KUALA LUMPUR (Dec 24): Based on corporate announcements and news flow on Friday, companies in focus next Monday may include CTOS Digital Bhd, Malton Bhd, Pavilion Real Estate Investment Trust, Pacific & Orient Bhd, Carimin Petroleum Bhd, Global Oriental Bhd, and Cuscapi Bhd.
CTOS Digital Bhd has proposed to buy a 49% stake in fintech specialist Juris Technologies Sdn Bhd (JurisTech) for RM205.8 million, cash, the group's largest-ever acquisition since its inception. The credit reporting agency said it has inked a conditional share sale and purchase agreement for the proposed acquisition from Natsoft (M) Sdn Bhd, the holding company controlled by JurisTech founders, and that the buy is pending approval of its shareholders in an upcoming extraordinary general meeting. Separately, CTOS Digital has also proposed to raise its stake in Business Online Public Co Ltd from 22.65% currently by 2.25% to 24.9%, to increase its share of profits from the largest company information bureau in Thailand, with an estimated 59% of market share in terms of annual revenue.
Property developer Malton Bhd, whose executive chairman Tan Sri Desmond Lim Siew Choon holds a 43.33% stake in the company, said it is in talks to sell the Pavilion Bukit Jalil mall to Pavilion Real Estate Investment Trust (REIT). The Pavilion Bukit Jalil mall is located within the 50-acre Bukit Jalil City, a development under Malton. Malton said MTrustee Bhd, acting as the trustee of Pavilion REIT, has accepted an invitation from its subsidiary Regal Path Sdn Bhd to commence discussion on the potential sale of the mall.
Pacific & Orient Bhd (P&O) is disposing of its 21.91% stake in Singapore-based data software company HiringBoss Holdings Pte Ltd for US$19.83 million (RM83.11 million). P&O said it is disposing of the stake to capitalise on the high returns on its investment, which will strengthen its cash flow position, in line with the group's investment strategies in start-up companies. Proceeds from the disposal will be used to fund its working capital and future investments, the group said.
Offshore oil and gas service provider Carimin Petroleum Bhd has aborted plans to raise RM29.94 million via a share placement. Carimin said it has decided not to proceed with the private placement, but did not elaborate. The proposed corporate exercise was supposed to be completed by the second quarter of 2021, but Carimin on Dec 10 submitted an application to seek Bursa Securities' approval for an extension of time to implement it. It has now withdrawn its application for more time from the bourse regulator.
Property outfit Global Oriental Bhd is forming a joint venture with Japan's Sojitz Corp to establish the first Tsutaya Books outlet in Malaysia, at the Pavilion Bukit Jalil. Global Oriental said its 80%-owned unit Pavilion Trading Enterprise Sdn Bhd has inked an agreement with Sojitz and Culture Convenience Club Co Ltd, the franchise holder of Tsutaya Books.
Cuscapi Bhd has proposed a private placement of 10% of its issued shares to raise up to RM22.34 million for its business expansion and working capital. The restaurant management and business management solutions provider said it plans to place out 85.93 million new shares to third party investors to be identified at a later date, at an indicative price of 26 sen apiece.