MAR 9th-Companies in the news Sona Petroleum, Inari Amertron, GSB, APFT, Dolphin, Advance Synergy, Microlink, Xidelang

by **Cals** Wed 09 Mar 2016, 01:35

Companies in the news

[size=28]Sona Petroleum, Inari Amertron, GSB, APFT, Dolphin, Advance Synergy, Microlink, Xidelang[/size]

By Supriya Surendran / theedgemarkets.com | March 8, 2016 : 10:05 PM MYT

KUALA LUMPUR (March 8): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Wednesday, March 9) could include the following: Sona Petroleum, Inari Amertron, GSB, APFT, Dolphin, Advance Synergy, Microlink and Xidelang.

Sona Petroleum Bhd, which is acquiring the Stag Oilfield offshore Western Australia, said it will spend as much as A$147 million (RM449 million) to develop the oilfield.

The special purpose acquisition company said the development of the oilfield will be divided into two phases and will be conducted over 2016 to 2018.

Phase 1 will cost A$47 million (RM144 million) and the second phase A$100 million (RM306 million), it said in a statement today.

Sona plans to fund the development through its initial public offering proceeds and internal funds.

Inari Amertron Bhd has acquired a 9.7% stake in Taipei-listed PCL Technologies Inc for NT$335 million (RM44.5 million) cash, or NT$71 per PCL share.

In addition, Inari has entered into a memorandum of understanding (MoU) with PCL with the intention of setting up a joint-venture entity in China.

The acquisition price of NT$71 per PCL share represents a premium of 8.4% above the closing price of NT$65.5 as at March 7.

GSB Group Bhd's wholly-owned subsidiary GSB Summit Development Sdn Bhd (GSD) and Project Start Sdn Bhd (PSSB) have mutually agreed to terminate a joint venture (JV) agreement dated 2011 for a cash settlement sum of RM2.71 million.

The compact disc manufacturer said GSD had entered into a termination and settlement agreement with PSSB today.

Under the JV agreement, GSD and PSSB were supposed to undertake a development on a piece of freehold land measuring 4,253 sq m in Mukim Damansara, Selangor.

The JV project was established to develop commercial buildings on the land. The gross development value and gross development plans have not been determined as the JV project was still at preliminary stage.

APFT Bhd and its vendors, Chuah Sher Li and Ng Chee Juan, have dropped plans to acquire a Kelantan contractor, as they mutually agreed not to renew a three-month exclusivity period to obtain a consent letter from the Kelantan Forestry Department.

The consent letter was a condition set in a MoU signed between APFT, a flight training academy owner and operator, and the vendors to facilitate the acquisition of Ajmal Jewelleries Sdn Bhd for RM10 million.

APFT said in a filing with Bursa Malaysia today that the condition could not be fulfilled within the three-month period starting from Dec 1, 2015.

The time frame was stipulated in the MoU signed between APFT and the vendors on Dec 1 last year to acquire Ajmal Jewelleries, which was appointed as the sole contractor to cut and transport forest produce in Kelantan, following a sub-forest produce agreement with contractor Vibrant Profit Sdn Bhd on Nov 13.

Dolphin International Bhd has fixed the strike price for its upcoming bonus issue of free warrants at 80 sen apiece.

The palm oil milling machinery service provider told Bursa Malaysia today that the strike price was at a 9.41% premium to the five-day volume weighted average market price of its shares up to yesterday, which was 73.12 sen.

The company, which was listed in June last year, announced in November that it will disburse 55.5 million new free warrants as a bonus issue, with one warrant given for every four shares held.

Captii Ltd, an indirect 58.3%-owned subsidiary of Advance Synergy Bhd which is listed on the Singapore Stock Exchange, has completed the purchase of 50,000 convertible preference shares in OOPA Pte Ltd through Captii's wholly-owned subsidiary Captii Ventures Pte Ltd.

The convertible shares are convertible into ordinary shares of OOPA and represents a 25% stake in the company on fully converted basis. This signifies that OOPA has become an associated company of Captii by virtue of the convertible rights in the preference shares.

OOPA is the 99.5% holding company of OnOnPay Vietnam Mobile Services joint stock company, a company incorporated in Vietnam, which operates a business that allows mobile prepaid subscribers in Vietnam to top up mobile credits and earn loyalty rewards, such as coupons and vouchers.

Banking solutions provider Microlink Solutions Bhd has appointed Chia Yong Wei as its new chief executive officer (CEO) effective April 1, replacing Peter Yong Kar Seng who will retire from the position on March 31 after serving as CEO for the past 11 years.

Chia, 39, currently holds several positions in the OMESTI Group, which is the holding company of Microlink with a 62.74% stake.

He is group chief technology officer of OMESTI Group and chief operating officer of OMESTI Innovation Lab, the technology and applications development arm of the Microlink Group

China-based sports shoemaker Xidelang Holdings Ltd has called off its proposed acquisition of apparel maker JinJiang YangSen Garments Co Ltd.

The company said the two sides could not to agree on the acquisition consideration as well as the proportion of cash and the number of consideration shares for the satisfaction of the acquisition.

Last Monday (Feb 29), Xidelang announced that both sides have mutually agreed to terminate the heads of agreement (HoA) between them as they were unable to come to an agreement on the terms and conditions for the proposed acquisition.

Under the HoA signed on July 29, 2015, Xidelang was to satisfy the purchase consideration via cash and/or the issuance of new shares at an issue price of 22 sen per share. The acquisition sum was to be disclosed upon completion of the due diligence exercise.