KUALA LUMPUR (Dec 20): Stocks could see cautious trade on Tuesday, amid worries from the eurozone crisis and uncertainty in the Korean peninsula following the death of North Korean strongman Kim Jong-il.
The latest development was North Korea’s test firing of a short-range missile on its eastern coast on Monday, the day its leader Kim Jong-il's death was announced, South Korean media reported.
Reuters reported an unnamed South Korean official was quoted by Yonhap news agency as saying he did not believe the launch was linked to the announcement of Kim's death.
Meanwhile, China had voiced confidence in the new leader of its impoverished ally North Korea after his father died, promising to support Pyongyang as it enters into an uncertain transition, according to Reuters.
On the home front, stocks to watch include IGB CORPORATION BHD [], Sunway Bhd, KURNIA ASIA BHD [], MITRAJAYA HOLDINGS BHD [] and FAVELLE FAVCO BHD [].
IGB has made a RM277.50 million offer to acquire the remaining 50% stake in Great Union PROPERTIES [] Sdn Bhd (GUP), which owns the Renaissance Kuala Lumpur Hotel, from Stapleton Developments Ltd and Chong Kim Weng.
IGB, which currently owns 50% of GUP, would pay RM101.348 million and also settle the shareholder’s advance of RM176.15 million in GUP, for cash consideration of RM277.50 million.
Sunway Bhd has acquired the leases of two parcels of land for RM745.3 million with a gross development value (GDV) of RM12 billion in Medini Iskandar via a joint venture (JV) with Khazanah Nasional Bhd. The company said the two parcels of land adjacent to each other totaled 691 acres, adding that the leases acquired were for a period of 99 years.
Sunway said the newly acquired land known as Zone F Medini would boost its landbank by 30% from the previous 2,145 acres, while the proposed development will increase the company’s current GDV to RM 32 billion.
Kurnia Asia plans to sell its insurance unit, Kurnia Insurans (Malaysia) Bhd to AmG Insurance Bhd. It had submitted an application to Bank Negara Malaysia (BNM) for the Minister of Finance’s approval under the Insurance Act 1996.
Mitrajaya has secured a RM21.89 million project in the herbal and bioTECHNOLOGY [] products clusters in Pasir Raja, Terengganu. Its unit Pembinaan Mitrajaya Sdn Bhd was awarded the project by the East Coast Economic Region Development Council (ECERDC) to build the farm establishment, buildings and infrastructure works at the clusters.
Favelle Favco’s units have secured five separate purchase orders worth a combined RM72.3 million to supply four offshore cranes and one tower crane.
Favelle Favco Cranes (M) Sdn Bhd had received four contracts to supply offshore cranes each to SMOE Pte Ltd, Technics Offshore Engineering Pte Ltd, China Communications Import & Export Corporation and China Merchant Heavy Industry (Shenzhen) Co. Ltd respectively.
YTL CORPORATION BHD [] has extended a voluntary share exchange offer to the holders of YTL CEMENT BHD [] shares and its loan stocks to maximise the value of their investments.
The offer was RM4.50 for each YTL Cement share, or 3.17 shares of 10 sen each in YTL Corp for every one ordinary share of 50 sen each held in YTL Cement.
For the irredeemable convertible unsecured loan stocks (ICULS) holders, the offer was RM2.21 for every RM1 in ICULS held, or 1.56 YTL Corp shares for each ICULS.
The latest development was North Korea’s test firing of a short-range missile on its eastern coast on Monday, the day its leader Kim Jong-il's death was announced, South Korean media reported.
Reuters reported an unnamed South Korean official was quoted by Yonhap news agency as saying he did not believe the launch was linked to the announcement of Kim's death.
Meanwhile, China had voiced confidence in the new leader of its impoverished ally North Korea after his father died, promising to support Pyongyang as it enters into an uncertain transition, according to Reuters.
On the home front, stocks to watch include IGB CORPORATION BHD [], Sunway Bhd, KURNIA ASIA BHD [], MITRAJAYA HOLDINGS BHD [] and FAVELLE FAVCO BHD [].
IGB has made a RM277.50 million offer to acquire the remaining 50% stake in Great Union PROPERTIES [] Sdn Bhd (GUP), which owns the Renaissance Kuala Lumpur Hotel, from Stapleton Developments Ltd and Chong Kim Weng.
IGB, which currently owns 50% of GUP, would pay RM101.348 million and also settle the shareholder’s advance of RM176.15 million in GUP, for cash consideration of RM277.50 million.
Sunway Bhd has acquired the leases of two parcels of land for RM745.3 million with a gross development value (GDV) of RM12 billion in Medini Iskandar via a joint venture (JV) with Khazanah Nasional Bhd. The company said the two parcels of land adjacent to each other totaled 691 acres, adding that the leases acquired were for a period of 99 years.
Sunway said the newly acquired land known as Zone F Medini would boost its landbank by 30% from the previous 2,145 acres, while the proposed development will increase the company’s current GDV to RM 32 billion.
Kurnia Asia plans to sell its insurance unit, Kurnia Insurans (Malaysia) Bhd to AmG Insurance Bhd. It had submitted an application to Bank Negara Malaysia (BNM) for the Minister of Finance’s approval under the Insurance Act 1996.
Mitrajaya has secured a RM21.89 million project in the herbal and bioTECHNOLOGY [] products clusters in Pasir Raja, Terengganu. Its unit Pembinaan Mitrajaya Sdn Bhd was awarded the project by the East Coast Economic Region Development Council (ECERDC) to build the farm establishment, buildings and infrastructure works at the clusters.
Favelle Favco’s units have secured five separate purchase orders worth a combined RM72.3 million to supply four offshore cranes and one tower crane.
Favelle Favco Cranes (M) Sdn Bhd had received four contracts to supply offshore cranes each to SMOE Pte Ltd, Technics Offshore Engineering Pte Ltd, China Communications Import & Export Corporation and China Merchant Heavy Industry (Shenzhen) Co. Ltd respectively.
YTL CORPORATION BHD [] has extended a voluntary share exchange offer to the holders of YTL CEMENT BHD [] shares and its loan stocks to maximise the value of their investments.
The offer was RM4.50 for each YTL Cement share, or 3.17 shares of 10 sen each in YTL Corp for every one ordinary share of 50 sen each held in YTL Cement.
For the irredeemable convertible unsecured loan stocks (ICULS) holders, the offer was RM2.21 for every RM1 in ICULS held, or 1.56 YTL Corp shares for each ICULS.
