IGB Corporation
Bhd (RM2.70/share)
To fund growth with
REIT listing proceeds
IGB Corp Bhd is expecting to raise some RM800.0mil in cash
from the upcoming listing of its retail real estate investment trust (REIT),
which is expected to happen in mid-August. IGB Corp group managing director
Robert Tan said the proceeds would be used for future expansion activities,
which “are in the pipeline.” Tan also said IGB Corp was mulling over another
two REITs to unlock the value of its office and hotel assets. To recap, the
listing of IGB’s maiden REIT, the retail REIT, in the third quarter of this year
is to unlock the value of its two prime retail assets - Mid Valley Megamall and
The Gardens Mall. – StarBiz
TSH Resources Bhd
(RM2.37/share)
Unit launches
takeover offer
TSH Resources Bhd’s indirect wholly-owned subsidiary Bisa
Jaya Sdn Bhd, together with Chin Leong Thye Sdn Bhd, Lee Chin Hwa, Lee Min Huat
and Lee Sep Pian, has proposed to acquire all the voting shares of RM1 each in
Pontian United Plantations Bhd not already owned by them at an offer price of
RM90 per share via a voluntary conditional takeover offer. It told Bursa
Malaysia yesterday that the joint offerors directly held 1.71 million Pontian shares,
or a 19.72% stake. The offer price of RM90 will be satisfied through RM45.06 in
cash and RM44.94 via the issuance of twenty-one TSH “consideration shares.” TSH
consideration shares represents the ordinary shares of 50 sen each in TSH to be
issued at a price of RM2.14 per TSH Share, which is about a 10% discount to the
five-day volume weighted average market price of TSH Shares up to and including
June 25. – StarBiz
CIMB Group
Holdings Bhd (RM7.56/share)
Muhibbah: CIMB Bank
withdraws support for APH restructuring
CIMB Bank Bhd has withdrawn its support for the proposed
scheme to restructure the Asia Petroleum Hub Sdn Bhd (APH) project. Muhibbah
Engineering (M) Bhd said yesterday, its legal advisers were informed of the
bank’s decision to withdraw its support for the restructuring. The restructuring was filed previously by the
receiver and manager, PricewaterhouseCoopers, which was appointed by the bank. –
StarBiz
Tenaga Nasional
Bhd (RM6.70/share)
TNB, Govt to discuss
‘extra RM1.6bil gas bill’
Tenaga Nasional Bhd (TNB), which is getting imported gas in
two months’ time, is talking to the Government on an extra RM1.6bil that will
be charged under the market pricing portion of the deal. TNB CEO Datuk Seri Che
Khalib Mohd Noh said by September, Tenaga will have supply of gas and the issue
of insufficient volume of gas will be a thing of the past. The regassification
plant in Malacca, which will allow for the import of liquefied natural gas
(LNG), is slated for completion in August. Post September, Tenaga will get
delivery on any volume they want, except that any amount above 1,100 million
standard cu ft per day (mmscfd) will be at market price. Currently, TNB gets
supply of 1,100 mmcsfd of gas; this will be supplied at the government-regulated
price of RM13.70 per million metric British thermal units (mmbtu). Meanwhile,
the market price per mmbtu is RM45. - StarBiz
Source: AmeSecurities
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