Star Publications (M)
Bhd (RM3.20/share)
Unit buys CNM Events
for RM45mil
Star Publications (M) Bhd’s wholly-owned subsidiary I.Star
Ideas Factory Sdn Bhd has acquired the business and assets of CNM Events
Marketing Sdn Bhd for RM45mil. CNM Events, a company that deals with all kinds
of events related to home and lifestyle exhibitions, is the owner of the
established Perfect Livin and Perfect Lifestyle exhibition brands.
CNM Events will provide Star with a profit before tax
guarantee of at least RM30mil for the next three years, beginning from its
financial year ending Dec 31, 2013. The purchase price for CNM Events will be
paid in tranches.
The major shareholders of CNM Events are Datuk Adriana Law
Song Ting and Datuk Yam Fook Poh, who each has a 50% stake in the company. Law
is also the warrantor for this proposed acquisition. – StarBiz
Axiata Group Bhd
(RM5.99/share)
Sets up
multi-currency sukuk plan
Axiata Group Bhd, through its wholly-owned Axiata SPV2 Bhd,
became the first Asian telecommunications company to establish a US$1.5bil
(RM4.73 billion) multi-currency sukuk programme.
The sukuk allows airtime vouchers representing an
entitlement to a specified number of airtime minutes on the mobile
telecommunications network of Axiata’s subsidiaries, for on-Net calls to be
included as a trust asset. – Business Times
Fraser & Neave
Holdings Bhd (RM18.36/share)
Thai Beverage to pay
S$2.78b for OCBC’s stake in F&N
Thai Beverage pcl, Thailand’s biggest beer maker, agreed to
pay S$2.8bil (RM6.9bil) for Fraser & Neave Ltd’s (F&N) shares held by
Oversea-Chinese Banking Corp (OCBC) and its partners. The Thai company will buy
313 million F&N shares at S$8.88 each, or about 22% of Singapore’s biggest
beverage maker from OCBC, its unit Great Eastern Holdings Ltd and Lee Rubber
Co, according to a statement on Wednesday. OCBC and Great Eastern hold 18.2% of
F&N and 7.92% of APB. – Business Times
Automotive Sector
MAA keeps forecast
for vehicle sales
The Malaysian Automotive Association (MAA) has kept its new
vehicles sales growth forecast at 2.5%, or a total of 615,000 units, as domestic
demand remains resilient. Its president Datuk Aishah Ahmad said the second half
of the year would be challenging but if there was positive gross domestic
product (GDP) demand, “the local automotive industry will enjoy another robust
and, perhaps, even a record total industry vehicle (TIV) high.” MAA said the
TIV rebounded strongly in May and June, growing by 27% and 35%, respectively. - Business Times
Source: AmeSecurities
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