Tuesday, 21 October 2014

High-5 will be delisted from Bursa on Friday

High-5 Conglomerate Bhd, formerly Silver Bird Group Bhd, will be delisted from Bursa Malaysia on Friday. In a filing with Bursa yesterday, the bread maker said the exchange had decided to dismiss the company's appeal against the rejection of its regularisation plan in early Aug. High-5 has still not been able to mend its financials, with over RM37m in losses for 9MFY07/14. (Financial Daily) 

MyTeksi has raised a combined US$90m of investments

MyTeksi Sdn Bhd has raised a combined US$90m (RM294m) of investments from US-based hedge funds to date, said its general manager Adelene Foo. The third round of investment was led by Tiger Global Management LLC. Other investors include Hillhouse Capital Management Ltd joined the round with existing investors such as GGV Capital, Vertex Venture Holdings Ltd and Qunar. 
  • MyTeksi targets to strengthen its presence by expanding to smaller towns or cities. MyTeksi is currently present in six countries, namely Malaysia, Singapore, Philippines, Thailand, Vietnam and Indonesia. Proceeds from the investments will be channelled to the taxi drivers, including and educational fund for taxi drivers and their families, as well as vehicle refurbishment. 
  • "We will use the funds to continue expanding in Malaysia, particularly in attracting talent to handle the new territories that we will enter," she added. (Financial Daily)

Goldis offer for rest of IGB turns unconditional

The conditional takeover offer by Goldis Bhd to acquire all the remaining shares in IGB Corp Bhd at a cash offer price of RM2.88 per offer share became unconditional last Friday. In a filing with Bursa Malaysia yesterday, Goldis said it had received valid acceptances of more than 50% of the total voting shares of property developer IGB. Goldis already owned 31.11% or 415.24m shares in IGB. 
  • On Friday, Goldis received valid acceptance for a further 269.03m IGB shares or about 20.15% from other IGB shareholders. Hence, Goldis' stake in IGB came to 51.26%. "Accordingly, the offer has become unconditional as to acceptance as of Friday, Oct 17, 2014 (acceptance unconditional date). 
  • However, the offer is still subject to the approval of shareholders of Goldis at the extraordinary general meeting of Goldis to be held on Oct 21, 2014," Goldis said. (The Sun)

Franklin Templeton targets banking, pharma industries

Templeton Investments is positive on all sectors in Malaysia due to its location in between the emerging economies of Singapore and Indonesia. The global investment fund is looking at increasing its investments in the banking, pharmaceutical and medical stocks in Malaysia, given its continued vibrancy and resilience against several economic slowdowns before this. (Malaysian Reserve) 

WCT unit buys land for RM115.4m

WCT Holdings is buying four plots of freehold land in Selangor from Matad Sdn Bhd for RM115.4m. The move is in line with WCT’s plans to increase its landbank to further establish its position in property development and increase its investment property portfolio for long-term recurring rental income. “WCT intends to undertake a mixed commercial development on the land but it is still at a preliminary stage,” it said. (BT) 

Yinson secures US$39m Addax deal extension

Yinson Holdings Bhd's wholly-owned indirect subsidiary Adoon Pte Ltd has obtained a one-year extension contract worth US$39m (RM127.53m) for the charter of its floating production storage and offloading (FPSO) vessel to Addax Petroleum Development (Nigeria) Ltd. The original contract for the FPSO Knock Adoon was awarded on Oct 17, 2006 for a period of eight years, with an extension option of up to another eight years. It expired on Oct 16, 2014, and both parties have agreed to extend the term of the contract by one year to Oct 16, 2015. (Financial Daily) 

GST will push up home prices by 2.6%, according to Rehda

Home prices will rise by about 2.6% once the goods and services tax (GST) comes into play, said the Real Estate and Housing Developers’ Association Malaysia (Rehda). The chairman of the association’s task force on accounting and taxation, Datuk Ng Seing Liong, said that the calculation was based on its consultations with industry experts and member developers. Rehda’s 2.6% estimate differs from that of the Customs Department, which expects the GST to have an impact of between 0.5% and 2% on house prices, assuming there’s no change in supply and demand conditions. 
  • Ng said the association was in full support of the GST and concurred with Customs GST director Datuk Subromaniam Tholasy, who had said that land did not incur the 6% GST rate. However, he said land was by no means the largest cost component in property development. “As our calculation clearly spells out, the construction cost, which constitutes 46% of the total development, is not only the largest component but also the component which will attract the GST of 6%,” he said. (Starbiz) T