DRB Hicom Bhd (RM2.37/share)
Gets 98.6% of Proton
DRB-Hicom
Bhd has received acceptances of up to 98.66% as at 5pm yesterday for its
takeover at Proton Holdings Bhd, whose shares will be suspended from May 4. With
the acceptances, DRB-Hicom will invoke the provisions of Section 222 of the Capital
Markets & Services Act 2007, within the next two months, to compulsorily acquire
the remaining shares in Proton and delist it from Bursa Malaysia.
The offer
to Proton shareholders remains open until May 9. The deadline was extended from
April 25 to give more time for the remaining shareholder of Proton to consider
parting with their shares. DRB-Hicom had previously indicated that it would not
maintain Proton’s listing status if the acceptances exceeded 75%. – The Edge
Axiata Group Bhd (RM5.31/share)
Celcom withdraws appeal against RM590mil award
Celcom
Axiata Bhd has withdrawn its appeal to the Court of Appeal against a decision involving
the award of US$193.5mil (RM590mil) to DeTeAsia Holdings GmbH in a dispute
during its privatisation in 2003. In a filing with Bursa Malaysia, Axiata Group
said yesterday that Celcom withdrew its appeal with no order as to costs.
To recap,
Celcom Axiata had appealed to the appellate court over a High Court decision
which had earlier set aside its originating summon against DeTeAsia’s bid to
enforce the international court decision. In 2005, the International Court of Arbitration
of the International Chamber of Commerce ordered Celcom to pay US$193.5mil in
principal sum and interest to DeTeAsia for breach of an agreement between
Celcom and DeTeAsia.
The dispute
between Celcom and DeTeAsia, which had an 8% stake in the telecommunications
operator, arose leading up to the merger between Celcom and TM’s subsidiary TM
Cellular Sdn Bhd in 2003. – StarBiz
Dialog Group Bhd (RM2.23/share)
PITSB to set up crude oil storage terminals
Pengerang
Independent Terminals Sdn Bhd (PITSB)
plans to set up dedicated terminals for crude oil storage under its second phase of expansion.
Chairman Dr Ngau Boon Keat said the project would probably take place two years
after the commercial operations of the company’s independent terminal start in
2014.
He said the
dedicated terminals would cater to national and international oil companies and
traders to store crude oil for refineries-related activities, adding that they
will also conduct a feasibility study on whether there is demand for liquefied
national gas (LNG) storage at the complex.
The RM5bil
complex on 323.74ha site in Pengerang would provide storage, blending and
distribution services for crude and clean petroleum products, he said. The complex’s petroleum storage facilities of
about 1.3 million cu m could be further expanded by an additional 1 million cu
m.
Dialog
Group Bhd and Royal Vopak hold 51% and 49% equity respectively in a joint venture
company, Pengerang Terminals Sdn Bhd, which owns 90% of PITSB. The Johor
government, via its investment arm State Secretary Inc, holds the remaining 10%
stake in PITSB. – StarBiz
Bumi Armada Bhd (RM4.22/share)
Ananda pares down stake
Tycoon
Ananda Krishnan and his bumiputera partners will sell roughly 15% of offshore
services provider Bumi Armada Bhd in private placements to local and foreign
institutional investors in a deal that will raise close to RM2.0bil.
Financial
executives involved in the placement told The Edge Financial Daily that the sale
of roughly 440 million shares in Bumi Armada would cut the joint holdings of Ananda
and his bumiputera partners to 55% in the company.
One
financial executive said the deal will widen their shareholder base and raise a
little money. He added that shares would be placed out at a discount of between
3% and 6% of the current trading price. Sales could be tweaked slightly upwards
if there is strong response.
The planned
placement, which will be finalised in the coming days, represents the latest in
a series of asset sales involving units in Ananda’s diversified corporate empire.
– The Edge
Banking Sector
RHBCap-OSK merger believed to have received
Bank Negara approval
The RHB
Capital Bhd-OSK Holdings Bhd merger deal is believed to have received the nod
from Bank Negara and is now awaiting approval at the Finance Ministry level,
according to sources. Internally, RHB has set a target for the completion of
the deal at the end of the third quarter.
Among the
issues are those related to pricing; talk that CIMB is still interested in RHB,
hence the rationale for RHB buying OSK; and that most department heads proposed
for the investment bank are purportedly from OSK.
Also, this
is regarded to be a complex deal that will see RHBCap’s reach extended to
markets like Indonesia, Cambodia, Hong Kong and China. With RHB mostly in institutional
business and OSK in the mid-sized and
commercial sector, there appears to be little overlap between the two. -
StarBiz
Source: AmeSecurites
No comments:
Post a Comment