June20- Companies in the news SP Setia, Ivory Properties, Hiap Teck Venture, Johore Tin, Astino, Sarawak Consolidated and Poh Kong

by **Cals** Sat 18 Jun 2016, 03:31

Companies in the news

[size=28]SP Setia, Ivory Properties, Hiap Teck Venture, Johore Tin, Astino, Sarawak Consolidated and Poh Kong[/size]

By Sangeetha Amarthalingam / theedgemarkets.com | June 17, 2016 : 11:53 PM MYT

KUALA LUMPUR (June 17): Based on corporate announcements and news flow today, companies that may be in focus next Monday (June 20) could include: SP Setia Bhd, Ivory Properties Group Bhd, Hiap Teck Venture Bhd, Johore Tin Bhd, Astino Bhd, Sarawak Consolidated Industries Bhd and Poh Kong Holdings Bhd.

SP Setia Bhd has fixed the issue price of each new shares to be issued under its fifth dividend reinvestment plan (DRP) at RM2.65.

The issue price was computed based on the RMM3.13 five-day volume weighted average market price (VWAMP) of SP Setia shares, up to and including June 16, which was the last trading day prior to the price fixing today.

The issue price was arrived at after a 19 sen adjustment made to the 5-day VWAMP to RM2.94, with a further 29 sen (10%) discount given, SP Setia said in its bourse filing today.

The entitlement date has been fixed on July 4, while the expected date for the allotment and issuance of the new shares, as well as payment for the cash dividend to shareholders, is Aug 3.

Penang-based Ivory Properties Group Bhd is planning a mixed development on 29 plots of land here — which it intends to undertake via a strategic partnership with the landowner — to tap Klang Valley's property market.

In a bourse filing, the property developer said its wholly-owned unit Ivory Times Square Sdn Bhd has tied up with landowner LLK Properties Sdn Bhd, and several guarantors, to develop the project with residential and commercial components on the plots, which collectively measure 3,351 metre square.

According to Ivory Properties, LLK has obtained the conditional development order and layout approval dated March 7 and the total land area for the development is approximately 1.72 acres.

Hiap Teck Venture Bhd's (Hiap Teck) rights issue of 5% redeemable convertible unsecured Islamic debt securities (RCUIDS) to raise up to RM213.72 million for working capital, has been oversubscribed by 17.58%.

In a bourse filing, the steel products manufacturer said as at June 13, the date for the closing and acceptance of payment, that the company received 274.68 million or 96.32% of total valid acceptances, and another 60.62 million or 21.26% of excess applications.

This brings the total acceptances and excess applications for the rights shares to 335.29 million, representing 117.58% of the 285.16 million rights shares available for subscription.

The RCUIDS issuance is on the basis of two RCUIDS for every five existing shares held.

Johore Tin Bhd is proposing a 1-to-2 share split to enhance the marketability and trading liquidity of its shares.

In a bourse filing today, Johore Tin said the share split involves the subdivision of every one existing share into two split shares. The entitlement date has yet to be fixed.

Concurrent to the share split, Johore Tin plans to issue up to 77.75 million bonus shares to reward its shareholders on a one bonus share for three subdivided shares (1-for-3) basis.

It intends to have the same entitlement date for the proposed share split and proposed bonus issue.

Subject to all required approvals being obtained, the tin manufacturer expects the proposals to be completed by the third quarter of 2016.

Astino Bhd's chief executive director Ng Back Teng has been redesignated as the group's executive chairman.

The roofing specialist told the exchange that the 68-year-old's brother Ng Hung Seh, 49, will take on the role of chief executive director. He was previously the group's chief operating officer.

Hung Seh is responsible for the marketing and sales of metal roofing and awning products for the group, and has more than 20 years of experience and expertise in the building related materials business, while Back Teng is responsible for the growth of the group's metal roofing and awning products.

Freddy Lim Nyuk Sang, the executive non-independent director and chief executive officer of Kretam Holdings Bhd, has emerged as a substantial shareholder in Sarawak Consolidated Industries Bhd.

According to Sarawak Consolidated's bourse filing, Nyuk Sang has acquired 11 million shares off-market on Tuesday (June 14), representing a 14.95% stake in the company, for RM6.98 million.

The purchase price was at 63.5 sen apiece, 6.5 sen or 9.3% lower as compared with its open market price of 70 sen a share that day.

The shares were presumably purchased from Nyuk Sang's brother, Lim Nyuk Foh, who is Sarawak Consolidated's non-independent and non-executive director.

Jeweller Poh Kong Holdings Bhd has reported a fourth consecutive year-on-year decline in quarterly net profit, due to falling sales volume.

Net profit for its third quarter ended April 30, 2016 (3QFY16) dropped 23.2% to RM6.08 million or 1.48 sen per share, from RM7.9 million or 1.93 sen per share a year ago.

Revenue slid 3.7% to RM202.5 million, from RM210.3 million, as a result of a weak market sentiment and decrease in demand of gold jewellery products, Poh Kong told Bursa Malaysia in a filing today.

The major revenue contributors in the retail segment are gold jewellery and gold investment products, while the manufacturing segment supplies the finished gold jewellery to the retail segment.