Bina Darulaman launches two projects in Kedah with RM2.6 billion GDV
PETALING JAYA: Bina Darulaman Bhd (BDB) has launched two integrated township projects in Kedah with an estimated combined gross development value of RM2.6 billion.
The projects, dubbed Darulaman Saujana in Jitra and Darulaman Putra in Sungai Petani, are expected to be completed in 10 years.
The group said these integrated townships will add a vibrancy in the Northern corridor and is set to catalyse a new wave of interest in properties in the region.
The 203-acre Darulaman Saujana project, carrying RM1 billion GDV, is slated for launch at the end of 2017. It consists of statutory housing, townhouses, link houses, semi-dees and bungalow lots, with total 1,500 units.
Units are expected to be priced from RM45,000 to RM200,000 for statutory housing and RM150,000 to RM650,000 onwards for open market housing.
Meanwhile, spanning across 232 acres, the Darulaman Putra project will have 1,620 units in total, comprising statutory housing, link houses, semi dees, bungalows and condominium units, with selling prices from RM300,000 to RM1 million. The GDV for the project is RM1.6 billion.
BDB shares were unchanged at 65.5 sen on some 32,000 shares traded, giving it a market capitalisation of RM199.03 million
Hwang Capital to table proposed SCR
PETALING JAYA: Hwang Capital (Malaysia) Bhd's board of directors have decided to table the proposed selective capital reduction and repayment (SCR) exercise to its shareholders.
In a filing with Bursa Malaysia, the company said the decision was made after deliberating the contents of the SCR offer letter during a meeting held yesterday.
Last month, the company received an offer letter from its majority shareholder Hwang Enterprises Sdn Bhd requesting the company to undertake the SCR exercise, which will result in the company paying out RM260.68 million to shareholders.
The exercise, which values Hwang Capital shares at RM2.94 a piece, will result in Hwang Enterprises taking Hwang Capital private.
In the SCR offer letter, Hwang Enterprises and Hwang Lip Teik (major shareholder and non-executive chairman of Hwang Capital) said the exercise is a continuation of a voluntary general offer last year, which only managed to increase their stake in Hwang Capital to 65.25%.
Trading in Hwang Capital shares has been suspended since September 2016 as the public shareholding spread fell to 7.08%, below the required 10% threshold.
The company expects to fund the proposed SCR with internally generated funds. It said that the proposed SCR would provide a final opportunity for entitled shareholders to exit and realise their investment in Hwang Capital shares.
K-Star to sell land in China for RM14m
PETALING JAYA: K-Star Sports Limited's wholly-owned subsidiary company, Fujian Dixing is disposing of a piece of vacant industrial land measuring 26,973 square metres in Fujian Province, China for RMB22.5 million (RM14.28 million) cash.
The disposal will result in an estimated loss on disposal of RMB1.64 million (RM1.04 million) to the group based on the audited net book value of the land as at Dec 31, 2016.
Fujian Dixing is principally engaged in the design, manufacture and distribution of sports footwear, sports apparel and accessories under K-Star's own proprietary brands.
Fujian Dixing had entered into a sale and purchase agreement (SPA) with purchaser Ding Jindian for the exercise.
The proceed from the disposal is expected to be fully utilised by K-Star and its subsidiary companies for repayment of borrowings and working capital.
“The disposal is part of the group's streamlining exercise to improve the assets utilisation and overall financial position of the group. The board is of the opinion that the disposal will improve the group's overall financial condition as the proceed from the disposal is to be utilised for repayment of borrowings and general working capital, together with the the expected nominal finance costs saving of RMB2.64 million per year,” K-Star said in a stock exchange filing.
The disposal is expected to be completed by the third quarter of 2017. K-Star closed 5.88% lower at 8 sen, with 762,200 shares traded.
Westports’ net profit declines 6.9% in Q2 on lower container throughput, declares 6.37 sen dividend
PETALING JAYA: Westports Holdings Bhd saw a 6.9% drop in net profit to RM148.82 million for the second quarter ended June 30, 2017 against RM159.87 million in the same period a year ago, due to lower container throughput.
Its revenue also dropped 4.1% from RM522.63 million to RM501.44 million.
Westports has proposed to declared an interim dividend of 6.37 sen per share.
The group told Bursa Malaysia that its second-quarter container throughput was down by 11% to 2.23 million Twenty-foot Equivalent Units (TEUs) compared with 2.5 million TEUs recorded for the corresponding quarter last year.
Due to the ongoing changes in the container shipping industry, Westports expects its container throughput to be 7% to 12% lower in 2017 compared with 2016.
It noted that the second phase of Container Terminal 8, consisting of a 300-metre wharf and supporting terminal operating equipment and facilities, has just been completed and is expected to be operational soon.
“The total terminal handling capacity would then be increased to 12.5 million TEUs,” it said.
Meanwhile, construction work continues at the first phase of Container Terminal 9, consisting of a 600-metre wharf. It is expected to be completed by December 2017.
Westports' first-half net profit declined 12.5% from RM330.95 million to RM289.71 million, on the back of a 3.5% rise in revenue from RM987.34 million to RM1.02 billion.
At 12.30pm, the counter fell two sen to RM3.65 on some 167,900 shares done, giving it a market capitalisation of RM12.45 billion.
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