KUALA LUMPUR (April 2): Based on newsflow and Bursa Malaysia announcements today, stocks to watch tomorrow (April 3) may include Bina Goodyear, Ho Wah Genting, Malaysia Smelting, N2N, REDtone, TH Heavy, UPA, and semiconductor manufacturers.
BINA GOODYEAR BHD [] announced that via a court-convened meeting for the creditors held today (2 April), the requisite majority of the scheme creditors have approved its proposed debt settlement plan.
As a result, the company has until November 19, 2013 to submit its regularisation plan to the relevant authorities for approval.
"The proposed debt settlement to be implemented via proposed scheme of arrangement has been approved by more than 50% in number of the scheme creditors representing more than 75% in value of the scheme creditors present and voting in person or by proxy at the meeting," said the PN17 company in a filing.
HO WAH GENTING BHD [] [] (HWGB) plans to privately place out up to 53.73 million new shares to raise funds for the expansion of the company's tin-mining business, and to repay debt.
HWGB said it intends to place out the shares to independent third-party investors. The firm has, however, not fixed the price for the placement shares at this juncture.
HWGB said the exercise will provide the group with additional funds "without incurring interest costs as compared to borrowings".
Malaysia Smelting Corp Bhd (MSC) says the Indonesian government has yet to renew the tin-mining contract of the company's 75%-owned subsidiary PT Koba Tin. The work contract had expired last Sunday (March 31).
MSC said PT Koba Tin has received notification from authorities there that they are still evaluating the possibility of extending the contract.
According to MSC, the policymakers have allowed PT Koba Tin to continue its operations for up to three months beginning yesterday (April 1) while the evaluation is ongoing.
N2N CONNECT BHD [] has been selected as a TECHNOLOGY [] partner for the Philippine Stock Exchange (PSE) after several rounds of thorough evaluation and selection for the bourse's online trading project.
The PSE has rolled out its online trading platform PSETradex for trading participants after completing the successful series of test runs of the online trading system.
N2N said PSETradex is aimed at increasing the number of online investors in the stock market.
REDTONE INTERNATIONAL BHD [] has teamed up with Telekom Malaysia Berhad (TM) in a wholesale ethernet deal that is expected to further drive the growth of REDtone's data business.
The agreement between REDtone's wholly owned subsidiary, REDtone Telecommunications Sdn Bhd, and TM will provide REDtone instant access to all TM's Metro-E infrastructure nationwide.
REDtone group CEO, Lau Bik Soon, said its latest collaboration will help elevate the company's data and broadband business to a higher level of growth while solidifying its position as a broadband expert for organisations.
TH Heavy Engineering Bhd has clinched a RM196 million oil and gas support services job from Murphy Sarawak Oil Co Ltd to facilitate the latter's offshore upstream ventures in Sarawak.
TH Heavy said it will offer engineering, procurement, CONSTRUCTION [] and commissioning (EPCC) services for Murphy's operations within Block SK311, some 95 kilometers off the coast of Bintulu.
The job is expected to contribute positively to the earnings and net assets of TH Heavy for financial years ending December 31, 2013 and 2014 respectively.
UPA Corp Bhd is sellling its 35.5% stake in The Malaya Press Sdn Bhd to Sanjung Unggul Sdn Bhd for RM7.1 million.
The seller said it is selling the stake to focus on its core businesses in paper-related products manufacturing, and trading of printing machines. Proceeds from the sale will finance UPA's capital needs.
Semiconductor manufacturers such as UNISEM (M) BHD [] and MALAYSIAN PACIFIC INDUSTRIES [] Bhd (MPI) may be worth noting after the US-based Semiconductor Industry Association (SIA) said global sales of the component rose 1.4% year-on-year in February to US$23.25 billion from US$22.93 billion a year earlier.
In monthly terms, the SIA said global sales in February were, however, 3.8% lower than the January total of $24.17 billion, reflecting seasonal trends. Year-to-date sales through February 2013 were 2% higher than at the same point last year.
Written by Chong Jin Hun of theedgemalaysia.com
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