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Companies in Focus: SunCon, UEM Edgenta, Cliq, KNM
Companies in Focus
Companies in Focus
SunCon, UEM Edgenta, CLIQ, KNM
Some of these companies are likely to be in focus given the recent announcement, rumours and news surrounding them.
UEM Edgenta Bhd
Total asset solutions provider UEM Edgenta Bhdis proposing to acquire Asia Integrated Facility Solutions Pte Ltd, which indirectly owns UEMS Pte Ltd, for S$185.9 million or RM563 million.
In a statement filed to Bursa Malaysia, UEM Edgenta said that together with its wholly-owned subsidiary, Edgenta (S) Pte Ltd, the group has entered into a sale and purchase agreement with Asia IFM Solutions Ltd for the acquisition.
Sunway Construction Group Bhd
Sunway Construction Group Bhd has bagged three projects with a combined total value of RM209 million and bringing its outstanding order book to date to RM5 billion.
The first contract involves its subsidiary Sunway Construction Sdn Bhd, which has been appointed by MMC Gamuda KVMRT (PDP SSP) Sdn Bhd to undertake a package under Mass Rapid Transit (MRT) Line 2 project. The job, involving the construction of a viaduct guideway from Sungai Buloh to Persiaran Dagang, Bandar Sri Damansara, carries a contract sum of RM52.52 million and will be completed by September 2017.
In a bourse filing, SunCon said it has also accepted a letter of intent issued by Sunway Iskandar Sdn Bhd, a subsidiary of SunCon's holding company Sunway Bhd, for two projects in the Medini Iskandar development in Johor.
The first project is for the construction of 88 units of office shop lots, a management office block, a mosque, a garbage storage block, two Tenaga Nasional Bhd substations and relevant facilities on the land in the Medini Zone for RM56.5 million over a 20-month construction period commencing on Oct 1.
The second project in Medini involves earthworks and main building works for a commercial development for RM100 million, over a period of 13 months commencing on Oct 1.
CLIQ Energy Bhd
The High Court of Malaya today allowed the petition filed by the independent directors to wind up special purpose acquisition company (SPAC) CLIQ Energy Bhd.
CLIQ said the court has ordered the appointment of Onn Kien Hoe and Mok Yuen Lok of Crowe Horwath Advisory Sdn Bhd as CLIQ's liquidators.
The court also ordered CLIQ's major shareholder Best Oracle Sdn Bhd to pay costs of RM5,000 to the former.
According to CLIQ's earlier announcement today, in what appeared to be an eleventh hour attempt to defer the inevitable, Best Oracle and two other individual shareholders have asked the company to call for a general meeting to get the directors to obtain a time extension to complete a qualification acquisition (QA) so that the SPAC is not dissolved.
KNM Group Bhd
KNM Group Bhd is proposing to issue bonds in Thailand of up to US$80 million equivalent in Thai baht guaranteed by Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank.
KNM Renewable Energy Sdn Bhd had on May 19 completed the acquisition of the entire equity interest in Asia Bio-Fuels Ltd and Asia Biofuels II Ltd (ABL Group).
Upon completion of the deal, ABL Group now owns a combined 72% equity interest in Impress Ethanol Co Ltd (IEL) and a 49% equity interest in Impress Farming Co Ltd.
In a bourse filing, KNM said the construction of IEL's Phase 1 bio-ethanol plant with a production capacity of 200,000 litres of ethanol per day is ongoing.
"The construction of Phase 2 of the bio-ethanol plant for an additional 200,000 litres (of) ethanol per day is expected to commence by the first half of 2017, due to the favourable ethanol market demand in Thailand.
"Accordingly, the group is proposing to undertake the proposed Thai bonds to raise the funds required by IEL," said the firm.