Wednesday, July 11th, 2018

 

Sentoria pays RM20.25m for 150-acre site in Morib

PETALING JAYA: Sentoria Group Bhd is acquiring a piece of 150-acre land in Morib, Selangor, for RM20.25 million.

Sentoria said in a filing with the stock exchange, the group and its wholly owned subsidiary Sentoria Morib Bay Sdn Bhd on July 10 entered into a sale and purchase agreement with Seriemas Development Sdn Bhd, for the acquisition of the water theme park, convention centre, safari and boutique hotel land.

The group noted that the land acquisition will be financed by the term loan of RM13.5 million and the balance of RM6.75 million, through internally generated funds.

Sentoria said the acquisition will enable the group to increase access to more land bank, to further establish its position in property development and complement Sentoria Morib development projects.

“The sizeable land bank and market condition offer opportunity for Sentoria to participate in potentially viable property development especially affordable housing in West Coast of Peninsular Malaysia. The land acquisition is expected to contribute positively to the future earnings and thereby improve shareholders' value over the medium- to long-term.”

Sentoria's share price declined 1.5 sen or 2.9% to close at 51 sen yesterday.


Court lifts injunction on Adventa, Aspion directors

PETALING JAYA: The Kuala Lumpur High Court has dismissed Top Glove's ex-parte interim injunction order restraining Adventa Capital Pte Ltd, ACPL Sdn Bhd as well as Aspion Sdn Bhd directors Low Chin Guan and Wong Chin Toh from disposing of their assets in Malaysia.

The inter partes hearing for the ex-parte Mareva injunction has been fixed for July 19, according to Top Glove's filing with the stock exchange.

Adventa Capital said in a statement today the removal of the ex-parte interim injunction order was for failure to make full disclosure of material matters.

The injunction order arose after Top Glove discovered fraudulent misrepresentations by Low and Wong in the acquisition of Aspion, resulting in its price tag being overstated by RM640.5 million. The RM1.37 billion deal was just completed two months ago.

The injunction order was to restrain Adventa Capital, Low and Wong from disposing of their assets in Malaysia up to the value of RM714.86 million and ACPL up to the value of RM72.3 million.

In addition, the Singapore High Court also granted an ex-parte Mareva injunction restraining Adventa Capital from disposing of its assets in Singapore or outside of Singapore (save for Malaysia) up to the value of RM714.86 million.

Top Glove's share price took a beating on Monday after it initiated legal suit proceedings, slumping as much as 30% on concerns over a possible impairment for the overpriced deal.

The counter closed down 1 sen or 0.1% at RM9.89 today on 28.79 million shares done. Despite a rebound on Tuesday, it has lost 18.3% in the past three trading days.


G3 Global’s Atilze Digital partners US firms for IoT venture

PETALING JAYA: G3 Global Bhd's unit Atilze Digital Sdn Bhd has entered into a joint venture agreement with Gosuncn Welink (USA) Technology Co Ltd (Welink) and Prospect Industry LLC to undertake the business of Internet of Thing (IoT).

Based in US, Welink is principally involved in providing the software platform, which is needed for operating the connected car and mobile application solutions, while Prospect which was incorporated in Nevis is engaged in investment holdings.

G3 Global told the stock exchange today that the JV is in line with its plans to collaborate with a leading provider of software platform that includes the connected car and related businesses and aims to reach out to potential customers for the Southeast Asia Market.

The joint venture company (JVC) will have an authorised capital of RM100,000. Atilze, Welink and Prospect will subscribe 55,000, 30,000 and 15,000 ordinary shares of the JVC, or 55%, 30% and 15%, respectively.

G3 Global said Atilze will fund its investment in the JVC via internally generated funds.

The group said it believes that the project has good prospects to broaden its revenue base, contribute to its future earnings and expand its income streams from this area of IoT.

“The board is optimistic that the project will contribute towards profitability of G3,” it added.


Atta Global unit buys two property developers for RM7.5m

PETALING JAYA: Atta Global Group Bhd's wholly owned subsidiary Atta Properties Sdn Bhd (APSB) today entered into share sale agreements with vendors for the acquisition of two property developers for RM7.5 million.

The proposed acquisition involves the purchase of the entire stake in Eminent Potential Sdn Bhd for RM4 million cash and Scanrite Sdn Bhd for RM2 million cash.

Upon completion of exercise, Eminent and Scanrite will become wholly owned subsidiaries of APSB.

Eminent and Scanrite both intend to undertake a property development project on its respective land in Penang and Kedah.

“This proposed acquisitions will provide the group with opportunities to obtain additional land banks for future development. The board is optimistic that the proposed acquisitions would generate synergistic benefits to the group in future,” Atta said.

The exercise will be funded by internally generated funds.

The proposed acquisitions are a strategic move in view of the company's proposed diversification into property development.

“The board of directors of Atta believes that there will be an opportunity to enjoy the project potential yields, when it is launched and successfully implemented. However, the board has not finalise the plan for the proposed development of the Eminent and Scanrite land.”

The proposed acquisitions is estimated to be completed within three months from the date of SSA.


Pfizer reverses some drug price hikes

NEW YORK, July 11 — Pfizer has reversed price increases on some drugs following White House pressure and the US drugmaker today pledged to decide soon whether to sell its consumer drugs business. The pharmaceutical giant said it would reverse…


Wall Street slides as US-China trade war escalates

NEW YORK, July 11 — US stocks slid today amid a broad selloff on escalating trade war tensions after the United States threatened to impose tariffs on an additional US$200 billion (RM804.7 billion) worth of Chinese goods. Washington yesterday…


Opec warns of trade war ‘risks’ for oil market

PARIS, July 11 — The Opec cartel today warned that global trade tensions could have a negative impact on the oil market by pushing down demand for crude. In its monthly report, the Organisation of the Petroleum Exporting Countries said buoyant…


Ringgit ends lower as OPR stay unchanged

KUALA LUMPUR, July 11 — The ringgit ended lower against the US dollar today after Bank Negara Malaysia (BNM) left its interest rates unchanged today, a dealer said.  At 6pm, the local note finished at…


Bursa ends higher on last-minute buying interest

KUALA LUMPUR, July 11 — Bursa Malaysia bucked the regional trend with the benchmark index closing marginally higher on last minute buying especially of heavyweights led by Public Bank. At 5pm, the benchmark FTSE Bursa Malaysia KLCI…


Bank Negara maintains OPR at 3.25pc

KUALA LUMPUR, July 11 — Bank Negara Malaysia (BNM) has maintained the Overnight Policy Rate (OPR) at 3.25 per cent after the two-day Monetary Policy Committee (MPC) meeting which ended today. In a statement today, the central bank said at the…