Corporate results: DWL Resources, Ireka, JAKS Resources and KNM
DWL inks pre-bid consortium agreement with Gadang
DWL Resources Bhd’s wholly-owned subsidiary, Million Rich Development Sdn Bhd, has entered into a pre-bid consortium agreement with Gadang Holdings Bhd’s wholly-owned subsidiary, Gadang Engineering (M) Sdn Bhd, to jointly work together to bid for infrastructure projects. If the bids are successful, the companies will jointly undertake a contract for such infrastructure works. The consortium is known as “DWL-Gadang Consortium” and will jointly prepare and submit the tender to project owners and/or the main contractors of infrastructure projects. Gadang shall own 70%-stake of the joint venture while Million Rich Development the remaining 30%, DWL noted in an exchange filing yesterday.
 
Ireka seeks RM29m from arbitration against UEM Land
Ireka Corp Bhd’s wholly-owned subsidiary, Ireka Engineering & Construction Sdn Bhd, has on Apr 17, 2019, served the notice of arbitration under The Asian International Arbitration Centre Rules 2018 against UEM Land Bhd in respect of the disputes and differences arising from the contract finalisation for the construction of a proposed mixed development in Johor Bahru, Johor. The Ireka unit is claiming over RM29 million in the notice. The claims against the respondent are premised on the breach of contract and outstanding payment due in relation to a contract, Ireka noted in its exchange filing yesterday. 
 
JAKS proposes proposes private placement 
JAKS Resources Bhd has proposed a private placement of up to 10% of the total number of issued shares or up to 68.7 million new shares to raise proceeds to bridge the gap for existing expenditure required to build the Vietnam power plant project which it is unable to be funded from its previous rights issue of warrants. The price of the placement has not been set, JAKS filing yesterday noted 
 
KNM proposes private placement 
KNM Group Bhd has proposed to undertake a private placement of up to 10% of the issued ordinary shares or issuance of up to 234.6 million new KNM shares at a price to be fixed later. The proceeds raised will be used to buy raw materials and operating overheads for the operations of the group’s ethanol plant in Chachaengsao, Thailand; capital expenditures for future expansion of production capacity of ethanol at the ethanol plant as well as pay sub-contractors for fabrication and site construction works and other professional services, KNM stated in its exchange filing yesterday.