KUALA LUMPUR, Malaysia (July 2): Serba Dinamik Holdings Bhd, Boustead Holdings Bhd, Media Prima Bhd, UEM Sunrise Bhd, GUH Holdings Bhd, MAG Holdings Bhd, and China Automobile Parts Holdings Bhd could be among the firms under focus on Monday (July 5), based on corporate announcements and news flow today. Ernst & Young Consulting Sdn Bhd (formerly known as Ernst & Young Advisory Services Sdn Bhd) [EY] has been formally appointed by Serba Dinamik Holdings Bhd as the special independent reviewer to assist the board in conducting the special independent review on the issues raised by its former external auditor KPMG PLT.
The hiring of EY was “also made pursuant to a directive from Bursa Malaysia pursuant to paragraphs 2.23 and 2.24 of Bursa Malaysia’s Main Market Listing Requirements,” according to the statement.
“This decision is based on discussions between the company and Bursa Malaysia, which concluded that EY is suitable for the engagement as a recognized ‘Big 4′ firm of auditors,” the statement continued.
Boustead Holdings Bhd has formed a consortium with Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa) and an independent insurance brokerage firm to apply for an Islamic Digital Banking Licence.
The three parties will work together under the banner of MyAngkasa Digital Services (MDS) to apply to Bank Negara Malaysia for an Islamic digital banking license. MDS Sdn Bhd is an Angkasa subsidiary that was formed as a special purpose vehicle to compete for the digital banking license.
Balai Berita Bangsar, one of two properties Media Prima Bhd sold to Permodalan Nasional Bhd (PNB) for RM280 million in 2018, is being bought back for RM156.4 million.
Media Prima stated in a bourse filing that it has received a letter of offer from PNB’s wholly-owned subsidiary PNB Development Sdn Bhd to buy the building and the two plots of freehold land it now occupies, totaling roughly 151,814 sq ft. It was also said that the deal will be totally paid for in cash.
UEM Sunrise Bhd has sold three parcels of freehold agricultural property in Mersing, Johor, to Lagenda Properties Bhd for RM45.1 million, or RM2.40 per square foot for the 431.1-acre holdings.
Sunrise Mersing Sdn Bhd, the property developer’s indirect wholly-owned subsidiary, has agreed to sell the property to Lagenda Mersing Sdn Bhd, a wholly-owned subsidiary of Lagenda Properties.
For RM52.5 million, GUH Holdings Bhd and other shareholders of Straits International Education Group Sdn Bhd (SIEG) are selling their shares in the education company to Tenby Educare Sdn Bhd.
SIEG has international schools in Rawang and Penang that it owns and operates.
The sale will allow GUH, which owns 25% of SIEG, to get rid of a non-essential business unit and focus its resources on other core businesses, according to the company.
At an extraordinary general meeting today, MAG Holdings Bhd shareholders authorized the purchase of a 100 percent ownership interest in North Cube Sdn Bhd for RM200 million, which is greater than the company’s market capitalization.
MAG stated in a statement that 99.9% of shareholders voted in favor of the agreement, which will be funded by a cash consideration of RM60 million, the issuance of 300 million shares at 20 sen per share, and the issuance of 400 million additional redeemable preference shares (RPS).
The proposed transaction is also backed by a profit guarantee of at least RM18 million on a consolidated basis for the 18-month period ending June 30, 2022.
By inking a Memorandum of Understanding (MOU) with multiple vendors for the acquisition of Singapore-based Tenda Construction Equipment Pte Ltd and Tenda Equipment & Services Pte Ltd, China Automobile Parts Holdings Bhd is making another move to normalize its Practice Note 17 status.
The company announced that it has signed a memorandum of understanding with Lee Seng Guan, Tan Gim Yiam, Lee Hay Chiang, and Lee Peng Quan to execute a definitive share sale agreement for the acquisition of the two companies’ complete equity investment.
The target companies are in the business of providing construction and civil engineering machinery and equipment for repair and maintenance, as well as providing, renting, and selling the machinery and equipment./n
