Business

Thursday September 24, 2009

News in Brief


Hap Seng sells China unit

KUALA LUMPUR: Hap Seng Consolidated Bhd has entered into an equity transfer agreement with Lei Shing Hong Venture Capital Ltd to dispose of its entire equity interests in Hap Seng Consolidated Financial Lease & Rental (China) Co Ltd (HSCFLR) for US$30.3mil cash.

In a filing with Bursa Malaysia yesterday, Hap Seng said the sale consideration was arrived at a willing- buyer-willing seller basis based on about 1.5 times the net assets value of HSCFLR as at Aug 31.

Hap Seng said the net profits attributable to assets of HSCFLR was about RM224,000 while net assets value of HSCFLR as at Aug 31 was about RM71mil.

The gearing ratio of Hap Seng is expected to decrease to 1 times from 1.06 times as a result of the disposal.

The gains arising from the disposal are expected to be about RM36mil and the company proposed to utilise the proceeds to reduce its borrowings and as working capital.

Phase one of tank project completed

PETALING JAYA: Langsat Terminal (One) Sdn Bhd, a joint-venture tank terminal project between Dialog Group Bhd, MISC Bhd and Puma Energy Asia Pacific BV, has completed phase one of its development and commenced operations.

The terminal received its first shipment of gas oil from its customer, Switzerland-based oil trader Trafigura Pte Ltd, on Sept 19, Dialog told Bursa Malaysia yesterday.

Located in Tanjung Langsat, Johor, it is the second tank terminal project for Dialog, after its first in Kertih, Terengganu.

The terminal has a total capacity of 400,000 cu m, with the development planned to be completed in two phases.

Puncak Niaga in joint venture

PETALING JAYA: Puncak Niaga Holdings Bhd has formed a joint-venture company with Yuanshi County Panlong Industrial Water Supply Co Ltd, called Hebei Sino Co Ltd, to undertake investment in water and wastewater projects in China.

The joint-venture company is 80:20 owned by Sino Water Pte Ltd (a subsidiary of Puncak Niaga incorporated in Singapore) and Yuanshi County Panlong.

“Hebei Sino will be involved in the treatment and distribution of water to industrial areas in Yuanshi County, Hebei Province,” Puncak Niaga told Bursa Malaysia yesterday.

No change in Menang default

KUALA LUMPUR: Menang Corp (M) Bhd, which has defaulted on servicing its loans, said there has been no change to the status of default in payment.

In a filing with Bursa Malaysia yesterday, Menang Corp said there had been no changes to the payment owing to Pengurusan Danaharta Nasional Bhd, Malayan Banking Bhd and Bank Islam Malaysia Bhd.

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