Premier Nalfin gets another extension

by **Cals** Tue 22 Oct 2013, 11:09

Business & Markets 2013

Written by Charlotte Chong of theedgemalaysia.com

Tuesday, 22 October 2013 10:43

KUALA LUMPUR: Cash-rich Premier Nalfin Bhd has received a further extension from Bursa Securities until March 9 next year for the submission of a business plan that would entail the company getting a new core business.

Premier Naflin, which was classified as a PN16 company in July 2011, applied for an extension on July 18 this year.

Initially it wanted an extension until April 2014 but two weeks ago the company submitted a revised application seeking a shorter extension period until March 9 next year.

Premier Nalfin became a PN16 company after it disposed of its entire equity interest in downstream-palm oil related subsidiaries, Arani Agro Oil Industries Ltd, Premium Vegetable Oils Sdn Bhd and Premium Fats Sdn Bhd, to Agro Asia Pacific Ltd for RM117.95 million cash.

On Nov 1, 2012, Premier Nalfin entered into a head of agreement (HoA) with shareholders of Emrail Sdn Bhd to acquire the rail track solutions provider and engineering company.

The shareholders of Emrail are Magniplan Sdn Bhd, Nobelmax Resources and Datuk Hafarizam Harum. The company has the mandate to undertake the controversial Kinrara-Damansara Highway project that is said to cost some RM2.3 billion.

Magniplan holds a 40% stake in Emrail, while Nobelmax and Hafarizam own 30% each. Hafarizam, a lawyer, is known to have represented Umno in some of its cases.

This article first appeared in The Edge Financial Daily, on October 22, 2013.