News in brief: Jan 28, 2022

TA WIN HOLDINGS BHD’s indirect subsidiary, Sin Line Tek Electronic Co Sdn Bhd, has entered into a shareholders agreement and subscription agreement to subscribe for 850,000 new ordinary shares in Superteam International (M) Sdn Bhd for a total consideration of RM1.03 million.

Sin Line Tek Electronic is a subsidiary of Cyprium Capital Sdn Bhd, which in turn is a subsidiary of Ta Win.

In a filing with Bursa Malaysia today, it said the subscription is to enhance, integrate and expand the bonded warehouse business of Sin Line Tek’s subsidiary, Dyon Warehouse & Logistic Sdn Bhd, and extend it to a full integrated downstream logistics service as the existing logistics service is outsourced to external logistics providers.

It added that upon completion of the subscription, Superteam shall become a 51 per cent-owned subsidiary of Sin Line Tek.

-- BERNAMA

IBRACO BHD has entered into a memorandum of understanding (MoU) with Sarawak Metro Sdn Bhd with the intention to collaborate in building an automated rapid transit (ART) station. 

In a filing with Bursa Malaysia, it said the ART station is within Ibraco’s strategic integrated township at The NorthBank Kuching with a view to increase the economic and social benefits of the Kuching Urban Transportation System (KUTS) project.

“The parties will work together to mutually prepare any technical, financial, commercial and any other relevant documentation and/or other relevant information for the purpose of entering into a separate definitive agreement pertaining to the development and construction of the proposed ART station and alignment situated at The NorthBank real estate project,” it said. 

It added that the MoU shall come into effect for a period of six months. 

-- BERNAMA

DIGI.COM BHD has submitted an application to the Securities Commission Malaysia to seek the regulator’s approval for the company’s proposed merger with Celcom Axiata Bhd.

In a filing with Bursa Malaysia today, it said the application is also in relation to the proposed exemption rules for Axiata Group Bhd and persons acting in concert with it. 

-- BERNAMA

BOUSTEAD PLANTATIONS BHD (BPB) has appointed Datuk Mustapa Kamal Mohd Yusoff and Datuk Abdul Ghani Abdul Rashid as its Independent Non-Executive Directors effective Feb 1.

Chief executive officer Zainal Abidin Shariff said Mustapa Kamal and Abdul Ghani experience and expertise would be beneficial as the company continued to focus its unrelenting efforts in enhancing and maximising returns to its shareholders, in line with the Reinventing Boustead strategy.

“As we embark on a journey to become a sustainable technology-based plantation company, the experience, guidance and counsel from our board members will certainly contribute in solidifying BPB’s position as one of the prominent players in the plantation industry,” he said in a statement today. 

-- BERNAMA

KYM HOLDINGS BHD’s wholly-owned subsidiary, Anabatic Sdn Bhd (ASB), has entered into a conditional sale and purchase agreement (SPA) with Far East Packaging Ind (Melaka) Sdn Bhd (FEPSB) for the disposal of a parcel of land at Beranang Industrial Estate, Selangor as well as a single-storey detached factory building and a warehouse erected on the land for a total cash consideration of approximately RM22.975 million.  

“In undertaking the proposed disposal, the board has considered that the market value of the subject property has appreciated over the years and that the proposed disposal provides an opportunity for KYM Group to unlock the value and monetise its investment in the property assets.

“Accordingly, KYM Group is able to realise a net gain from the disposal of the subject property of approximately RM14.5 million and provide KYM Group with additional funds to be utilised for its existing business,” it said in a filing with Bursa Malaysia today. 

-- BERNAMA