CORP BRIEF: Econframe, Powerwell, PIAM, EcoFirst and Homeritz Corp

by TMR / graphic by MZUKRI

Econframe’s IPO oversubscribed by 40.2 times

ECONFRAME Bhd’s IPO has been oversubscribed by 40.23 times ahead of its listing on the ACE Market on Oct 27, its exchange filing yesterday noted. The listing exercise entails a public issue of 65 million new ordinary shares and an offer for sale of up to 32.5 million shares at an issue price of 28 sen per share.

Powerwell secures RM21.7m worth of contracts

POWERWELL Holdings Bhd has secured multiple contracts worth RM21.7 million in total since September 2020. In an exchange filing yesterday, Powerwell’s wholly owned subsidiary, Kejuruteraan Powerwell Sdn Bhd, accepted two letters of intent from Sunway Group for a contract totalling RM9.1 million involving design, supply and installation of low voltage switchboards for six elevated stations of the Light Rail Transit Line 3 (LRT3), as well as for a mixed development project along Jalan Ampang, Kuala Lumpur. Powerwell also bagged a contract from an undisclosed contractor for the supply of its products to other LRT3 stations, which brought its contract secured for the LRT3 project to RM6.7 million.

PIAM Lean as CEO designate

PERSATUAN Insurans Am Malaysia (PIAM) appointed Julie Lean Gim Chong as the CEO designate effective Oct 15, 2020 (yesterday). In a statement yesterday, the association said she took over the duties from current CEO Mark Lim Kian Wei. Lim will relinquish his post effective Nov 15, 2020, and take on an advisory role until his retirement in mid-January 2021. Lean has an international career spanning 25 years in senior management positions with multinational insurers and a global bank in Australia, the UK, Singapore and Hong Kong.

EcoFirst buys RM42m land

ECOFIRST Worldwide Sdn Bhd entered into an agreement with Modern Peak Sdn Bhd to buy a piece of leasehold land measuring 19,243 sq ft in Bukit Raja, Selangor, for RM42 million. EcoFirst stated in a Bursa filing that Modern Peak obtained approved building plans for property development on the land from Shah Alam City Council on March 30, 2018, and extension thereof on Feb 28, 2019. The project named U9 Project will have 1,098 SOHO units, 40 units of commercial and retail shop lots, four units of department store, two units business space and three sub-basement car parks. The total development cost is about RM230 million, while the gross development value is RM311 million.

Homeritz Corp proposes bonus issue with warrants

HOMERITZ Corp Bhd proposed a bonus issue with free warrants as a reward to its shareholders. In a filing to Bursa yesterday, the group stated that the bonus issue will be on the basis of one bonus share and warrant for every four shares held with the entitlement date to be announced later. Homeritz Corp fixed the exercise price of the warrants at 75 sen, but upon implementation of the bonus issue, the exercise price will be adjusted to 60 sen.