KUCHING: SP Setia Bhd (SP Setia) is on track to achieving a RM4 billion sales target as it has secured RM2.82 billion sales in the first nine months of the financial year 2017 (9MFY17), analysts say. MIDF Amanah Investment Bank Bhd’s research arm (MIDF Research) in report, noted that SP Setia’s 9MFY17 sales makes up […]
KUALA LUMPUR (Nov 6): Based on corporate announcements and news flow today, stocks in focus on Tuesday (Nov 7) may include: MBSB, Eversendai, IJM Corp,…
*7 November 2017, Tuesday US Market : U.S. equities hit record highs on Monday as sentiment on Wall Street was lifted by news of corporate dealmaking. Broadcom offered to buy fellow chip maker Qualcomm for $70 a share. If completed, the deal would be the biggest in the history of the tech sector. Shares of Advanced Micro Devices jumped on dealmaking news, while shares of Disney and 21st Century Fox also rose. Europe Market : European stocks posted minor gains by Monday’s close, with investors taking note of the latestRead More
PETALING JAYA: Eastland Equity Bhd proposes a renounceable rights issue to raise maximum proceeds of RM39.8 million based on the indicative issue price of 13.5 sen per rights share.
Through its subsidiaries, the group develops and invests in property, operates tour and travel agencies, and provides leasing and hire purchase financing services. It also operates as licensed insurance brokers, trades timber, and operates hotel.
Eastland will issue up to 294.8 million rights shares with up to 147.4 million warrants, on the basis of six rights shares for every five existing shares held and one warrant for every two rights shares subscribed.
The group told the stock exchange yesterday, the proceeds will be utilised to finance its wholly-owned unit FBO Land (Setapak) Sdn Bhd's land acquisition of RM23.27 million cash.
FBO has entered into a conditional sale and purchase agreement with PCK Properties Sdn Bhd for the acquisition of a parcel of leasehold development land in Kota Kinabalu, Sabah measuring approximately 2,181.80 square meters.
In addition, Eastland said proceeds from the rights issue will also be used for the repayment of bank borrowings as well as working capital.
Barring any unforeseen circumstances, the proposals are expected to be completed in the second quarter of 2018.
At the noon break, Eastland shares fell half a sen or 2.9% to 16.5 sen on some 140,000 shares done.
HSS Engineers to raise up to RM84.29 million via private placement, rights issue to fund water industry venture
PETALING JAYA: HSS Engineers Bhd (HEB) proposes to undertake a private placement and rights issue to raise up to RM84.29 million to fund its foray into the water industry.
HEB has entered into a conditional shares sale agreement to acquire the entire stake in SMHB Engineering Sdn Bhd for RM270 million, which will be satisfied via RM162 million cash and and the issuance of 94.74 million new shares at an issue price of RM1.14 per share.
The group told Bursa Malaysia that it will issue up to 31.91 million new rights shares on the basis of one rights share for every 10 shares held.
The rights issue exercise will be accompanied by a bonus issue of up to 15.95 million new shares on the basis of one bonus share for every two rights shares subscribed as well as up to 47.86 million free warrants on the basis of three warrants for every two rights shares subscribed.
Meanwhile, a total of 52.3 million placement shares will be placed out to investors identified at a later stage.
Both private placement and rights issue are expected to raise up to RM52.3 million and RM31.91 million respectively.
The acquisition sum will also be funded via bank borrowings of RM85 million.
SMHB is principally an engineering consultancy company providing civil, structural, mechanical and electrical consultancy services.
HEB said the purchase consideration was arrived at after taking into consideration the adjusted profit after tax of SMHB and its subsidiaries of about RM28.9 million for the financial year ended April 30, 2017 as well as earnings before interest, tax, depreciation and amortisation (ebitda) of about RM36.7 million for the same period.
It noted that the proposed acquisition will combine the strengths of two leading Malaysian engineering consultancy firms to be a key contender to undertake projects not only in Malaysia but in the international market.
“The order book of the HEB group would increase significantly from approximately RM400 million currently to RM738 million after the proposed acquisition,” it said, adding that the group's workforce will increase to over 1,000 employees from the current 600 employees.
At 3.31pm, HEB shares fell one sen or 0.87% to RM1.14 on some 244,000 shares done.
SYDNEY, Oct 27 — Qantas Airways Ltd chief executive officer Alan Joyce, credited with helping revive the faltering Australian carrier, has earned another accolade: He’s nabbed the top spot among 100 executives who champion LGBT rights….
KUALA LUMPUR (Oct 25): Based on corporate announcements and news flow today, stocks in focus on Thursday (Oct 26) may include: Maxis, MRCB, CMMT, Bursa,…
JAKARTA, Oct 18 — Shareholders of Indonesian transportation firm PT Rimau Multi Putra Pratama Tbk have approved the company’s plans to raise 3.4 trillion rupiah (RM1.06 billion) through a rights issue to buy PT Indonesia AirAsia. Rimau will…