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Reports Malaysia

Malaysia stock market and companies daily report (August 04, 2014)

August 4, 2014, Monday, 04:43 GMT | 00:43 EST | 09:13 IST | 11:43 SGT
Contributed by Shares Investment

Econpile Secures RM23m Project

- Econpile Holdings has bagged a RM23 million construction contract for the substructure of a mixed residential and commercial property development project in Kuala Lumpur.

- The project, awarded by I-Marcom, includes the undertaking of earthwork, piling, contiguous bored pile walling and basement substructure works.

- The contract, expected to commence on 15 August, is slated to last for 13 months.

Significance: The project falls under Econpile’s core business and is expected to contribute positively to the firm’s top and bottom lines for FY15.

Farlim To Buy Negeri Perak Land For RM19m

- Farlim Group (Malaysia) has proposed to acquire a 37.5 hectare land situated in Daerah Batang Padang, Negeri Perak, for RM19 million.

- The land has obtained approval for the development of a mixed housing and commercial estate with a 99 years’ leasehold.

- The acquisition will be funded via internal resources.

Significance: The proposed purchase provides an opportunity for Farlim to expand and strengthen its existing business of property development of residential and commercial properties.

REDtone To Sell Indirect China Unit For RM14m

- REDtone Telecommunications China, a subsidiary of REDtone International, has agreed to sell its China unit, Shanghai Hongsheng Business Administration Co (SHBA), to Guotai Investment Holdings for Rmb28 million (RM14 million) in cash.

- Guotai will acquire a third party payment licence held by SHBA’s subsidiary, Shanghai Qianyue Business Administration Co, which is involved in the provisioning of shopping cards in Shanghai.

- SHBA is engaged in the marketing and distribution of discounted call, mobile reload and other telco-related services. All existing telco-business within SHBA will remain with REDtone.

Significance: The proposed disposal is part of REDtone’s plan to generate cash for business expansion and simplify its core business, namely, its telco-related business.