Corporate results: ARK Resources, Berjaya Corp and Boustead Holdings

ARK in JV to develop RM600m project
ARK Resources Holdings Bhd’s wholly-owned subsidiary, ARK Resources Bhd, has entered into a joint venture (JV) development agreement with Koperasi Kampung Melayu Balik Pulau Bhd to develop 89.89-acre land in Penang. In an exchange filing yesterday, ARK noted the proposed development shall comprise two blocks of two-storey retail shops, bazaar, 276-units of double-storey terrace houses, 214 units of double-storey semi-detached houses, 91-unit of double-storey bungalows, two blocks of 16-storey condominiums and two blocks of 16-storey low-cost apartments among others. The estimated minimum gross development value (GDV) of the project is RM600 million. Koperasi Kampung Melayu Balik Pulau and ARK have agreed the JV development of the project is on 20:80 sharing basis of the GDV.
Berjaya Corp to raise stake in  Berjaya Land
Berjaya Corp Bhd (BCorp) intends to increase its stake in Berjaya Land Bhd (BLand) to 76.89% to benefit from its future growth and prospects of BLand. Under the conditional share sale agreement, Berjaya Corp will acquire 230 million shares in Berjaya Land at 38 sen per share, representing a 4.61% interest in the latter, for RM87.4 million from vendors Penta Master Fund Ltd, PCM Industrial LP and Penta Asia Long/Short Fund Ltd. The purchase will pay for the stake via the issuance of 291.3 million new consideration shares at 30 sen apiece. In an exchange filing yesterday, BCorp noted the planned acquisition is expected to be completed by the first quarter of this year.
Boustead and KPS issue RM200m and RM300m sukuk respectively
Boustead Holdings Bhd had issued RM200 million of Islamic medium term notes under its Islamic medium term note programme of up to RM2 billion in nominal value. Boustead noted the proceeds will be utilised to refinance existing borrowings/financing. Meanwhile, Kumpulan Perangsang Selangor Bhd (KPS) via Perangsang Capital Sdn Bhd has raised RM300 million vai a sukuk under its unrated sukuk murabahah programme of up to RM500 million in nominal value, its exchange filing yesterday noted.
Dayang Norazhar

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