JIT News - UEM Group, Harvest, Hap Seng, PEnergy ...

UEM Group/IJM Corp: Sources say Najcom Snd Bhd and its JV partner UEM Group are understood to have bagged the contract to build the women and children's hospital in KL costing between rm700 to rm900 million. It was earlier speculated that IJM Corp was the frontrunner to bag this job.

 

Harvest: Sources say Sagajuta Sdb Bhd MD Datuk Raymond Chan is understood to have acquired a substantial stake in Harvest Court Industries Bhd. A block of 23.8 million shares in Harvest Court were crossed in five separate off market transactions. The buyer is said to be Chan but the seller is still unknown. Chan is developing the 1Borneo mixed development in Kota Kinabalu with a GDV of rm1.2 billion. With Chan emerging in Harvest Court, observers said he could be looking at injecting Sagajuta into Harvest Court after the failed talks with Jerneh Asia, but remains as speculation.

 

Harvest Court said its managing director Ng Swee Kiat's offer to acquire the shares and warrants held by Affin Bank Bhd was at an average indicative price of 15 sen. The proposed acquisition of the entire shares and warrants by Mr Ng Swee Kiat from Affin, would increase his direct and indirect stake from 16.78% to 35.05%.

 

This would trigger the take-over offer for the remaining shares in the company pursuant to the Malaysian Code on Take-Overs and Mergers 2010. However, there was no indicative time frame to conclude or finalise the proposed acquisition of shares / warrants as the proposal was still at the initial stage of discussion. Affin Bank held the 31.41 million Harvest Court shares as at Nov 26, 2009 which it had received pursuant to the proposed debt revamp of the company.

 

Hap Seng: Some 100 million Hap Seng Consolidated Bhd shares were traded in the off- market in a deal va-lued at RM154 million. The shares were crossed late in the day at RM1.54 a piece. The 100 million shares, accounting for about 4.6 per cent of the share spread in Hap Seng, could possibly suggest the emergence of a new shareholder in the company.

 

Tan Sri Lau Cho Kun indirectly controls some 69.35 per cent of Hap Seng, while funds such as the Employees Provident Fund own around 2.61 per cent. On August 24 2011, Hap Seng cancelled 59.13 million treasury shares, which will help improve its earnings per share. The move comes at a time when Hap Seng's earnings are on the rise, with earnings for the full-year expected to come in at a record.

For the six months ended June 30 2011, Hap Seng posted a pre-tax profit of RM316.11 million, versus a pre-tax profit of RM243.44 million in the same period a year ago. In 2010, its pre-tax profit jumped nearly threefold to RM504.46 million versus RM172 million in 2009. 

 

Penergy: The company will sell placement shares at 91 sen each.