Stocks to watch: Eng Tek, Latexx, Hibiscus and Pintaras Jaya

KUALA LUMPUR: Eng Teknologi Bhd will be among the stocks to watch on
Monday, July 25 after its major shareholders announced a RM307 million
privatisation exercise.
Other stocks to watch include LATEXX PARTNERS BHD [], PINTARAS JAYA BHD [], Hibiscus Petroleum Bhd, Pintaras Jaya Bhd, PETRONAS GAS BHD [] and PUBLIC BANK BHD [].
Public Bank is scheduled to release its second quarter results on Monday.
Eng Tek’s major shareholders, who own 23.21% of the Penang-based
company, have made a takeover offer of the remaining shares in a RM307
million corporate exercise.
TYK Capital Sdn Bhd had offered to acquire the entire business and
undertakings (including all the assets and liabilities), for RM2.50 per
share.
This is 12 sen above the last trading price of RM2.28. The share price closed 14 sen higher at RM2.28 on Friday.
Latexx, which fell 11 sen to RM2.18 on Friday, with 16.44 million
shares traded could continue to see some downside pressure. The selling
was ahead of the company’s announcement of the failed proposed merger
again.
YTY Industry Holdings Sdn Bhd had withdrawn its offer to merge its
four glove-making subsidiaries unit with Latexx Partners. YTY had in
writing expressed its intention not to continue with the proposed merger
estimated at RM1.25 billion.
After an operational due diligence and further assessment on the YTY
Group, Latexx had on Thursday presented its findings and indicated its
intention to make a further revised offer. However, YTY decided not to
go ahead with the merger.
Hibiscus Petroleum – a special purpose acquisition company – will
make its debut on Monday. Its public issue of 10 million new shares at
75 sen each made available to the public was oversubscribed 3.8 times.
Pintaras Jaya secured a RM21.5 million contract for the piling and
pile caps for a condominium project along Jalan Conlay in Kuala Lumpur.
Work is scheduled to start on Aug 1 and completed in nine months. It
expected the contract to contribute positively to the group's future
earnings.
Petronas Gas Bhd is reported to be planning a RM1.2 billion fund
raising exercise to finance its 300MW gas-fired Kimanis power plant in
Sabah.
This would be undertaken though project financing while the rest
would be from equity financing. Petronas Gas is said to be looking at
Sukuk bonds or a term loans for the 80% of the funding while the
remaining 20% would be financed from equity.