CORP BRIEF: Boustead, Powerwell, Malayan Cement and Goodyear

by TMR / pic by TMR FILE 

Boustead allocates RM18m aids for firms, retailers

BOUSTEAD Properties Bhd, a wholly owned subsidiary of Boustead Holdings Bhd (BHB), has provided rental waivers and rebates, commercial and other assistance amounting to RM18 million to almost 350 tenants at its six commercial properties in the country, to assist them in weathering the severe economic impact of the Covid-19 pandemic. In a statement yesterday, the property developer said the financial relief was extended to retail and commercial tenants, particularly small and medium enterprises that were experiencing unprecedented strained cashflow during the various phases of the Movement Control Order.

Powerwell secures RM8.8m contract from Intraco

POWERWELL Holdings Bhd has clinched a US$2.14 million (RM8.8 million) contract from Bangladesh-based firm Intraco Solar Power Ltd to supply low voltage switchboards and medium voltage switchgear panels. In a filing to the stock exchange yesterday, the company noted that the delivery of the supply contract is expected to be completed by the end of this year. The supply contract is expected to contribute positively to Powerwell’s consolidated earnings and net assets for the financial year ending March 31, 2022.

Malayan Cement’s share placement oversubscribed

MALAYAN Cement Bhd successfully completed its private placement of 85 million new shares with an oversubscription of 1.13 times. The placement price was fixed at RM2.79 per share, reflecting a discount of 9.92% on the five-day volume weighted average price of RM3.09 per share. Its MD Datuk Seri Michael Yeoh said, “We are delighted that the offering has been met with strong support from investors, given the prevailing volatility of the local market. The new shares were listed on the Main Market of Bursa Malaysia Securities Bhd yesterday.

Goodyear completes acquisition of Cooper

THE Goodyear Tire and Rubber Co had completed its acquisition of Cooper Tire and Rubber Co, finalising the merger agreement made public on Feb 22. In a statement yesterday, the company said the combination unites two leading tyre companies with complementary product portfolios, services and capabilities to create a stronger US-based leader in the global tyre industry. The combined company will offer more options across the value spectrum, making it easier for customers and consumers to choose Goodyear- and Cooper-branded tyres. Goodyear expects to achieve approximately US$165 million (RM679.6 million) in run-rate cost synergies within two years. The majority of the cost synergies will be related to overlapping corporate functions and realising operating efficiencies.