Friday, July 13th, 2018
NEW YORK, July 13 — US stock indexes were little changed today as a slide in financials on the three big Wall Street banks reporting mixed results was offset by gains in industrials as the US-China trade rhetoric eased overnight. Wells Fargo’s…
NEW YORK, July 13 — Large US banks reported earnings that ran the gamut today, with JPMorgan Chase and Citigroup notching year-over-year increases while Wells Fargo’s profits fell. Shares of the three banking giants retreated early today, with…
PETALING JAYA: Axiata Group Bhd is planning to sell its entire 89% stake in Multinet Pakistan (Private) Ltd for a sum of US$1 on a cash-free and debt-free basis.
The group told the stock exchange that its unit Axiata Investments (Labuan) Ltd (AIL) had entered into a share purchase agreement with Adnan Asdar Ali, who currently holds the remaining 11% stake in Multinet.
It noted that Multinet's financial performance has been declining for the last few years with accumulated losses of PKR754 million (RM25.64 million) for the financial year ended Dec 31, 2017.
Accordingly, the group said Multinet's contribution to its financial and business performance is immaterial.
Axiata assured that the exercise will not have any material effect on the group's consolidated net assets, gearing and consolidated earnings for the financial year ending Dec 31, 2018.
Multinet is engaged in the business of providing telecommunication and electronic media services including internet services, design, development, implementation of networks including a wide range of non-mobile telecommunications services with a focus on the business-to-business (B2B) segment of the market.
Axiata gained 2.7% or 11 sen at RM4.17 with 5.75 million shares being traded.
PETALING JAYA: Scomi Group Bhd's (SGB) unit Scomi Special Vehicles Sdn Bhd (SSVSB) has been served with a winding-up petition over a RM1.09 million claim by Alexander Dennis (Malaysia) Sdn Bhd (ADM) and Alexander Dennis Ltd (ADL).
In a statement with Bursa Malaysia, SGB said SSVSB was served with the petition dated April 23, 2018 over the disputed sums which ADM and ADL alleged totalled RM1.09 million together with interest.
The debt arose from bus bodies provided by ADM with support from ADL in the UK. SGB noted that the debt had been progressively reduced under a consent order (CO) dated Nov 3, 2017.
“Subsequently SSVSB had defaulted payments under the CO”, it added.
SGB highlighted that its unit was in active negotiations with ADM and ADL to withdraw the petition and reinstate the installments under the CO, however it said the “negotiations were protracted and an amicable settlement could not be reached”.
Following that, it said an order was made on July 10 for the winding-up of SSVSB by ADM and ADL in the High Court of Malaya, Commercial Division and the extraction of the sealed order is now in progress.
“In the interim, SSVSB has sought legal advice on its next course of action. Based on such advice, SSVSB has instructed its lawyers to file an appeal to the Court of Appeal against the order.
“Furthermore, in order to maintain status quo, SSVSB shall also file an application to stay the order, to facilitate settlement of the claim by ADL,” it added.
SGB shares closed unchanged at 11 sen with 5.95 million shares changing hands.
PETALING JAYA: PRG Holdings Bhd has aborted the proposed RM18.3 million acquisition of Roopi Medical Centre Sdn Bhd, but announced a plan to acquire a confinement service firm for RM5.35 million.
PRG said the termination came after the group and the vendors had mutually agreed to not extend the deadline to fulfil conditions of the agreements related to the purchase, according to its filing with the stock exchange.
With the deal now falling through, PRG said the vendors, namely Datuk Dr Roopi, Charanjeet and Linecom Corp Sdn Bhd will have to refund the deposit paid within 14 days.
In a separate filing, PRG announced that its wholly owned subdiary PRG Healthcare Sdn Bhd is acquiring 41.2% of Esther Postpartum Care Sdn Bhd (EPC) for RM5.35 million.
PRG also entered into a call option agreement for an additional 13.33% stake in EPC for RM2 million.
EPC, which provides confinement service in Malaysia based on Taiwanese postpartum concept, recorded a net loss of RM326,961 for the financial year ended 2016.
The vendors agreed to guarantee a profit before tax of not less than RM5.5 million for a period of two-and-a-half years.
PRG said the investment into EPC is part of the group’s vertical integration along the value chain in the wellness segment of the healthcare industry which is thriving and has opportunity for growth.
“The board believes that the investment into EPC is an attractive business proposition and is expected to diversify the stream of income of the group.”
PRG's shares fell 1.21% to close at 82 sen with 14,000 shares done.
KUALA LUMPUR, July 13 — The ringgit extended yesterday’s losses to depreciate further against the US dollar today due to external factors which also dragged other emerging market currencies, dealers said. At 6pm, the local note finished at…
MUMBAI, July 13 — Mukesh Ambani overtook Alibaba Group founder Jack Ma to become Asia’s richest person as he positions Reliance Industries Ltd. to disrupt the e-commerce space in India. The chairman of India’s refining-to-telecoms…
PETALING JAYA: Berjaya Corp Bhd's (BCorp) wholly-owned subsidiary Berjaya HR Café Ltd has acquired 98% equity interest in South Korea's Just KPop Ltd (JKP), for KRW98 million(RM354,172).
The group told the stock exchange that following the subscription of 19,600 common stocks at par value of KRW5,000 (RM17.87) each, JKP has now become a 98%-owned subsidiary of BCorp.
JKP, which has not commenced operations, is intended to carry out food and beverages businesses and restaurants as its principal activities.
It was incorporated in South Korea under the Korean Commercial Act with an issued share capital of KRW100 million (RM357,473.68) comprising 20,000 common stocks at KRW5,000 each.