Friday, March 9th, 2018
NEW YORK, March 9 ― Shares of Mattel Inc and Hasbro Inc, the two largest US toymakers, tumbled today after reports that key customer Toys ‘R’ Us Inc is preparing for potential liquidation, six months after filing for bankruptcy. Mattel’s…
NEW YORK, March 9 ― Wall Street stocks rose early today after data showed the US added 313,000 jobs in February, far above analyst expectations. The closely-watched monthly US payrolls report also revealed moderating wage growth compared with…
KUALA LUMPUR, March 9 — UMW Holdings Bhd plans to boost its strategic stake in Perusahaan Otomobil Kedua Sdn Bhd (Perodua) from 38 per cent to 70.6 per cent. In a filing with Bursa Malaysia today, UMW said, it had made a conditional offer to…
BRUSSELS, March 9 ― The European Union expects to be excluded from US steel and aluminium tariffs but will go to the World Trade Organisation to impose its own measures if Washington presses ahead, EU officials said today. US President Donald…
LONDON, March 9 ― Crude oil futures rose today after two days of sell-offs amid optimism over a planned meeting between North Korea’s Kim Jong-un and US President Donald Trump. Kim also pledged to refrain from further nuclear or missile…
PETALING JAYA: Keck Seng (Malaysia) Bhd (KSM) is buying a stake in hotel investment platform AccorInvest Group SA for RM121 million to gain exposure to a diversified portfolio of hotels in Europe with resilient income stream and opportunities for value creation.
AccorInvest, which is owned by European hotel giant Accor SA, is the world leader in hotel real estate, with a current portfolio of 891 hotels.
KSM, which is involved in plantation, hotel and property businesses, told the stock exchange that a special purpose vehicle will be set up in which the group together with other investors will acquire the shares of AccorInvest.
However, it said the transaction, which will be satisfied by internally generated funds, is subject to certain regulatory approvals and will be submitted to the works council and a shareholders' meeting of Accor SA for consultation.
The agreement is expected to be finalised and signed by the respective parties in the second quarter of 2018.
KSM slipped 6 sen or 1.37% to RM4.32 with some 14,500 shares traded.
PETALING JAYA: Weida (M) Bhd has decided to present the proposed selective capital reduction and repayment exercise (SCR) to its shareholders for their consideration.
Its major shareholder Weida Management Sdn Bhd (WMSB) had in last January launched its plan to take Weida private through the SCR exercise for RM2.40 per share.
WMSB has agreed to Weida's request for an extension of the acceptance period to March 12, 2018.
The rationale for the proposed SCR is that it has minimal value-add from listing status; the limited coverage by research analysts and brokers; low liquidity of Weida shares; market price not reflective of underlying value; and presents an opportunity for the entitled shareholders to exit and realise their investment.
The expenses for the exercise is estimated to be RM3.20 million and will be incurred in the next financial year as it is only expected to be completed by the third quarter of 2018.
The proposed SCR is expected to be completed in the third quarter of 2018.
Weida shares closed unchanged at RM2.27 with 43,800 shares done.
KUALA LUMPUR, March 9 ― The ringgit extended yesterday’s bearish tone as external factors continued to weigh on the local currency trading alongside other Asian currencies. At 6pm, the local note was quoted at 3.9100/9140 from Thursday’s…