considering selling various assets including some landbank, properties and plantation assets to partly repay its current RM3.6bn debt which is due for repayment in July next year. The state investment arm first plans to bring down the debt level of RM3.6bn to a “sustainable level” of between RM1bn and RM1.5bn following a debt restructuring exercise, its newly appointed president and chief executive Kamaruzzaman Abu Kassim said. That would mean that it needs to raise at least RM2.1bn by 2012. “About 70% (source of funding) for the RM2.1bn needed has already been identified and this includes selling some of our assets,” he said at a meeting with the media last Friday. (StarBiz)
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