Mar5-Companies in the news Ranhill, Kuantan Flour Mills, FGV, Teck Guan Perdana, Comfort Gloves, Media Chinese, Hibiscus and Genetec

by **Cals** Sat 05 Mar 2016, 03:12

Companies in the news

[size=28]Ranhill, Kuantan Flour Mills, FGV, Teck Guan Perdana, Comfort Gloves, Media Chinese, Hibiscus and Genetec

By Sangeetha Amarthalingam / theedgemarkets.com | March 4, 2016 : 11:24 PM MYT

KUALA LUMPUR (March 4): Based on corporate announcements and news flow today, companies that may be in focus on Monday (March 7) could include the following: Ranhill, Kuantan Flour Mills, FGV, Teck Guan Perdana, Comfort Gloves, Media Chinese, Hibiscus and Genetec.

Ranhill Holdings Bhd, which is seeking a Bursa Malaysia listing, priced its initial public offering (IPO) shares at RM1.20 each under the institutional and retail portions.

In a statement to Bursa Malaysia, the electricity-generation and water-supply entity said it fixed the final price for the IPO shares after the retail offering closed on Feb 25 this year. Ranhill said it had also completed the institutional portion's bookbuilding.

"Applicants under the retail offering should note that the retail price of RM1.70 per issue share was paid in full upon application under the retail offering.

"As the final retail price of RM1.20 per issue share is less than the retail price, a refund of the difference of 50 sen per issue share shall be made to successful applicants of the retail offering, without any interest thereon," Ranhill said.

There will be no suspension of trading in the shares of Kuantan Flour Mills Bhd on March 8, since the company managed to submit its annual report for the financial period ended Sept 30, 2015 (FY15) to Bursa Malaysia today.

The company had failed to meet a Feb 29 deadline for the submission of its annual audited reports, citing financial constraints. If it had been unable to submit the report within five market days after that, it would have been suspended.

The company told Bursa two days ago that it would be unable to do that and thus had expected trading of its shares to be suspended from March 8.

However, it managed to submit the annual report to the bourse today, for public release.

Felda Global Ventures Holdings Bhd (FGV) said an independent verifier has confirmed that no human trafficking cases were found on its plantations in Jempol, Negeri Sembilan, as alleged by a Wall Street Journal news report in July 2015.

"Our worker interviews did not identify 'human trafficked' cases (as described in media reports) nor can we conclude that 'forced labour' (as defined by SA8000) is prevalent," FGV quoted Wild Asia as saying in the findings released today.

The SA8000 standard is a social certification standard for decent workplaces based on the UN Declaration of Human Rights and the conventions of the International Labour Organization, which protect the basic human rights of workers.

FGV, in a statement, hailed the findings by Wild Asia, which is dedicated to promoting sustainability in Asia.

Teck Guan Perdana Bhd's executive director Tang Ah Mei @ Tang Amiy has retired from the company, after serving for 20 years since 1996.

In a filing with Bursa Malaysia today, Teck Guan said Tang, 69, has more than 25 years' experience in corporate planning and restructuring, mergers and acquisitions, finance, fund investment, joint ventures, corporate research and development, business contracts and corporate advisory services.

Comfort Gloves Bhd (formerly known as Integrated Rubber Corp Bhd) reported a fire outbreak this morning at its newly-built three-storey warehouse and packing department in Taiping, Perak.

In its filing with Bursa Malaysia, the latex examination gloves manufacturer said the cause of the fire and actual extent of the damage are currently still unknown, pending completion of police investigations into the fire and issuance of their report.

"The fire outbreak did not result in any death casualty and the production line is not affected. However, preliminary assessment reveals that the fire incident would not have a material impact [on] the financial and operations of the company," the group said.

Hong Kong-based Media Chinese International Ltd (MCIL)'s wholly-owned unit has proposed to sell off its 73.01% or 292.97 million shares in One Media Group Ltd to Qingdao West Coast Holdings (Internation) Ltd.

In a filing with Bursa Malaysia today, MCIL said its unit Comwell Investment Ltd entered into a memorandum of understanding (MoU) with Qingdao West Coast, largely owned by a Chinese state-owned enterprise (SOE), to facilitate the potential disposal.

"As an SOE is required by Chinese law to obtain the prior approval of the National Development and Reform Commission (NDRC) before making any outbound investment in an industry of a sensitive nature, such as news and media, and the business of One Media falls within this industry, the parties have entered into the MoU, among other things, to facilitate potential purchaser and/or its holding companies to apply for the requisite approval from the NDRC in China for the possible transaction," it said.

Hibiscus Petroleum Bhd has asserted that a co-shareholder in Lime Petroleum Plc, Singapore-listed Rex International Holding Ltd, has continued making only "bare, unsupported assertions and claims" regarding alleged discrepancies on Hibiscus' part when disclosing information on Lime Petroleum Plc.

"The actual position is as reflected in the earlier announcements and other disclosures made by the company," said Hibiscus.

"The company and its subsidiaries fully reserve all their rights and will continue to act accordingly to safeguard their interests," it added.

Its statements came following Rex's filings with the Singapore Exchange, which insisted, among others, that the shareholding changes in Lime Petroleum Norway AS and Masirah Oil Ltd it stated earlier were correct, and not purported.

Genetec Technology Bhd plans a share consolidation of every 10 existing shares into one consolidated share to reduce fluctuation in its share price.

In a filing with Bursa Malaysia, Genetec said the move to consolidate shares also encourages investors to view it as a long-term investment rather than a "penny stock" prone to speculative pressures.

Genetec said its issued and paid-up share capital as at Feb 25, 2016 was RM35.17 million comprising 351.73 million existing shares.

The group was also in the midst of implementing a special issue of up to 21.68 million new existing shares that represent 6.16% of its existing issued and paid-up share capital to Bumiputera investors approved by the government.
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