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Bursa Malaysia Securities Berhad (“Bursa Securities”) would like to announce that a Practice Note No. 17 company, ARK RESOURCES BERHAD (“ARK”) has regularised its financial condition and no longer triggers any of the criteria under Paragraph 2.1 of Practice Note 17 (“PN17″).

Bursa Securities would like to emphasise that Bursa Securities will continue to monitor the progress of PN17 companies in respect of their compliance with the Listing Requirements.

With the upliftment of ARK from its PN17 status, there are a total of 22 companies under Practice Note 17 which represent 2.33% of the total number of 946 companies listed on Bursa Securities.

List of companies under PN17:-

1. BANENG HOLDINGS BHD

2. HAISAN RESOURCES BERHAD

3. HO HUP CONSTRUCTION BERHAD

4. HOVID BERHAD

5. JERNEH ASIA BERHAD

6. LINEAR CORPORATION BERHAD

7. LUSTER INDUSTRIES BHD

8. MAA HOLDINGS BHD

9. MAXBIZ CORPORATION BERHAD

10. METECH GROUP BERHAD

11. MITHRIL BERHAD

12. NGIU KEE CORPORATION (M) BERHAD

13. NV MULTI CORPORATION BERHAD

14. RAMUNIA HOLDINGS BERHAD

15. SATANG HOLDINGS BERHAD

16. SELOGA HOLDINGS BERHAD

17. SUMATEC RESOURCES BERHAD

18. THE AYER MOLEK RUBBER COMPANY BERHAD

19. TRIPLC BHD

20. VASTALUX ENERGY BERHAD

21. VTI VINTAGE BERHAD

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MBM Resources Bhd has offered to buy the entire 100 per cent stake in autoparts manufacturer Hirotako Holdings Bhd for RM412.5 million.

MBM will pay 97 sen each for all 442.34 million shares in Hirotako, together with its warrants at five sen each.

The company told Bursa Malaysia yesterday that the takeover offer was part of its plans to be a complete automotive group.

“The proposed offer is also expected to enable the company to fast track its business expansion by acquiring an existing matured business rather than via organic growth,” MBM added.

Hirotako is mainly involved in the manufacture and sale of automative components which include airbag modules, seat belts, steering wheels, noise and heat reduction materials as well as insulator parts.

Hirotako made a net profit of RM36.4 million on RM195.1 million turnover in the financial year ended December 31 2010.

MBM, among others, manufactures and assembles Perodua vehicles.

The 97 sen offer price represents a premium of nine sen or 10.23 per cent above Hirotako’s closing price of RM0.88 on October 25.

MBM said the takeover offer will be funded by internally-generated funds and bank borrowings.

The company noted that it had received an irrevocable undertaking from a major shareholder of Hirotako, Hiro-Dapat Holdings Sdn Bhd, on October 26 to sell the latter’s entire 99.87 million shares, or 23.8 per cent of the total voting shares in Hirotako.

MBM expects the proposed offer to be completed by the first quarter of 2012.

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Stamford College Bhd will be delisted from Bursa Malaysia after Bursa Securities rejected its application to extend further the deadline to submit its regularisation plan for approval.

In a filing with the exchange, the company said its securities would be removed from Bursa Securities’ official list on Monday next week.

Earlier this month, Stamford College made an application to extend the time to submit its regularisation plan by four months to Feb 4, 2012.

Last year, Bursa Securities had rejected the Practice Note 17 (PN17) company’s proposed regularisation plan which involved the acquisition of a steel manufacturing business.

The rejection was based on concern that the proposal was not sufficiently comprehensive to resolve all problems, financial or otherwise, that had caused Stamford College to trigger the PN17 criteria.

Bursa Securities said the group’s steelmaking business, which only began operation in February 2010, had yet to show that it was able to generate profits and positive cashflows or be proven to be a viable business.

Moreover, the steel manufacturing business depended highly on a single supplier and single customer, which was a related party, to sustain its business operations.

As for the core education business, there was uncertainty whether the profits to be generated from it would be able to sustain the group’s performance.

The company made a net loss of RM1.1mil on revenue of RM4.86mil for the second quarter ended June 30.

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