Mar4th- Companies in the news Kuantan Flour Mills, Asdion, Ire-Tex, Berjaya Corp and Inari Amertron

by **Cals** Fri 04 Mar 2016, 03:40

Companies in the news

[size=28]Kuantan Flour Mills, Asdion, Ire-Tex, Berjaya Corp and Inari Amertron

By Sangeetha Amarthalingam / theedgemarkets.com | March 3, 2016 : 8:58 PM MYT

KUALA LUMPUR (March 3): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Thursday, March 4) could include the following: Kuantan Flour Mills, Asdion, Ire-Tex, Berjaya Corp and Inari Amertron.

Kuantan Flour Mills Bhd told Bursa Malaysia that it has received the nod from the Companies Commission of Malaysia to hold its annual general meeting for 2015 and table its audited financial statement for the period ended Sept 30, 2015, by latest March 31, 2016.

Yesterday (March 2), it announced that trading in its shares would be suspended from March 8 until further notice, after it failed to submit its annual report for public release by the Feb 29 deadline.

This follows its previous announcement pertaining to the company's change in financial year end from March 31, 2015 to Sept 30, 2015.

Businessman Datuk Tey Por Yee has sold his entire 24.82% shareholding in Asdion Bhd through off-market trade, while also transferring his shareholding in Ire-Tex Corp Bhd to his younger brother Por Chen.

In a filing with Bursa Malaysia, Asdion said Por Yee made the disposal of the 24.82 million shares in the company in an off-market transaction on Feb 25, but did not disclose the transacted price.

Last Friday, citing Bloomberg data, The Edge Financial Daily reported that Asdion saw the same number of shares traded off market at 27 sen, a sharp discount of 38.64% over the then closing price of 44 sen.

In a separate filing today, Ire-Tex disclosed that Por Chen has emerged as a substantial shareholder through an off-market acquisition of 30.6 million shares, equivalent to a 22.96% stake, in the corrugated packaging services provider on Feb 24 as well.

Berjaya Corporation Bhd (BCorp) is joining hands with Australian company CW Retail Asia Pty Ltd to operate a pharmacy chain within and outside Malaysia, under the name of Chemist Warehouse Berjaya Asia.

In a filing with Bursa Malaysia today, BCorp said the venture will involve its wholly-owned unit Berjaya Group Bhd acquiring an 80% stake in a pharmaceutical company, Morning Charm Sdn Bhd, for RM80,000. Morning Charm wholly owns another pharmaceutical firm by the name of Monarch Wonder Sdn Bhd.

BCorp said Morning Charm and Monarch Wonder signed a joint venture (JV) cum shareholders' agreement today with CW Retail to operate Chemist Warehouse Berjaya Asia.

Morning Charm and Monarch Wonder will own 75% of the JV company, with CW Retail controlling the remaining 25% stake.

Inari Amertron Bhd's wholly-owned subsidiary Inari Integrated System Sdn Bhd (IISB) has received a letter of approval from the Malaysian Investment Development Authority (MIDA) for a one-to-one matching grant of RM100 million.

In a filing with Bursa Malaysia, Inari said the matching grant was for the purpose of modernising and upgrading the manufacturing facilities, equipment and machineries of IISB for the manufacture of advanced communication chips and die preparation.

The semiconductor manufacturer said that the RM20 million matching grant will be in exchange of 20 million non-redeemable convertible preference shares (CPS) by Inari to MIDA or its nominee.

The CPS is convertible into ordinary shares of Inari at any time within a period of three years at a conversion price to be determined. The CPS will bear dividend at 2% per annum from the date of issuance until the date of conversion.

Inari added that the RM80 million matching grant will be disbursed by MIDA to IISB within a period of three years and IISB will pay dividend/interest at the rate of 2% per annum for a period of 10 years.
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