It may be a quiet week after the Chinese New Year holidays in terms of economic data, but there will be more excitement in the courts and on the corporate front.
On Thursday (Feb 18), the Kuala Lumpur High Court will deliver its decision on whether to call Datin Seri Rosmah Mansor, the wife of former prime minister Datuk Seri Najib Razak, to enter her defence in relation to three counts of graft related to a solar hybrid project involving 369 schools in Sarawak or to acquit her of all charges.
The date was fixed after Justice Mohamad Zaini Mazlan heard submissions from the prosecution and defence last week. Senior deputy public prosecutor Datuk Seri Gopal Sri Ram is leading the prosecution team.
KUALA LUMPUR (Jan 26): Batu Kawan Bhd (BKB), which has made a takeover offer for all the shares it does not already own in Chemical Company of Malaysia Bhd (CCM) at RM3.10 per share, now holds a 96.7% stake in CCM, comprising 162.17 million shares in the company.
BKB and persons acting in concert with it (PACs) had received valid acceptances of not less than nine-tenths in the nominal value of the ordinary shares in CCM as at 5pm today, said the company in a filing to Bursa Malaysia. As such, the offeror (BKB) will invoke the provisions of Section 222 (1) of the Capital Markets and Services Act 2007 (CMSA) to compulsorily acquire any remaining offer shares from the holders of the offer shares (holders) who have not accepted the offer and/or who have failed or refused to transfer the Offer shares to the offeror (Dissenting Shareholders), it said.
KUALA LUMPUR (Jan 19): The main index at Bursa Malaysia pared some of its gains at the midday break Tuesday as broader market sentiment appeared lukewarm to the government’s RM15 billion Perlindungan Ekonomi dan Rakyat Malaysia (Permai) assistance package.
At 12.30pm, the FBM KLCI was up 2.78 points to 1,612.30. The index had earlier climbed to a high of 1,618.41.
Declining issuers led advancers by 370 to 365, while 728 counters traded unchanged. Trading volume was 4.16 billion shares valued at RM2.50 billion.
The gainers included Nestle (M) Bhd, Toyo Ventures Holdings Bhd, Milux Corp Bhd, PMB Technology Bhd, Khind Bhd, Samaiden Group Bhd and Carlsberg Brewery Malaysia Bhd.
KUALA LUMPUR (Jan 15): Based on corporate announcements and news flow today, stocks that may be in focus on Monday (Jan 18) include: KNM Group Bhd, Kanger International Bhd, SKP Resources Bhd, Batu Kawan Bhd, Chemical Company of Malaysia Bhd (CCM), Daya Materials Bhd, Samaiden Group Bhd, MESB Bhd, Seacera Group Bhd, AT Systemization Bhd, Notion-VTec Bhd, Tenaga Nasional Bhd (TNB), Genting Malaysia Bhd (GenM) and FGV Holdings Bhd.
KNM Group Bhd plans to raise up to RM54.93 million via a private placement to pay off its bank borrowings and to fund some ongoing projects. The process equipment manufacturer aims to issue up to 10% of its share capital or 296.92 million shares, which will be placed out to third-party investors to be identified. It said RM20 million of the proceeds raised will be used to repay bank borrowings, while RM33.63 million will be used to procure raw materials, pay subcontractors and other related expenses for its ongoing contracts in Indonesia, Malaysia and Guyan
BETWEEN Dec 7 and 11, notable filings of companies listed on Bursa Malaysia included one by
Chemical Company of Malaysia Bhd (CCM), where Permodalan Nasional Bhd ceased to be a shareholder after disposing of 76.45 million shares in a share sale.
This came on the heels of an offer by Batu Kawan Bhd to buy all the shares in CCM it did not already own at RM3.10 per share. Subsequently, Batu Kawan emerged as the largest shareholder in CCM with a 59.73% stake, from 3.41% previously.
Boardroom changes followed, starting with the resignation of chairman Datuk Idris Kechot. Non-independent non-executive directors Amizar Mizuar and Zainal Abidin Jamal followed suit. Tan Chee Heng, Dr Tunku Alina Raja Muhd Alias and Datuk Lee Hau Hian were appointed as non-independent non-executive directors.