KUALA LUMPUR (Jan 17): Based on corporate announcements and news flow today, stocks in focus on Thursday (Jan 18) may include the following: Vizione Holdings…
PETALING JAYA: PDZ Holdings Bhd said it has signed a memorandum of understanding (MoU) with an Indonesian shipping company PT Indonesia Bulk Carrier (IBC Group) to provide total maritime logistic solutions, as part of its plans for regional expansion.
“Our focus is to expand our footprint regionally, partnering with a reputable maritime industry leader, who shares the same vision to take advantage of the growing trade in Asean. PDZ has been waiting for a long time to penetrate into the Indonesian shipping market,” its CEO-cum-executive director Tan Chor How said in a statement.
Tan added the partnership with IBC Group opens up the group’s expansion into the Indonesian market and is expected to contribute positively to its profitability with its favourable tax regimes and government initiatives.
With the strong business sentiments worldwide, he said the group believes that 2018 is the best time for the group to expand its services.
“We are optimistic that 2018 will be a very fruitful year for our company and we don’t want to miss the ship,” he said.
The group said the solutions under the partnership will include container liner, bulk cargoes, tug and barge, self-propelled barge, oil and gas support vessels coupled with other related services such as vessel chartering, pooling management, shipping consultancy and crew management.
Meanwhile, PDZ said the group is undertaking a cash call exercise, via a rights issue with free warrants, to raise up to RM43 million to support its regional business.
It said the proceeds will be used for acquisition of vessels, container tug and barge, dry docking expenditure, containers, security deposits, acquisition/investment into other complementary businesses/assets and working capital.
PDZ closed at half a sen lower to 13 sen today with 5.3 million shares traded.
PETALING JAYA: Amcorp Properties Bhd (AmProp), which has partnered with Grosvenor Europe Investments Ltd (GEIL) and Grosvenor Fund Management Spain, SLU (manager) to invest in real estate in Spain, said the capital commitment from each joint venture party will be increased by an additional RM72.45 million (€15 million).
Previously, AmProp said the group will be committing up to €35 million (RM153.65 million) for a 50% stake in a JV company. GEIL was also to contribute an equal amount and hold the remaining 50% stake.
In a filing with Bursa Malaysia today, AmProp said the manager had drawn a significant portion of the existing capital commitment of €70 million from the JV parties, supported by strong pipelines and resurgence in the economy and Madrid real estate market.
“Premised on the above and taking into consideration that the JV still has a balance acquisition period of up to July 12, 2018, the JV parties have agreed to the additional capital commitment with a view of acquiring additional new projects within the investment criteria set out in the JV agreement,” it added.
Therefore, AmProp said a variation letter agreement was entered between its subsidiary Amcorp Horizon Sdn Bhd (AHSB) with the other JV parties, to vary the terms of the earlier JV deal.
Pursuant to the amendment, AHSB and GEIL each contributed a capital commitment of €50 million to the JV company, bringing the total capital commitment to €100 million.
AmProp said the additional capital commitment will be funded through a combination of internally generated funds, proceeds from the proposed rights issue and/or bank borrowings.
AmProp closed unchanged at 75 sen today with 54,000 shares done.
KUCHING: Analysts gave two thumbs up to Air Asia Bhd (AirAsia) completing the listing of its Indonesian arm, Indonesia Air Asia via a reverse takeover exercise with PT Indonesia Air Asia. This was pursuant to the latter’s acquisition of a 57.3 per cent stake in Indonesia AirAsia. PT Indonesia Air Asia recently raised RM1.1 billion […]
SEOUL, Dec 27 — South Korea’s Hyundai Heavy Industries Group plans to list its refining arm Hyundai Oilbank in an IPO in 2018 and raise about US$1.2 billion (RM4.9 billion) via a share issue by shipbuilder Hyundai Heavy Industries, in a move…
KUALA LUMPUR, Dec 26 — Electronic services provider PUC Bhd saw 10 million shares traded in an off-market deal today. Stock market data showed the block of shares were traded at 30 sen each, 1.5 sen below the closing price of 31.5 sen at…
KUALA LUMPUR (Dec 15): Based on corporate announcements and news flow today, stocks in focus on Monday (Dec 18) may include: Eco World International Bhd,…
KUALA LUMPUR: Maybank IB Research expects a strong earnings rebound quarter-in-quarter for VS Industry Bhd, driven by strong volume loading in China and much larger boxbuild orders at its Malaysia operations.