KUALA LUMPUR(Dec 26): Based on corporate announcements and newsflow today, the companies that may be in focus on Monday (Dec 29) could include the following: Ireka Corp Bhd, AEON Co(M) Bhd, Jiankun International Bhd, Bright Packaging Industry Bhd, Tune Insurance Holdings Bhd
Ireka Corp Bhd has signed a construction agreement with AEON Co (M) Bhd to build a shopping centre and a car park on a 20.88 acre-site located in Senawang, Negeri Sembilan, in a deal valued at RM203.14 million.
In two separate filings with Bursa Malaysia today, Ireka said its wholly-owned subsidiary Ireka Engineering & Construction Sdn Bhd would first enter into a sale and purchase agreement (SPA) with landowner Ong Poh Lan, to acquire 21.52 acres of land in Senawang for RM21.87 million.
From this, 20.88 acres will be allocated for the construction of the shopping centre.
Concurrent with the proposed acquisition, Ireka Engineering will enter into a separate SPA with AEON Co for the disposal of 20.88 acres of the land for RM53.66 million, after obtaining necessary approvals from relevant authorities to allow for the construction and operation of a shopping centre, upon terms and conditions as stated in the SPA.
Based on the RM21.87 million land acquisition cost and expected development cost to fulfill Ireka Engineering's obligations under the AEON SPA, the expected gross profit from the proposed disposal is about RM6.8 million.
Ireka share price, which were traded at a price of RM1.02 at the beginning of this year, closed at 60 sen on Dec 24, giving it a market capitalisation of RM102.5 million. The stock was not traded today.
Jiankun International Bhd’s wholly owned subsidiary Nagamas Venture Sdn Bhd has entered into a project management services agreement with Juara Gred Development Sdn Bhd whereby Nagamas will be appointed as a project management services consultant for a lump sum professional fees of RM1 million.
In a filing with Bursa Malaysia today, Jiankun said that Nagamas will provide project management and professional advisory services to Juara Gred for the proposed development project in Sepang.
The principal business of the Juara Gred is investment holding in real property, share and other financial instruments and housing development. Jiankun’s business primarily involves property development in Malaysia.
The agreement is expected to enhance Jiankun’s earnings for its financial year ending Dec 31, 2015.
Jiankun share price, which were trading at 18.5 sen a year ago, had reached a high of 42.3 sen in November this year.
Its share price closed lower by 1.5 sen, or 5.56% to 25.5 sen today, giving it a market capitalisation of RM38.9 million.
Bright Packaging Industry Bhd controlling shareholder Datuk Wong Shee Kai has acquired an additional 1.54% equity interest in the company, bringing his total shareholding to 31.37%.
In a filing with Bursa Malaysia today, the aluminium foil packaging materials manufacturer said that Wong had acquired the 2.2 million or 1.54% shares on the open market on Dec 19 this year.
The price transacted was not disclosed in the announcement. Notably, the closing price of its counter on Dec 19 was at 40 sen.
The transaction was made through Wong’s private vehicle Wong SK Holdings Sdn Bhd.
As at Dec 31 last year, Wong owned 23.56% equity interest in the company, its annual report 2013 showed.
Its counter dipped 55.35% to 35.5 sen on Dec 17 from 79.5 sen on April 17 this year. It has closed unchanged at 39 sen today, giving it a market capitalisation of RM55.7 million.
AirAsia group chief executive officer (CEO) Tan Sri Tony Fernandes' investment vehicle Tune Group Sdn Bhd has sold a total of 944,800 shares in Tune Insurance Holdings Bhd.
According to a filing with Bursa Malaysia, some 850,000 shares were sold on Dec 22 and an additional 94,800 shares the day after. All shares were sold at RM1.60 each.
Tune Insurance share price has been on a decline since early August, falling from RM2.50 to a low of RM1.56 two weeks ago. The stock jumped 11 sen, or 6.67%, to RM1.76 today with 1.08 million shares traded.
After the latest share sales, Tune Group still holds 128.37 million shares, or a 17.08% stake, in the insurance group.
Meanwhile, Fernandes, who is the non-independent, non executive director, still holds a 30.73% indirect stake and a 0.01% direct stake in Tune Insurance.