JIT News - GPacket, Scomi Grp, DRBHicom, PetGas, Apex Equity ...

GPacket: GPacket is looking to exit the broadband services business by selling its entire 61% stake in P1. The company is said to have receive bids to purchase the shareholding in P1. Five parties have submitted their bids for P1. Three of the bidders are a foreign party and two local telcos. GPacket will make necessary announcements when the time comes.

While P1 is considered a core business for GPacket, the former has continued to bleed losses since 2006 and only managed to achieve positive Ebitda earlier 2012. After selling off P1, GPcket will only have its solutions business, which sells software and equipment such as modems to mobile operators.

GPacket holds a 47.2% stake in P1 and another 13.5% stake indirectly via its wholly owned Packet One Sdn Bhd. Other shareholders include South Korean telco SK Telecom Co Ltd (28.2%), Megan Sinar Sdn Bhd (1.96%), Dutamas Equity Sdn Bhd (2.5%), Dutamas Regal Sdn Bhd (3.7%) and Akar Amanjaya Sdn Bhd (2.9%).

Scomi Group: It will proceed with the proposed sale of three subsidiaries that form part of the group’s ongoing restructuring after the cancelation of the proposed renounceable offer of 283 million Scomi Marine Bhd shares to Scomi Group shareholders. The proposed disposals will be for rm770 million.

DRBHicom/Proton: DRB-Hicom Bhd is working for a plan for national car manufacturer, Proton Holdings Bhd and the details are expected to be announced in Nov 2012.

PetGas: It will see its supply agreement with Petronas expire in Mar 2014. This suggests FY13 will be a period of active negotiations between the two parties. While it is unclear whether the new agreement will be better or worse, the uncertainty will raise the risk premium for PetGas.

Apex Equity: It has seen the emergence of a substantial shareholder – Endau Suria Sdn Bhd. Endau holds 7.54% stake in Apex Equity, making it the fourth largest shareholder in the stockbroking group and the latter shareholders are Laura Hauw Soei Yong and Kong Hock Kin. Chan holds direct and indirect stake in Apex Equity stood at 16.89%.

Apex Equity was in the limelight in June 2012 as Chan together with a director Lew were ousted at the AGM in June 2012. It was reported that substantial shareholder Lim Siew Kim used to control Metroplex Bhd had voted against the two reappointments. Metroplex held a 6.3% stake in Apex Equity pledged to Arab Malaysian Credit. The shares were crossed at 92 sen in July 2012.

Fun Sheung Development has the biggest stake with 14.97% stake.

Two factions hold over 35% shareholding each in the stock broking firm.

Having been removed from the board, Chan was reappointed the executive director a few days latter after the AGM.

Lim move to oust Chan has left the investing fraternity guessing about the plan in the pipeline. While awaiting Lim to unveil her plan, Apex Equity’s board had cashed out of its investment in an Australian listed property firm for rm54.84 million. This will boost Apex Equity’s cash pile. As at March 31, 2012 the stockbroking firm’s cash balance was rm107 million.