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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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The securities of Harvest and Harvest-WA will be traded on a Ready Basis from January 9, 2012, says Bursa Malaysia

Kuala Lumpur: Bursa Malaysia has lifted the designated securities status of Harvest Court Industries Bhd, about seven weeks after trading restrictions were imposed on the timber company.

Trading of the company’s shares will be back to the normal T+3 settlement, where investors must complete their security transactions within three business days.

When the trading restrictions were imposed, investors were required to pay cash upfront to trade in the securities and hold the securities for a minimum of three trading days before they

could sell them.

“Bursa Malaysia will lift the designated securities status of Harvest and Harvest Court Industries Warrants (Harvest-WA) with effect from 9am, January 9, 2012. The securities of Harvest and Harvest-WA will be traded on a Ready Basis, for which the delivery and settlement of contracts will be effected on T+3, as

provided under the rules of Bursa Malaysia,” said the stock market regulator in a statement yesterday.

The timber company’s shares went through a roller coaster ride last year – as it was trading at as low as 7.5 sen on September 27, 2011, before skyrocketing to RM2.13 on November 14, 2011.

The movement of the share price was partly driven by news of the emergence Datuk Raymond Chan Boon Siew as the company’s new

substantial shareholder. Chan is the managing director of Sagajuta Group.

Chan’s Sagajuta received considerable press mileage after the company was linked to a possible takeover of Jerneh Asia Bhd, a company controlled by the country’s richest man, Robert

Kuok Hock Nien.

Within months after the deal fell through, Chan emerged in Harvest Court, fuelling speculation that Sagajuta’s assets might be injected into Harvest Court.

The appointment of Mohd Nazifuddin Mohd Najib to the company’s board of director, as well as his resignation less than two months after the appointment, were believed to be another driver of Harvest’s securities price movement.

Since it was declared as a designated securities, its shares were traded at an average of RM1.11, with a high of RM1.49 and a low of 79 sen. Trading volume has also toned down to the one-million level.

During the one-month period before it was imposed with the trading restrictions, an average of 35.4 million shares changed hands each day.

So far this year, average daily trading volume is less than 158,000 shares.

Nevertheless, Bursa Malaysia said it would continue to monitor Harvest securities.

“In the discharge of its front line regulatory role, the exchange will continue to monitor the trading activities of Harvest and Harvest-WA, and where trading concerns are noted, the exchange may take appropriate regulatory actions,” Bursa Malaysia said.

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