Filed Under (Business News) by Webmaster on 27-12-2010
South Korea’s Honam Petrochemical Corp has received full acceptance to take Titan Chemicals Corp Bhd private, by acquiring the remaining 27.25 per cent shares it does not own at RM2.35 apiece.
Titan shares, for which acceptance had been received by Honam after the posting date and up to 5pm closing date on Dec 24, 2010, were listed as 27.25 per cent, representing 470.89 million shares, said Titan in a filing to Bursa Malaysia today.
On Nov 1, 2010, Titan received a notice of unconditional takeover offer from Honam to acquire all remaining shares (excluding treasury shares) following Honam’s sale and purchase agreement in July to buy a 72.32 per cent stake, or 1.25 billion shares, in Titan Chemicals for RM2.94 billion.
Titan is Malaysia’s largest integrated olefin-polyolefin producer and one of the largest polyolefin producers in the region.
It operates a total of 10 integrated process facilities in Pasir Gudang and Tanjung Langsat in Johor, and also has plants in Indonesia.
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Filed Under (Bursa News) by Webmaster on 09-12-2010
XOX is a mobile virtual network operator in Malaysia, mainly targeting the prepaid market with a niche in the Chinese population market
THE Securities Commission (SC) has approved XOX Bhd’s initial public offering (IPO), paving the way for it to be listed on the ACE Market of Bursa Malaysia in the first quarter of 2011.
XOX is a mobile virtual network operator in Malaysia, offering mobile phone services by tapping into the infrastructure of an established and widely-covered mobile network operator.
It mainly targets the prepaid market with a niche in the Chinese population by providing comprehensive Chinese-centric content and value-added mobile services.
Currently, XOX has a subscriber base of about 295,000.
The company has been awarded one million service numbers from ’010-3000000 to 010-3499999′ and ’010-8300000 to 010-8799999′ by the Malaysian Communication and Multimedia Commission.
“We are indeed delighted to receive the approval-in-principle from SC for our IPO exercise,” said XOX chief executive Ng Kok Heng.
He said the company is awaiting Bursa Securities’ approval for the listing and quotation of XOX’s entire issued and paid-up share capital on the ACE Market.
He said the IPO aims not only to raise funds for the company’s expansion plans, but also to enhance its profile among consumers.
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Filed Under (Business News) by Webmaster on 09-12-2010
Paramount Corp Bhd announced yesterday a special dividend of 40 sen per share, less tax at 25%, for the year ending Dec 31, 2010.
It told Bursa Malaysia that the dividend would go ex on Dec 21 and the entitlement date would be Dec 23. Payment date would be Jan 5.
Paramount completed the sale of its 20% stake in Jerneh Insurance Bhd to ACE INA International Holdings Ltd for RM130.8mil cash early this month.
Last month, the company declared that it made a net profit of RM21.6mil on revenue of RM98.3mil for the third quarter ended Sept 30, compared with a net profit of RM16.3mil and revenue of RM111.6mil in the previous corresponding period.
This brought about a cumulative net profit and revenue of RM63mil and RM329.3mil respectively for the first nine months of this year, compared with a cumulative net profit of RM43.2mil and revenue of RM300.4mil in the corresponding period last year.
Paramount did not declare any dividend before this.
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