LCL Corp Bhd has informed the local bourse that it does not have a regularisation plan and hence will not appeal against the suspension of trading in the company’s shares.
On Dec 15 2010, LCL was informed by Bursa that trading of the company’s shares would be suspended with effect from tomorrow and subsequently delisted on Dec 27 unless an appeal is submitted on or before Dec 22 2010.
Sources say BCorp has hired investment bank to look into the possibility of undertaking a corporate exercise that could see the entry of a strategic private investors into the group’s cash cow BJTOTO. The bankers are exploring the a few possible corporate exercises, which include the one Magnum corp underwent a couple of years ago that had involved its privatization. However BJCorp’s spokeperson said it is not aware of any exercise and are not able to offer any further comments.
In a move aimed at ensuring the seriousness and credibility of bidders for PLUS Expressways Bhd, it wants offerors to put down a refundable deposit of RM50mil by Jan 10, 2011. The deposit would form part of the purchase consideration to be paid by the successful bidder for its business. Sources also say Jelas Ulung Sdn Bhd is likely to submit a rm50 million cash deposit and meet the minimum disclosure requirements.
Industry observers believe the board of PLUS would have to consider this fresh offer. Should Khazanah/UEM and EPF be allowed to vote on the new offer, they will accept it or beat the RM5.20 offer with a new bid.
As such, the RM5.20 offer serves as the new floor price for PLUS.
However, critics said that investors should not put too much hope on this higher offer materialising, as it was highlighted earlier by Khazanah that it does not simply sell strategic assets to parties without a track record.
It stressed that it was still pursuing its bid to acquire gaming company Pam Malaysian Pools Sdn Bhd. Sources say that businessmen linked to MCA and the Cheng family together with Filipino gaming tycoon Roberto were front runners for Pan Malaysian Pools.
Meanwhile MARC has affirmed the rating of Olympia Industries Bhd's outstanding RM72.981 million nominal value redeemable unsecured loan stocks (RULS) at 'BB-' with negative outlook.
The rating action incorporated continued concern about the group's weak profitability measures and earnings sustainability for its property and gaming divisions. Olympia 's property project has made slow progress and the gaming segment would be negatively impacted by the two per cent increase in pool betting duty effective June 2010.
The Rubber Glove Industry:
Rubber prices climbed to new high putting more pressure on the margins of rubber glove mfgs, which are already grappling with oversupply and normalising demand issues.
IRCB rights issue shares will be listed tomorrow (24/12/2010) and ranks pari.
24/12 & 31/12 TRADING AS USUAL:
PLEASE TAKE NOTE THAT 24 Dec 2010 and 31 Dec 2010, MARKET IS TRADING AS USUAL.
IT IS FULL DAY TRADING AT Bursa.