July 15-Companies in the news Sona, AmProp, Axiata, Yen Global, Goodway, Atlan, Bintai Kinden and Spring Gallery

by **Cals** Fri 15 Jul 2016, 00:46

Companies in the news

[size=28]Sona, AmProp, Axiata, Yen Global, Goodway, Atlan, Bintai Kinden and Spring Gallery

By Yimie Yong / theedgemarkets.com | July 14, 2016 : 10:19 PM MYT

KUALA LUMPUR (July 14): Based on corporate announcements and news flow today, companies that may be in focus on Friday (July 15) could include: Sona, AmProp, Axiata, Yen Global, Goodway, Atlan, Bintai Kinden and Spring Gallery.

Special purpose acquisition company (SPAC) Sona Petroleum Bhd's board has proposed to wind up the company, ahead of its qualifying acquisition deadline end of this month. The liquidation follows the termination of Sona's planned purchase of Australia's Stag Oilfield for US$25 million (about RM99 million).

Sona said it was discussing with potential liquidators on the SPAC's winding up. The permitted time frame to complete its qualifying acquisition will expire on July 29 this year.

In a separate statement to the exchange, Sona said it will defend itself against a claim that it owed Law Asia Pte Ltd US$47,299.12 for work done involving a potential qualifying acquisition.

Amcorp Properties Bhd (AmProp) plans to invest in a portfolio of real estate development and value-added projects in Madrid and other cities in Spain.

It said Amcorp Horizon Sdn Bhd has signed an agreement with Grosvenor Europe Investments Ltd (GEIL) and its manager, Grosvenor Fund Management Spain, SLU, to set up a joint venture (JV) company known as Urban Value Add I (Spain), S.L.

Amcorp Horizon and GEIL each contributed a capital commitment of €35 million (RM153.12 million) to the JV company.

The capital commitment of €35 million to be forked out by Amcorp Horizon for the JV company will be funded by advances from AmProp by way of the internally generated funds of AmProp group and bank borrowings, the breakdown of which would be ascertained at a later date.

Axiata Group Bhd announced today that Datuk Seri Shazalli Ramly, the chief executive officer (CEO) of its wholly-owned unit Celcom Axiata Bhd, has been appointed as the group's regional CEO for Southeast Asia beginning Sept 1.

Shazalli, who has been with Celcom for 11 years and will have his tenure extended for another three years, will hold the posts of corporate executive vice president and regional CEO, Axiata said in a statement.

Yen Global Bhd saw 28.34 million shares representing a 20.65% stake in the company traded off market today, for RM14.17 million.

According to Bloomberg data, Yen Global's shares were moved in eight direct business transaction blocks, at 50 sen per share, which is 15 sen or 23% lower than the 65 sen closing price of its shares today.

According to Yen Global's latest annual report, its executive chairman Goh Kok Beng and former managing director Goh Kok Heng, the largest shareholders, have a deemed interest of 24% in the company via their shareholdings in Extreme Lifestyle (M) Sdn Bhd.

Rubber compound and related products manufacturer Goodway Integrated Industries Bhd was slapped with an unusual market activity query after a 15.58% jump in its share price today.

The stock has been on the uptrend since June 27, climbing as much as 22.5 sen or 102% to a one-year high of 44.5 sen in mid-afternoon trade.

The stock pared part of its gains thereafter to close the day at 43 sen, still up 4.5 sen or 11.69% for the day, with 6.25 million shares exchanged.

Atlan Holdings Bhd's net profit rose 21.39% year-on-year to RM15.68 million in the first quarter ended May 2016 (1QFY17) from RM12.92 million, as its revenue surged 24.3%.

The group also declared a first interim single tier ordinary dividend of 12.5 sen per share for FY17, amounting to a payout of RM31.71 million, which is payable on Aug 19.

In its results filing today, Atlan said its quarterly revenue rose to RM231.77 million from RM186.46 million in the same quarter last year.

Bintai Kinden Corporation Bhd's unit has clinched a RM17.98 million contract to provide electrical and extra-low voltage services to the construction of a logistic centre in Shah Alam.

Bintai Kinden said in a filing with Bursa that its wholly-owned subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd, has accepted a letter of award from Kajima (Malaysia) Sdn Bhd.

The project is expected to be completed by March 2018.

Full-services engineering solutions provider Spring Gallery Bhd is planning to halve the par value of its existing ordinary shares of 50 sen each to reduce its accumulated losses.

The company also plans to do the same for the par value of its existing irredeemable convertible preference shares of 5 sen each.

In a bourse filing today, Spring Gallery said both the corporate exercises should give rise to as much as RM44.43 million in credit, which it intends to use to offset its accumulated losses of RM30.08 million at the company level and RM29.1 million at the group level as at financial year ended June 2015.

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