The Star Online: Business
The Star Online: Business |
- LFE Corp surges after posting strong earnings
- Hong Leong Industries selling Hume stake, ICPS to Narra for RM348m (Update)
- Solid Automotive opens at 60 sen on Bursa Malaysia
| LFE Corp surges after posting strong earnings Posted: KUALA LUMPUR: Shares of LFE Corporation Bhd surged in early Thursday trade after it posted a strong set of financial results in the fourth quarter ended July 31, 2013 while it had until Sept 30 to announce its regularisation plan. At 9.53am, LFE was up 16 sen to 29 sen. Trading volume was 15.69 million shares. The FBM KLCI rose 6.46 points to 1,774.94. Turnover was 440.64 million shares valued at RM235.37mil. There were 275 gainers, 109 losers and 201 counters unchanged. In the fourth quarter, it posted net profit of RM25.35mil compared with a net loss of RM27.60mil a year ago. On Sept 2, LFE said it was still evaluating various options to undertake and formulate a self-regularisation plan to regularise its financial condition. However, there has been no material development subsequent to the announcement on Aug 1, 2013. LFE also said it did not foresee that the regularisation plan would result in a significant change in the business direction or policy of the Company. "Premised on the first announcement on Oct 1, 2012, the last day for submission of the regularisation plan by the company to Bursa Securities and obtain Bursa Securities' approval to implement the said regularisation plan would be by Sept 30, 2013," it said. |
| Hong Leong Industries selling Hume stake, ICPS to Narra for RM348m (Update) Posted: KUALA LUMPUR: Hong Leong Industries Bhd (HLI) is selling its 100% stake in Hume Industries (Malaysia) Sdn Bhd for RM48mil and preference shares in Hume Cement Sdn Bhd for RM300mil to Narra Industries Bhd. The corporate exercise of both companies, which are under the Hong Leong group, would see the disposals of the 300 million Hume Industries shares and entire 175,000,000 six-year 2% non-cumulative irredeemable convertible preference shares of RM1 each in Hume Cement, in exchange for new Narra Industries shares. "The proposed disposals will allow HLI to realise its investments in the Hume Cement ICPS and the concrete business division in a manner favourable to the shareholders of Hong Leong Industries," said HLI on Thursday. HLI said the Hume Cement ICPS currently held by HLI is only convertible into new ordinary shares in HCement after March 2017. "The proposed disposal of Hume Cement ICPS will accelerate the participation of HLI's shareholders in Hume Cement," it said. Under the corporate exercise, HLI is selling the 30 million Hume Industries shares for RM48 million which will be satisfied by the issuance of 48 million new Narra shares at an issue price of RM1 per share. As for the ICPS, the sale of the 175 million ICPS in Hume Cement for RM300 million would be satisfied by the issuance of 300 million new Narra shares at RM1 per share. HLI said upon completion of the proposed disposals, HLI would implement a capital distribution comprising of a proposed reduction of the capital of HLI involving a reduction of share premium reserve. It would also undertake a capital repayment exercise involving the distribution of 345.03 million Narra shares on the basis of 1,080 Narra shares for every 1,000 ordinary shares of 50 sen each held in HLI. These shares representing substantially all the consideration shares to be received by HLI pursuant to the proposed disposals. HLI said through the proposed capital distribution, HLI shareholders will be able to participate directly in two listed companies, that is in HLI via the existing equity held by them and in Narra which will focus on concrete and cement business. |
| Solid Automotive opens at 60 sen on Bursa Malaysia Posted: KUALA LUMPUR: Solid Automotive Bhd opened at 60 sen, which was four sen above its offer price of 56 sen, when it was listed on the Main Market of Bursa Malaysia on Thursday. At 9am, the FBM KLCI was up 9.28 points to 1,777.76. Turnover was 21.14 million shares valued at RM13.44mil. There were 100 gainers, nine losers and 53 counters unchanged. Solid Automotive raised about RM19.81mil from its listing exercise which involved the public issue of 35.38 million new shares at 56 sen each. The shares available for the Malaysian public subscription were oversubscribed by 9.8 times. The company said a total of 4,100 applications for 81.224m shares with a value of RM45.4m were received from the Malaysian public. Solid Automotive's subsidiaries Solid Corporation, Twinco, Auto Empire, JBS and Uni Point are involved in the trading and distribution of automotive parts and components as well as remanufacturing of automotive alternators and starters for the passenger and commercial vehicle segments in the automotive aftermarket in Malaysia and overseas. |
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