Business

Wednesday January 24, 2007

EPF buys more shares in Proton



KUALA LUMPUR: The Employees Provident Fund (EPF) has acquired an additional 830,000 shares in Proton Holdings Bhd on the open market, raising its stake to 69.25 million shares, Bursa Malaysia said.

The exchange did not provide the value of the transaction, which was done between Jan 5 and 12.

Bursa also said the EPF had disposed of 678,000 shares in SP Setia Bhd on Jan 15 and 16, reducing the pension fund's stake in the property developer to 57.38 million shares. – AFX-Asia

KUALA LUMPUR: Bursa Malaysia Securities Bhd said yesterday the securities of SBBS Consortium Bhd would be delisted and removed from the official list from Feb 5.

Bursa Securities had on Dec 27, 2006, announced that its decision to delist SBBS because the company had failed to issue its annual audited accounts for the financial year ended Dec 31, 2005, within the stipulated timeframe.

The accounts had still not been issued even after more than six months after the stipulated timeframe, Bursa Securities said in a statement. – Bernama

KUALA LUMPUR: Tradewinds Corp Bhd has taken the necessary steps to mitigate the effects of flooding on its palm oil estates in Johor and minimise the financial implications.

According to a Tradewinds spokesman, although harvesting activities had slowed owing to logistical delays, it did not amount to a standstill.

“Tradewinds' estates in Johor represent approximately 20% of the group's total land-bank (of 147,914ha) and of that, only 30% are affected by the recent floods,” the spokesman said via an email. – Bernama

KUALA LUMPUR: DRB-HICOM Bhd is unaware of a reported plan to dispose of its stake in EON Capital Bhd to US-based General Electric (GE), the company said in reply to a query from Bursa Malaysia. – AFX-Asia

KUALA LUMPUR: ARK Resources Bhd proposes to undertake a restructuring, which involves reducing its share capital to RM20.63mil from RM41.27mil.

In a filing with Bursa Malaysia, the company said it planned to use RM20.63mil credit arising from the capital reduction to offset part of its accumulated losses, which stood at RM157.86mil at end-2005.

ARK Resources said it also planned to issue new shares and loan stocks to raise funds for new projects.

The company said it would be awarded a sub-contract from a firm controlled by its major shareholder Rashidi Aly Abdul Rais to develop and construct low-and medium-cost apartments. – AFX-Asia

KUALA LUMPUR: United Malayan Land Bhd (UM Land) plans to develop a high-end condominium in Bangsar after its subsidiary, UM Development Sdn Bhd, proposed to buy a 40,407-sq-ft freehold land from Vista Genesis Panel Sdn Bhd.

The property firm told Bursa Malaysia that the development would comprise of 191 condominium units, with facilities and amenities, costing RM73mil.

The sale of the properties was expected to generate a revenue of more than RM99mil and gross profit of some RM25mil, it said, adding that the project would start in the second half of the year for completion by 2010.


PROTON : [Stock Watch] [News]
PROTON 5 : [Stock Watch] [News]
PROTON-C : [Stock Watch]

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