Asean Breaking News

PETALING JAYA: Lien Hoe Corp Bhd’s shareholders has been advised to reject the takeover offer from Christine Holding Sdn Bhd for 25.5 sen per share. This is as the offer was deemed as “not fair” and “not reasonable” by independent advisor Mercury Securities. According to the group’s independent advice circular filed with Bursa Malaysia, based on the sum-of-parts (SOP) valuation model, the adviser estimated the value for the entire equity interest in Lien Hoe stood at RM499.58 million or RM1.50 per share. “The offer price of 25.5 sen is lower than and represents a discount of RM1.245 (83%) over the estimated value per Lien Hoe share derived using the SOP valuation method of RM1.50.” In addition, the circular highlighted that the offer price represents a discount of between 3.08% and 10.56% over its five-day, one-month, three-month, six-month and one-year volume weighted average price as at Aug 20, 2019. Furthermore, as the offeror intends … [Read more...] about Lien Hoe shareholders told to reject takeover offer

PETALING JAYA: UEM Sunrise Bhd has denied a proposed merger with Eco World Development Group Bhd. “UEM Sunrise continuously explores strategic business opportunities that can deliver stakeholder and shareholder returns. With reference to media reports on a potential merger with a property company, we wish to clarify that the board of directors has not made nor received any corporate proposal as reported in the media from any party for its consideration,” it told Bursa Malaysia today. It added that where necessary, the group will release a proper announcement on any material issue on a timely basis as required by the Main Market Listing Requirements of Bursa Malaysia Securities Bhd. It was reported that UEM Sunrise may acquire Eco World through shares swap, which could result in Eco World founder Tan Sri Liew Kee Sin holding 15% to 20% in UEM Sunrise. The merged entitiy will have total landbank of 7,284ha. Khazanah Nasional Bhd is a major shareholder of UEM Sunrise with a … [Read more...] about UEM Sunrise denies merger with Eco World

PETALING JAYA: Petronas LNG Ltd (PLL) has entered into a memorandum of understanding (MoU) with Korea Midland Power Co Ltd (Komipo) to explore business opportunities in liquefied natural gas (LNG) and renewable energy. According to the group’s press statement, both parties intend to evaluate, discuss and conduct a study on LNG infrastructure, power business and renewable energy opportunities. “This MoU with Komipo represents our commitment in being a reliable energy and solutions provider and we look forward to this venture with Komipo,” said PLL chairman Ahmad Adly Alias. Meanwhile, Komipo president and CEO Park Hyung Koo commented that with the signing, the two parties are able to lay the foundation for business relations in the LNG & renewable business. … [Read more...] about Petronas, Komipo to explore LNG, renewable energy

PETALING JAYA: HSS Engineers Bhd accepted two contracts valued at RM99.3 million for projects works for the East Coast Rail Link (ECRL) and Northern Corridor Economic Region (NCER) via its associate company HSS Integrated Sdn Bhd (HSSI). According to the group’s filing with the stock exchange, it has been appointed to provide supervising consultancy service for infrastructure work from KM0 to KM231.5 of the ECRL that was suspended previously. Following the resumption of the project, HSS entered into a consultancy agreement with China Communications Construction (ECRL) Sdn Bhd with a revised contract. “However, there is no change in HSSI’s scope of services and the estimated value of the revised contract remains at RM82.5 million,” said the group. In a separate filing, HSS revealed that it has accepted a letter of appointment from Northern Corridor Implementation Authority appointing HSSI to provide project delivery management office for all development projects … [Read more...] about HSS Engineers bags RM99m contracts