Friday, December 22nd, 2017
NEW YORK, Dec 22 — Long Blockchain might want to go back to selling soft drinks. The recently rebranded firm fell as much as 33 per cent today, as crypto-linked stocks get slammed with bitcoin suffering its biggest intraday shellacking in…
NEW YORK, Dec 22 — Wall Street stocks dipped early today following mixed US economic data and as Nike fell after reporting a drop in quarterly sales in North America. About 20 minutes into trading, the Dow Jones Industrial Average was at…
LONDON, Dec 22 — Bitcoin’s plunged extended to more than 25 per cent today as the frenzy surrounding digital currencies faced one of its biggest tests yet. The world’s largest cryptocurrency approached US$10,000 as this week’s selloff…
LONDON, Dec 22 — The Spanish stock market sank today after a victory for Catalan separatists in a snap poll, but London hit a record peak in a “Santa Rally” before closing early for Christmas. Madrid’s benchmark IBEX 35 index of top…
PETALING JAYA: Pestech International Bhd (PIB) has proposed to list its indirect wholly owned subsidiary Pestech (Cambodia) Ltd (PCL) on the Main Board of Cambodia Securities Exchange (CSX) and intends to raise US$20.3 million or KHR81.91 billion (RM83 million) through its initial public offering (IPO).
“The applications to the Securities and Exchange Commission of Cambodia and CSX in relation to the proposed listing have been submitted on Dec 22, 2017,” Pestech said in a filing with Bursa Malaysia.
PCL is a wholly-owned subsidiary of Pestech Sdn Bhd (PSB), which in turn is a wholly-owned subsidiary of PIB. The proposed listing will constitute a deemed disposal by the company arising from the dilution of up to 39% of its equity interest in PCL.
It is proposed that, upon completion of the listing, PIB will continue to be the controlling shareholder of PCL.
PCL proposes to undertake an IPO of up to 39% of its enlarged issued and fully paid share capital via a public issue and offer for sale.
PCL is an integrated electric power technology company and is engaged in the provision of comprehensive power system engineering and technical solutions. Proceeds raised will be used to finance its existing and future projects as well as working capital.
PIB said the proposed listing will enable the group to unlock the value of its investments in PCL. For PCL, it will establish a strong foothold in Cambodia and Indochina region as it sees the region as a potential market for the medium and long-term growth.
The earnings contribution from PCL to PIB group will be reduced to the extent of the dilution of PIB's effective equity interest in PCL from 100% presently to at least 61% as a result of the proposed listing.
Barring any unforeseen circumstances and subject to all approvals being obtained, the board expects the proposed listing to be completed by the third quarter of 2018.
PIB shares were unchanged at RM1.70 on some 231,200 shares done.
PETALING JAYA: Paramount Corp Bhd, together with landowner Kumpulan Hartanah Selangor Bhd (KHSB), will undertake a residential development with an estimated gross development value (GDV) of RM1 billion in Petaling Jaya, Selangor.
In a filing with Bursa Malaysia, Paramount said its wholly owned unit Aneka Sepakat Sdn Bhd (ASSB) had inked a development rights agreement with KHSB for the proposed development on 9.66-acre land.
The proposed development will involve the construction of four blocks of high-rise residential buildings consisting of 1,600 units of residential properties, including 20% affordable units. It is expected to be completed within a period of 10 years commencing from 2018.
Paramount said the proposed development is line with its asset light strategy to enlarge its land bank at prime locations, particularly at strategic transit oriented development locations in the well-established Petaling Jaya city.
It will also provide the group with the opportunity to leverage on collaborations with landowners to scale up its property development activities to generate long-term sustainable income.
At a projected development cost of RM1 billion, Paramount said the expected profits to be derived from the development would be RM840 million. The development cost will be funded by a combination of internally generated funds and bank borrowings.
Paramount closed higher 1 sen or 0.57% to RM1.77 today with 50,400 shares traded.
PETALING JAYA: Sentoria Group Bhd has bagged two 1Malaysia People's Housing Programme (PR1MA) projects from H.A. Properties Sdn Bhd for a combined value of RM67.3 million.
The contracts are for the construction of 320 units of single-storey semi-detached PRIMA houses in Mukim Penor for RM40.3 million; and the construction of 198 units of single-storey semi-detached PRIMA houses in Sri Damai for RM27 million.
Construction work will commence on December 22, 2017 and slated for completion by December 21, 2020. It is expected to contribute positively towards Sentoria's future financial performance.
Sentoria shares were down by 0.71% to close at 69.5 sen with some 20,500 shares done.
PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) has been invited by the government to commence negotiation on the terms of the mutual termination agreement of the concession for the Eastern Dispersal Link (EDL) highway in Johor.
MRCB said in a filing with Bursa Malaysia that it had received the letter from the Ministry of Works dated Dec 22, 2017, on behalf of the government.
“MRCB will make the necessary announcement once the terms of the mutual termination have been finalised,” it said.
MRCB had planned to dispose of the EDL highway following the government's decision to abolish toll collection on the highway from 2018. The announcement was made by Prime Minister Datuk Seri Najib Abdul Razak during the tabling of Budget 2018.
MRCB considers the EDL concession a non-core asset and has been looking to dispose of it to relieve a debt burden, which makes up about 36% of its total debt.
EDL is first full private sector funded highway that runs on a 34-year concession. It was awarded to MRCB in 2007.
Its shares were unchanged at RM1.08 on some 2.46 million shares done.