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Handal 60m rights shares oversubscribed by 76.26pct
Written by Joseph Chin of theedgemalaysia.com
Thursday, 31 March 2011 18:13
KUALA LUMPUR: Handal Resources Bhd’s cash call involving a rights issue of 60 million shares at 52 sen each with 60 million free warrants were oversubscribed by 76.26%.
It said on Thursday, March 31 it received applications for 105.76 million new rights shares, or an excess of 45.76 million shares at the close of acceptance and payment on March 25.
Handal’s rights issue was on the basis of two rights shares and two free warrants for every three existing shares. Together with the rights issue, Handal also made a bonus issue of 10 million shares on the basis of one bonus share for every six right shares subscribed.
Managing director and CEO Mallek Rizal Mohsin said the oversubscription of the rights issues was very encouraging as it underscored the shareholders’ endorsement of Handal’s plans that required this cash call which raised RM30 million.
“We are now on track with our investment which will see our expansion plans in place”, he said.
Handal is an offshore crane manufacturing and service provider specialising in the oil and gas industry.
Glomac 3Q net profit up 55% to RM16.5m, proposes 4.5c interim dividend
Written by Surin Murugiah of theedgemalaysia.com
Thursday, 31 March 2011 19:00
KUALA LUMPUR: GLOMAC BHD [] net profit for the third quarter ended Jan 31, 2011 rose 55.2% to RM16.52 million from RM10.65 million a year earlier, mainly due to stronger contribution from higher margin projects such as Glomac Tower, Glomac Damansara and Glomac Cyberjaya.
Revenue for the quarter surged 124% to RM176.53 million from RM78.76 million in 2010. Earnings per share was 5.65 sen, while net assets per share was RM2.01.
Glomac proposed an interim dividend of 4.5 sen per share.
For the nine months ended Jan 31, Glomac’s net profit rose to RM47.96 million from RM28.29 million a year ago, on the back of revenue RM443.74 milion.
In a statement Thursday, March 31, Glomac group executive chairman Tan Sri F.D.Mansor said the company’s cumulated new sales of RM680 million in the last two financial years was translating into record profits for this year.
“More importantly, new sales have continued to be encouraging. The property market remains buoyant, and our new launches have been well received,” he said.
He said the recently launched Tower One of the RM285 million Glomac Damansara
Residences had achieved a take-up rate of close to 70% to date.
Tower Two of the 26-storey condominium project in Glomac Damansara has just been released for registration, he said.
Earlier launches in Glomac Damansara included shop offices and an office tower, both of which were fully sold for RM225 million, he said.
“Glomac’s prospects have never been brighter. We have a strong pipeline of exciting and market-driven new commercial and residential projects for launch,” he said.
F.D. Mansor said Glomac’s total gross development value had increased from RM2.5 billion to RM3.3 billion with the recent acquisition to purchase 200 acres of land in the prime commercial hub of Puchong for RM77 million.
Out of this RM3.3 billion, more than RM1 billion worth of projects were ready for launch over the next 2 years, and would sustain its sales momentum going forward, he said.
Sapura 4Q net profit rises to RM21.89m
Written by Surin Murugiah of theedgemalaysia.com
Thursday, 31 March 2011 19:36
KUALA LUMPUR: SAPURA RESOURCES BHD [] posted net profit RM21.89 million in the fourth quarter ended Jan 31, 2011 compared to net loss RM397,000 a year ago, mainly due to realisation of a gain from disposal of a freehold land, profit from its education business and write-back of impairment in an associate.
Revenue for the quarter fell to RM30.7 million from RM65.98 million a year ago. Earnings per share was 15.68 sen, while net assets per share was RM1.27.
For the financial year ended Jan 31, Sapura’s net profit surged to RM38.87 million from RM6.04 million, on the back of revenue RM200.86 million.
On its prospects, Sapura said on Thursday, March 31 that following the property disposal and completion of its divestment of its 51% equity interest in APIIT and UCTI, it would be involved in the education business via its 49% interest in APIIT and UCTI.
The company said it expects to record an overall satisfactory result for the financial year ending Jan 31, 2012.