KUALA LUMPUR (April 11): Based on corporate announcements, the stocks that may lure trading interest could include MBf, Mitrajaya, Tomei, MISC and FGV.
MBf HOLDINGS BHD [] announced that companies which offer to take MBf private have again revised their joint offer -- for higher cash consideration of RM1.775 per MBf share and RM0.775 per warrant.
The offer is jointly made by Tor Private Ltd, Nadin Holdings Sdn Bhd, Impact Action Sdn Bhd and Market Share Investments Ltd. These companies are linked to MBf CEO Tan Sri Ninian Morgan Lourdenadin.
The offerors have yet to receive the required amount of shares to take the company private.
Lourdenadin launched the offer to take MBf Holdings private on Feb 7, when he was holding 87% stake in the company.
For the financial year ended Dec 31, 2012, MBf Holdings’ net profit was RM385.2 million, up from RM58.4 million a year ago, mainly due to the credit card business. Revenue rose to RM2.73 billion from RM2.43 billion previously.
MITRAJAYA HOLDINGS BHD [] announced that its subsidiary, Pembinaan Mitrajaya Sdn Bhd, has been awarded a RM11.7 million contract by the East Coast Economic Region Development Council.
The award is for the CONSTRUCTION [] and completion of the Dairy Complex of the Muadzam Shah Cattle Research and Innovation Centre, Pahang, and the exact sum is RM11,732,679.45, the company said.
The contract is for a duration of 65 weeks and is expected to be completed by 17 July 2014.
The contract is expected to contribute positively to Mitrajaya’s future earnings, the company said.
TOMEI CONSOLIDATED BHD [] today recommended the payment of first and final single tier dividend of 2 sen (two) per share in respect of the financial year that ended 31 December 2012.
The entitlement date and date of payment of the proposed dividend has yet to be finalised.
MISC BHD [] said it has received notice from Employees Provident Fund (EPF) to accept Petronas’ offer to buy over EPF’s 424,215,158 MISC shares.
This amount of shares represents 9.5% of the total issued and paid-up share capital of MISC.
With the EPF’s acceptance, Petronas is one step nearer to its plan to take MISC private. As of today, its total stake in MISC is 79.77%, according to MISC’s filing with Bursa Malaysia.
The national oil company has raised its privation offer price to RM5.50 per share recently, from its initial offer of RM5.30.
MISC was last traded at RM5.41, down one sen.
Felda Global Ventures (FGV) Bhd may see its share coming under pressure after Bank of America Merrill Lynch opined that the PLANTATION [] giant is facing many election risks.
The US investment bank’s research analyst Jeffrey Ng, after making a company visit, maintains his “underperform” rating and price objective of RM3.90 on FGV.
Ng said FVG’s capital expenditure plan is now put on hold until the Malaysia general election is over. Polling day falls on May 5.
He noted that FGV will only streamline its complex structure, which shares land title and processing facilities with its parent company, after election.
Ng added that if the ruling Barisan Nasional loses the election, FGV’s 355,864 hectares lease hold land could be revoked.
Written by Ho Wah Foon of the edgemalaysia.com
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