April 12th - Companies in the news LBS Bina, ML Global, QL Resources, Malaysia Airports, HeiTech Padu, StemLife, Cliq Energy, Progressive Impact and T

by **Cals** Tue 12 Apr 2016, 01:33

Companies in the news

[size=28]LBS Bina, ML Global, QL Resources, Malaysia Airports, HeiTech Padu, StemLife, Cliq Energy, Progressive Impact and Tropicana

By Supriya Surendran / theedgemarkets.com | April 11, 2016 : 10:25 PM MYT

KUALA LUMPUR (April 11): Based on corporate announcements and news flow today, companies that will be in focus tomorrow (Tuesday, April 12) may include: LBS Bina, ML Global, QL Resources, Malaysia Airports Holdings, HeiTech Padu, StemLife, Cliq Energy, Progressive Impact Corp and Tropicana Corp.

LBS Bina Bhd is acquiring 17 million shares or an 18.97% stake in former Practice Note 17 company, ML Global Bhd, from its substantial shareholder and managing director Datuk Beh Hang Kong for RM9.5 million or 56 sen per share.

This raises LBS Bina's stake in ML Global from 31.95% to 50.92%, making it a subsidiary company and also triggering a mandatory takeover offer for the remaining shares.

LBS Bina said it is offering to buy the remaining shares at 56 sen a share.

It is also offering to buy the remaining ML Global warrants at six sen each. The warrant carries the right to subscribe for new share, on a one-for-one basis, at 50 sen each during a five-year period that ends on Oct 27, 2019.

LBS Bina said the share acquisition represents an investment in ML Global's businesses that is complementary to its property development and construction businesses.

QL Resources Bhd, which produces chicken eggs and seafood surimi, is diversifying into the convenience store business by becoming Malaysia's master franchisee for the world's second largest convenience-store chain FamilyMart Co Ltd.

The group plans to open 300 outlets within five years, with the first to be operational by end-2016.

In a filing with Bursa Malaysia today, QL Resources said its wholly-owned subsidiary, Maxincome Resources Sdn Bhd, had earlier in the day, signed the area franchise agreement for the development and operation of Japan-based FamilyMart convenience stores in Malaysia.

The 20-year agreement is renewable for subsequent periods of 20 years each at Maxincome's option, and becomes conditional once the company successfully registers as a franchisee with Ministry of Domestic Trade, Co-operatives and Consumerism, the filling said

The number of passengers passing through the 39 airports in the country which Malaysia Airports Holdings Bhd(MAHB) manages, fell by 0.8% to 7.25 million in March this year, from 7.3 million a year ago, partly due to Malaysia Airlines Bhd's route rationalisation.

The KL International Airport (KLIA) in Sepang handled 0.9% more passengers at 4.26 million in March 2016, from 4.23 million in March 2015. However, the improved March 2016 numbers were dragged down by the other MAHB airports, which saw a 3.1% decline to 2.98 million, from 3.08 million.

In a statement today, MAHB attributed the negative 0.8% growth for airports in Malaysia to double-digit frequencies cut by Malaysia Airlines, as well as the relatively high number recorded for March 2015.

"In addition, events such as Formula 1 which used to take place in March and contributed to the traffic numbers, has been shifted to the second half of 2016," it said.

MAHB also said international passenger numbers into its airports grew 2.1% to 3.49 million in March 2016, from 3.41 million in March 2015, while domestic passenger movements dropped 3.3% to 3.76 million, from 3.89 million.

"The international growth was contributed mainly by double-digit growth at Penang and Kota Kinabalu airports, and also at Langkawi airport," it added.

For the January-March 2016 period, there were 21.1 million passengers passing through MAHB airports, up 3.4% from 20.41 million a year ago.

On its outlook, MAHB said it is optimistic that its final numbers for Malaysia airports would at least meet the estimated 2.5% growth for 2016. "This is a likely possible scenario, considering seat capacity offerings moving to the positive range, from the third quarter onwards."

HeiTech Padu Bhd has been awarded an extension of its contract and additional ceiling for application system maintenance services at the Immigration Department of Malaysia, worth RM21.48 million.

According to its filing with the exchange, the supplementary contract is for a period of 18 months, commencing Feb 18 this year to Aug 1, 2017.

Bursa Malaysia-listed StemLife Bhd said today that the group has no link with Brisbane-based Stemlife (Stemlife Australia), which is in the midst of liquidation.

Australia Broadcasting Corp (ABC) reported last Friday (April 8) that private cord blood bank Stemlife, which had more than 2,000 samples stored in its facility, had appointed liquidators BRI Ferrier early last month to undertake the liquidation exercise.

In a statement today, StemLife clarified that Stemlife Australia is a private company and is a separate company and/or entity from the group.

Cliq Energy Bhd's management team led by managing director and chief executive officer Ahmad Ziyad Elias has filed a judicial review application, which aims to prevent the special purpose acquisition company (SPAC) from being liquidated.

In a filing with Bursa Malaysia today, the oil and gas SPAC said the management team via Best Oracle Sdn Bhd had filed the judicial review application at the High Court of Malaya.

"Best Oracle is a 20% shareholder of the company and the shareholders of Best Oracle are the five members of the management team of Cliq. In the JR (judicial review) application, the SC (Securities Commission Malaysia) was named as the first respondent and Cliq was named as the second respondent," it said.

Progressive Impact Corp Bhd’s wholly-owned subsidiary Alam Sekitar Malaysia Sdn Bhd (ASMA) has received a one-year extension worth RM23 million for its interim agreement entered into with the Malaysian government.

In a filing with Bursa Malaysia today, it was revealed that ASMA has received a letter dated April 8 from the Department of Environment, Ministry of Natural Resouces & Environment to extend the interim agreement relating to environmental monitoring and data management activities of Jabatan Alam Sekitar.

The original interim agreement entered into between both parties was on April 14 last year. The extension granted is for a period of 12 months, commencing on April 14 and expiring on April 13, 2017.

Tropicana Corp Bhd said all the conditions precedent for the proposed disposal of Dijaya Plaza at Jalan Tun Razak, Kuala Lumpur, have been satisfied and that the sale and purchase agreement (SPA) dated Jan 28 has become unconditional. The disposal is expected to be completed in the second quarter this year.

Tropicana is selling Dijaya Plaza office building to Kenanga Investment Bank Bhd for RM140 million cash, which will be used for working capital and/or to repay borrowings.

Tropicana said in a filing dated Jan 28 that the asset sale comprises a piece of freehold land, measuring approximately 3,674 sq m, together with an en-bloc 19-storey office tower with two levels of basement car park, containing 322 parking bays.

In a separate filing yesterday, Tropicana said the conditional period for the sale of Sky Express Hotel, has been extended for a further one month for the purchaser to fulfil the last remaining condition precedent, which is to obtain a written approval or confirmation from the Economic Planning Unit for the acquisition.

Tropicana said the conditional period has been from April 12 until May 11.

“Barring any unforeseen circumstances, the disposal is expected to be completed in the second quarter of 2016,” it added.
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