acquires

 
 

Borneo Oil acquires quarry for RM47m via sublease

PETALING JAYA: Borneo Oil Bhd’s wholly owned subsidiary Borneo Oil & Gas Corporation Sdn Bhd is acquiring a quarry measuring 5.378ha in Lahad Datu, Sabah, for RM47 million as part of an on-going expansion plan into limestone mining and related activities as well as to export marble blocks.

The group’s board of directors said in a Bursa Malaysia filing, the acquisition which will be financed with internal funds, was done in the form of a sublease for a lease period of 30 years.

The parcel of land located in Ulu Segama, in Lahad Datu District has a reserve of 6.27 million metric tons (MT).

Marble blocks extracted from the quarry will be exported while the balance of resources to be used for limestone aggregates and related products.

The group is also of view that there is a great demand for aggregates and other construction material in Sabah with the ongoing construction of the Pan Borneo highway.

“With the acquisition, the company together with its existing land bank of limestone reserves held for long term investment shall become a substantial player in the supply of high grade limestone resources in Sabah,” its board of directors said.

While the acquisition will not impact its earnings, it is expected to contribute positively for future earnings.

The company’s share price closed unchanged at eight sen with some 14.5 million shares changing hands.


Borneo Oil acquires quarry for RM47m via 30-year sublease

PETALING JAYA: Borneo Oil Bhd’s wholly owned subsidiary Borneo Oil & Gas Corporation Sdn Bhd is acquiring a quarry measuring 5.378ha in Lahad Datu, Sabah, for RM47 million as part of an on-going expansion plan into limestone mining and related activities as well as to export marble blocks.

The group’s board of directors said in a Bursa Malaysia filing, the acquisition which will be financed with internal funds, was done in the form of a sublease for a lease period of 30 years.

The parcel of land located in Ulu Segama, in Lahad Datu District has a reserve of 6.27 million metric tons (MT).

Marble blocks extracted from the quarry will be exported while the balance of resources to be used for limestone aggregates and related products.

The group is also of view that there is a great demand for aggregates and other construction material in Sabah with the ongoing construction of the Pan Borneo highway.

“With the acquisition, the company together with its existing land bank of limestone reserves held for long term investment shall become a substantial player in the supply of high grade limestone resources in Sabah,” its board of directors said.

While the acquisition will not impact its earnings, it is expected to contribute positively for future earnings.

The company’s share price closed unchanged at eight sen with some 14.5 million shares changing hands.


Top Glove acquires Adventa Capital unit for RM1.37b

KUALA LUMPUR, Jan 12 — Malaysia’s Top Glove Corp Bhd said on today that it has acquired a surgical glove business owned by Adventa Capital Pte Ltd for RM1.37 billion. The acquisition of Aspion Sdn Bhd makes Top Glove one of the world’s largest…


Tropicana Corp acquires scaffold firm for RM2.5 million

PETALING JAYA: Tropicana Corp Bhd is acquiring the entire stake in Myxon (M) Sdn Bhd for RM2.5 million.

Myxon, which was incorporated on May 20, 2013, is involved in the sale and rent of new and used scaffolding and formwork equipment.

Tropicana said its director Datuk Tang Vee Mun, being an interested party, has abstained from deliberating and voting on the directors' resolution pertaining to the acquisition.

At the noon break, Tropicana's share price was unchanged at 91.5 sen on some 50,500 shares done.


Khazanah acquires 3pc stake in Dubai’s GEMS Menasa

KUALA LUMPUR, Jan 2 — Khazanah Nasional Bhd has acquired a three per cent stake in Dubai’s education group GEMS Menasa Holdings Ltd. In a statement to Nasdaq Dubai today, GEMS Menasa’s unit, GEMS Menasa Cayman Ltd (GEMS) said the stake was…


The week at a glance 31 December 2017

Sabah & Sarawak Hibiscus Petroleum among top most active as group buys stake in North Sabah PSC Malaysia’s first special purpose acquisition company (SPAC), Hibiscus Petroleum Bhd,was among the top most actively traded stocks on Monday following news of its agreement to acquire a 50 per cent stake in North Sabah from Sabah Shell Petroleum […]


JDE Asia acquires 173,100 Oldtown shares for RM3.10 each

KUALA LUMPUR, Dec 29 — Dutch beverage company Jacobs Douwe Egberts Holdings Asia NL BV (JDE Asia) has acquired 173,100 shares of kopitiam chain operator Oldtown Bhd for RM3.10 per share from its discretionary clients. Oldtown, in a filing to…


Here’s a toast to those who departed their jobs in 2017

NEW YORK, Dec 28 — It’s that special season when we reflect on those titans of business who held centre stage this year. But let’s not forget those folks who made an impact just by retreating (or being pushed off) to the wings. So here…


KWAP acquires stake in Vortex Solar for £67.5m

SINGAPORE: Vortex, one of Europe’s foremost renewable energy investment platforms, has sold a 45% equity stake in Vortex Solar Investments to Malaysia’s second-largest pension fund, Kumpulan Wang Persaraan (Diperbadankan) (KWAP), for £67.5 million (RM370 million).

Vortex, which is managed by EFG Hermes, will continue to maintain a 5% long-term stake in Vortex Solar, having acquired 365 megawatts of solar photovoltaic-producing assets in the United Kingdom from TerraForm Power in January 2017.

This comes in line with Vortex Solar’s strategy of eyeing key investors from around the globe to diversify its partner base.

“This transaction demonstrates our ability to utilise the group’s liquid balance sheet effectively under our merchant banking strategy to support our core business in delivering on its investment targets, creating assets under management growth and delivering immediate as well as long-term returns for our shareholders,” said EFG Hermes Group CEO Karim Awad, in a statement today.

By completing the sale to KWAP, the company has successfully completed the cycle of the underwriting for Vortex Solar in less than 12 months, he said.

Meanwhile, KWAP’s CEO, Datuk Wan Kamaruzaman Wan Ahmad, said the partnership with Vortex demonstrated KWAP’s commitment towards environmental sustainability in its investments.

“This marks our first direct investment in the renewable energy sector, which strategically positions KWAP as the financial co-investor of choice for the expansion of this industry,” he said.

“Also, as an investor, we intend to increase our exposure in real assets, and renewable energy is one of most active sectors in the infrastructure asset class for deal flow, globally. We see this as an opportunity that will provide attractive investment income to the fund while supporting our environmental, social and governance efforts,” he said.

After the completion of the transaction, expected within the coming weeks, the shareholding of Vortex Solar will stand at 50% Tenaga Nasional Bhd, 45% KWAP and 5% Vortex. – Bernama


Go-Jek acquires three companies to dominate payment in Indonesia

JAKARTA, Dec 15 — Go-Jek, Indonesia’s biggest ride-hailing service, agreed to acquire three local financial-technology companies, underscoring its ambition to become the dominant player in the country’s nascent digital-payments industry….