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Written by Joseph Chin of theedgemalaysia.com
Thursday, 30 June 2011 22:48
KUALA LUMPUR: Eversendai Corporation Bhd will be in focus on Friday, July 1 when it lists on the Main Board of Bursa Malaysia.
Other companies which could see trading interest are EKOVEST BHD [] and MALAYSIAN RESOURCES CORP []oration Bhd (MRCB), SAPURACREST PETROLEUM BHD [], Petronas Chemicals Bhd and MAGNA PRIMA BHD [].
Eversendai’s final institutional price was fixed at RM1.70 and final retail price at RM1.62. OSK Research has accorded a fair value of RM2.21.
To add more interest, the company’s subsidiary recently secured a RM139 million job from Qatar Petroleum.
MRCB and SapuraCrest Petroleum Bhd should see trading interest as the Prime Minister Datuk Seri Najib Tun Razak officiates at the groundbreaking for the Greater Kuala Lumpur/ Klang Valley “River of Life” project.
The Edge FinancialDaily reported both companies had on March 29 signed a joint venture and shareholders’ agreement to regulate their rights and obligations as shareholders of KL Bund Sdn Bhd (KLBSB) which would be the project delivery partner for the project.
The River of Life is an Entry Point Project (EPP) identified in the Greater Kuala Lumpur/Klang Valley National Key Economic Area under the Economic Transformation Program (ETP).
Following the agreement, KLBSB will have an authorised and issued and paid-up share capital of RM100 million and RM10 million respectively. Ekovest would hold 60% and MRCB 40% in KLBSB.
SapuraCrest Petroleum reported net profit for the first quarter ended April 30, 2011 rose 42.7% to RM72.34 million from RM50.69 million a year ago, due to higher contribution largely from drilling division.
Its revenue for the quarter declined to RM550.82 million from RM670.36 million in 2010 due to lower activities in the operation and maintenance division.
Petronas Chemicals will go ahead with its US$1.5 billion Sabah ammonia urea project which will have urea capacity of 1.2 million tonnes per annum.
It said on Thursday, June 30 the plant would be built on 166 acres in the Sipitang industrial park in Sabah. The RM1.5 billion development cost would be financed from internal cash reserves and external borrowings.
Magna Prima is acquiring a piece of property in Melbourne’s central business district for A$26 million and plans a project with an indicative gross development value of A$210 million.
Magna Prima said on Thursday, June 30 it would build a 25-storey residential development with 320 apartments on the 2,700 sq metres site. It added 62% of the apartments has already been sold.
The indicative gross development value is A$210 million and the indicative gross development cost is A$148 million.