CORP BRIEF: SC, PUC, Hibiscus and Xin Hwa

by TMR / pic by MUHD AMIN NAHARUL

SC warns public against fake donation letter

THE Securities Commission Malaysia (SC) cautioned the public of a fake donation letter purportedly from “Badan Kebajikan Thalassaemia Malaysia (944520K)” seeking donation and falsely naming the SC chairman as its advisor. The regulator in a statement yesterday said the fraudster had also impersonated a senior management staff of the SC when making calls to solicit for donation. The SC has lodged a police report on the letter.

PUC, Sharp ink MoU to develop software system

PUC Bhd has signed a memorandum of understanding (MoU) with Sharp Electronics (M) Sdn Bhd to collaborate and develop an Internet-based integrated lifestyle ecosystem. According to a filing to Bursa Malaysia yesterday, the MoU will be effective for 12 months from the date of the signing and will allow both parties to leverage each other’s strengths to thrive in the “stay-at-home economy”, a paradigm shift in the consumer spending behaviour towards e-commerce amid the pandemic.

Hibiscus closes 1st tranche of fundraising

HIBISCUS Petroleum Bhd announced it had closed its first tranche of Islamic convertible redeemable preference shares (CRPS-T1) with a sole allocation of 6,600 CRPS to its MD Kenneth Pereira. In a filing to the stock exchange yesterday, the oil and gas (O&G) production company said its first tranche will not be listed and the allocation to Pereira is primarily to close CRPS-T1 in accordance with the terms of the CRPS before proceeding with the subsequent tranche. The group is looking to raise RM2 billion to acquire high-quality O&G assets. Its board has fixed the conversion price for the CRPS-T2 at 48 sen per CRPS, representing a premium of 4.14% to the five-day VWAMP of Hibiscus Petroleum shares of 46.09 sen. The proceeds will be used for the acquisition of equity interests in producing upstream O&G assets in the South-East Asia region through international bidding processes, Hibiscus noted. The book-building exercise for the CRPS-T2 commenced yesterday with proceeds to be received by Nov 16, 2020.

Xin Hwa to issue warrants

XIN Hwa Holdings Bhd has proposed to undertake an issuance of 110.7 million free warrants on the basis of one warrant for every two ordinary shares held. The proceeds raised will be utilised for the working capital requirements in relation to the day-to-day operations of Xin Hwa’s business operations such as trade payables, staff cost, utilities, lease expenses, finance cost and other administrative expenses. In a filing yesterday, the logistic provider said the entitlement date that has not been determined yet.