20111027 1011 Malaysia Corporate Related News.

Supermax eyes bigger market in China
Supermax Corp, the world’s second-largest rubber glove maker, plans to further expand its market in China, says executive chairman Datuk Seri Stanley Thai. He said the company would enhance its distribution network in China in the next five years, starting 2012. “Supermax will focus on identifying two or three strategic distribution locations, probably in the cluster area and density populated city,” he said. Thai said Supermax would use the same business model with a bit of modification because China had a huge population.(StarBiz)

IOI cancels RM830m plan to buy Sabah land
IOI Corp has terminated its proposed acquisition of 11,977.91ha of oil palm plantation land in Sabah from Dutaland Bhd for RM830m. IOI Corp said on Tuesday that the cancellation was “due to non-compliance of certain terms and conditions”. On 28 July, IOI Corp's unit Sri Mayvin Plantation SB signed a sale and purchase agreement (SPA) with Dutaland's unit Pertama Land & Development SB for the land. (StarBiz)

Hibiscus to venture into oil and gas E&P
Hibiscus Petroleum will make its first acquisition since listing on 25 July as a special-purpose acquisition company (SPAC) by proposing to acquire 35% of Lime Petroleum, which owns 3 exploration concessions in the Middle East for USD55m (RM172.2m) cash. The acquisition will be done in two parts. The first is via a share subscription agreement to be entered into with Lime Petroleum for approximately 27.2% equity stakes in the enlarged capital of Lime Petroleum for USD50m in cash. The second is the purchase of a 7.8% equity stake of the enlarged Lime Petroleum from one of the major shareholders, Rex Oil &Gas Ltd, through a share purchase agreement for USD5m. (Financial Daily)

Petra Energy agrees to private placement
Integrated oil and gas brown field services provider Petra Energy has approved a private placement of 19.5 million new ordinary PEB shares at 91 sen apiece. In a statement, PEB said the shares represented 9.09% of its enlarged issued and paid-up capital. Its executive director//CEO Kamarul Baharin Albakri said the placement would boost PEB’s efforts to strengthen its core competencies in project management capabilities, onshore fabrication services and fleet spread configuration. (StarBiz)

Stamford College to be delisted from Bursa
Stamford College Bhd will be delisted from Bursa Malaysia after Bursa Securities rejected its application to extend further the deadline to submit its regularization plan for approval. In a filing with the exchange, the company said its securities would be removed from Bursa Securities’ official list on Monday next week. Earlier this month, Stamford College made an application to extend the time to submit its regularization plan to 4 Feb 2012. The rejection was based on concern that the proposal was not sufficiently comprehensive to resolve all problems, or otherwise, that had caused Stamford College to trigger the PN17 criteria. (StarBiz)

Axis REIT to buy RM48.5m assets
Axis REIT has proposed an acquisition and leaseback of a three-storey office block and a logistic warehouse complex for RM48.5m cash from DHL Properties (M) SB. The agreement was entered into by OSK Trustee Bhd, the trustee for Axis REIT. The 3.083ha land is located in Barat Daya district, Penang, Axis REIT said in a statement. “The proposed acquisition and leaseback of the properties is consistent with the investment objective and strategy of Axis REIT and it will be accretive to Axis REIT's distributable income. (StarBiz)