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1) Hong Kong-listed Samling Global Ltd (SGL) is proposing to take Lingui Developments Bhd and and its associate company, Glenealy Plantations (Malaya) Bhd, private.

Both companies are controlled by the diversified Miri-based Samling Group, which is headed by Tan Sri Yaw Teck Seng.

Announcing SGL’s privatisation proposals to Bursa Malaysia on Friday, both Lingui and Glenealy, in separate statements, said they received the proposals from Samling Strategic Corp Sdn Bhd (SSC) on January 20.

SSC has proposed to privatise SGL, which will then privatise Lingui and Glenealy. SSC is proposing an offer price of RM1.63 per share for Lingui and RM7.50 per share for Glenealy.

The companies said if proposed and implemented, the SGL privatisation would be conditional upon the approval of SGL’s independent shareholders.

Lingui and Glenealy said a formal proposal in respect of the SGL privatisation would only be made upon the finalisation of SSC’s funding arrangements.

They said both boards would decide on the matters and make further announcement when required.

The companies advised their shareholders and potential investors to exercise caution when dealing in the companies’ shares, as there was no certainty that the proposals might proceed or result in a binding agreement.

The stocks of Lingui and Glenealy, upon their requests, have been suspended from trading on Bursa Malaysia since January 20. Their last trading prices were RM1.36 for Lingui and RM6.55 for Glenealy.

2) ACE Market-listed The Media Shoppe Bhd (TMS) will resume trade in the stock market today after a five-session suspension, during which it was queried by the market regulator.

The company, which produces computer software, had been queried by Bursa Malaysia for unusual market activity last Thursday. The stock jumped by two-and-a-half times to 23 sen that day, on heavy volumes.

TMS said it knew of no reason for the jump, save possibly for an early agreement that it had entered into with Konsortium Jaya Sdn Bhd to join it for a possible government project, and another plan to potentially acquire two companies – Viewnet Computer System Sdn Bhd and Open Adventure Sdn Bhd, following a due diligence. It made those announcements on Thursday.

The stock was suspended from last Friday afternoon. On Wednesday this week, several directors, including chief executive officer Christopher Chan announced that they had bought and/or sold shares in the company, including on the day they were queried for unusual market activity.

Yesterday, Bursa Malaysia asked TMS for more information on its agreements with the other companies, which TMS subsequently provided. The stock last traded at 34 sen.

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Khazanah Nasional Bhd has announced that it will divest its 42.74 per cent stake in Proton Holdings Bhd to DRB-Hicom Bhd via a conditional sale with a price consideration of RM5.50 per share or RM1.291 billion.

In a statement today, Khazanah said the decision was made following due deliberation and detailed evaluation of various proposals to ensure that due process was observed, proper financial value was received and that the new shareholder would be able to bring the national auto maker to the next level of strategic growth in line with the aspirations of the industrial development of the national automotive sector.

The divestment is still subject to, among others, the approval of the shareholders of DRB-Hicom.

“Upon completion of the sale and purchase agreement, DRB-Hicom will be obliged to undertake a mandatory general offer on the remaining Proton shares,” the government’s investment arm said.

Khazanah Managing Director Tan Sri Azman Mokhtar said pursuant to a thorough assessment of its proposal, which offered a defined and executable business strategy, DRB-Hicom was identified as the appropriate party to acquire the interest in Proton. – Bernama

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Federal Court has given green light to KPMG Corporate Services to dispose of its 32.9 per cent stake in Kian Joo Can Factory to Can-One International

KPMG Corporate Services Sdn Bhd has been given the green light to sell the 32.9 per cent stake in Kian Joo Can Factory Bhd (Kian Joo) to Can-One International Sdn Bhd (CISB), a wholly-owned unit of Can-One Bhd (Can-One).

The verdict was passed by the Federal Court on Thursday.

Can-One share prices have been rising since then. The counter gained more than 30 sen on Thursday and added another 22 sen yesterday to close at RM1.59 a share.

The court decision is a major boost for Can-One as it had earlier won a bid to acquire the 32.9 per cent stake in Kian Joo for RM1.65 a share.

Kian Joo’s last traded price was RM2.20 a share. In a statement to Bursa Malaysia, Can-One said it was allowed to proceed with the purchase of 146.13 ordinary shares of RM0.25 each held by Kian Joo Holdings Sdn Bhd (KJ Holdings) in Kian Joo at RM1.65 per share for an aggregate consideration of RM241.17 million to CISB.

Can-One, through CISB, had entered into a share sale agreement with KJ Holdings in 2009 to buy a 32.9 per cent stake in Kian Joo

for RM241.12 million.

Bankers, meanwhile, said it was unlikely that Can-One would undertake a general offer for Kian Joo because its purchase price for the 32.9 per cent block was much lower than the

current traded price of Kian Joo.

Rather, they said Can-One would likely look to merge with Kian Joo in a deal akin to the Sapura Crest Bhd-Kencana Petroleum Bhd

merger.

“It’s too early to comment on the structure of the deal but things will become clearer in a few days,” said the source.

The announcement by Can-One comes just a day after Kian Joo informed Bursa Malaysia that Datuk See Teow Chuan had ceased to be the company’s managing director.

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