Khamis, 5 Disember 2013

The Star Online: Business

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The Star Online: Business

Maxis shares surge on layoff talk


PETALING JAYA: Shares of leading mobile telephony service provider Maxis Bhd surged 21 sen to RM7.21 to the top gainers list after renewed market talk of the company's layoff exercise resurfaced.

According to a report by UOBKayHian yesterday, the company may soon announce another round of retrenchments, following an earlier round in the third quarter that had involved almost 500 staff.

"This time, it would involve half as many staff, most at mid-management level. We retain the view that Maxis' new chief executive officer, Morten Lundal, would need time to cut bureaucracies that have been holding back the company," the report by Ong Boon Leong noted.

StarBiz had in August reported, quoting sources, that there would be staff layoffs at Maxis that might see a reduction of between 10% and 15% of its total workforce then.

This follows a massive reorganisation in June, where the company flattened its organisational structure from eight core units and 24 sub-units to four main core units. The four business areas are enterprise solutions, consumer business, sales and services, and digital services.

HELP International, Selangor Properties shares up on takeover offer


KUALA LUMPUR: Shares of HELP International and Selangor Properties Bhd rose at midmorning on Friday after a Singaporean company offered to buy the private education provider at RM2.53 sen a share.

At 11.01am, HELP rose 20 sen to RM2.49 with some 1.12 million shares done between RM2.49 and RM2.50.

Selangor Properties, which holds 51% stake in HELP, rose six sen to RM4.68 with 61,400 shares done between RM4.66 and RM4.69.

The FBM KLCI was up marginally at 0.66 of at point to 1,825.52. Turnover was 281.4 million valued at RM295.18mil. There were 228 gainers, 246 decliners and 256 counters unchanged.

To recap, Southern Capital Group Ltd, a Singaporean private equity firm, has made a takeover offer of RM2.53 per share for private education provider HELP International Corp Bhd via Better Education Enterprise Sdn Bhd, confirming a StarBiz report on Thursday.

RHB Investment Bank Bhd said in a stock exchange filing on behalf of the offeror that the offer was 10.48%, or 24 sen, above the last-traded price of RM2.29 on Wednesday.

The investment bank said the offer was conditional upon the offeror getting more than 50% of the shares.

In a report on Friday morning, CIMB Equities Research advises HELP International investors to accept the takeover offer at RM2.53.

China-based Kanger International to raise RM20m from IPO


KUALA LUMPUR: China-based Kanger International plans to raise up to RM20mil from its proposed listing on the Ace Market of Bursa Malaysia.

In its prospectus issued on Friday,  the bamboo flooring maker said it was offering 80 million new 10 sen shares at an offer price of 25 sen each.

Of the 80 million new shares, it said 11 million shares would be offered to the public and 69 million shares would be placed out to selected investors.

According to Kanger, of the RM20mil to be raised from the listing exercose, RM8.20mil would be used for working capital, RM5.50 million to repay bank borrowings and RM3.30mil for listing expenses.

Kanger posted profit after tax of RM2.517mil in the six months ended June 2013 compared with RM2.124mil in the previous corresponding period.

In the financial year ended Dec 31, 2012, its net profit was RM6.369mil compared with RM2.281mil in FY2011.


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