Business News in brief as at 10 November 2011
Filed Under (Business News) by Webmaster on 09-11-2011
Tagged Under : brief news, Bursa News, Dutaland, Guan Chong Bhd, Harvest court, IOI
(1) Dutaland and IOI rescind RM830million land deal
IOI said its unit Sri Mayvin Plantation Sdn Bhd and Dutaland’s Pertama Land
and Development Sdn Bhd had entered into a deed of rescission with immediate effect in a move to resolve all issues and disputes relating to the SPA.
“The parties are released from all obligations and liabilities in connection
with the SPA and neither party shall have any further claim against the other in
respect thereto,” it said in a filing to Bursa Malaysia today.
IOI said following from the execution of the deed of rescission, OSK
Trustees Bhd, the stakeholder jointly appointed by the parties, will proceed to
refund the RM83 million deposit earlier paid by Sri Mayvin together with all
interest accrued to Sri Mayvin.
In a separate statement, Dutaland said the rescission is not expected to
have a material effect on the earnings, net assets and gearing of the company
for the financial year ending June 30, 2012.
Dutaland said it would continue to manage the properties to generate
positive returns.
(2) Bursa caution investors over Harvest Court
Bursa Malaysia Securities Bhd is advising investors to exercise caution and to make informed decisions in the trading of Harvest Court Industries Bhd’s shares and warrants.
“Bursa Malaysia wishes to draw investors’ attention to the recent sharp rise
in the price and volume of Harvest and Harvest-Wa,” it said in a market alert
note today.
Meanwhile, at 3.35pm the bourse halted trading in the shares of home and
sports equipment manufacturer, Emico Holdings Bhd, for unusual market activity.
The stock last traded at 39.5 sen, up 19.5 sen or 97.5 per cent, from its
opening price of 20 sen. Trading in the stock will resume tomorrow.
In response to the stock exchange’s query, Emico said it was not aware of
any developments that may have contributed to the unusual price movement.
It is also not aware of any rumour or report concerning the business and
affairs of the group that may account for the surge in shares price. The local bourse also queried Hibiscus Petroleum Bhd for the same reason.
The company had, last month, inked two agreements to acquire a 35 per cent
stake in Middle-East based Lime Petroleum Ltd for RM172.1 million. The stock rose 1.5 sen to 78 sen when trading ended today
(3) Higher 3rd Quarter profit for Guan Chong Bhd
Guan Chong Bhd (GCB)’s pre-tax profit increased to RM33.82 million in the third quarter ended September 30, 2011 from
RM27.0 million in the same period last year.
The higher profit was mainly attributed by higher sales volume and gain on commodity futures contracts. The company’s revenue rose to RM365.72 million from RM296.56 million mainly
due to higher sales volume of cocoa products from its Batam plant, which began operations in February.
In a filing to Bursa Malaysia today, Guan Chong said the company is optimistic on the current financial year’s performance with its new cocoa processing plant in Batam, Indonesia having started production.
It said GCB is well-positioned for growth as many initiatives to improve its competitiveness and profitability have been systematically carried out by the management team.
