CORP BRIEF: MMC, TH, Hibiscus and Nestcon

by TMR 

MMC unit gets extension to decide on SCR exercise

MMC Corp Bhd’s controlling shareholder, Seaport Terminal (Johore) Sdn Bhd, has extended time to no later than 5pm on Aug 30, 2021, for MMC to respond as to whether or not to implement and to recommend the proposed Selective Capital Reduction (SCR) exercise it has proposed at RM2 per share, MMC noted in a filing to the exchange yesterday. Seaport Terminal holds 1.576 billion MMC shares or 51.76% of the conglomerate and has proposed to take the company private via the SCR which will cost RM2.94 billion to complete.

Cabinet to set up RCI to investigate TH scandal

THE Cabinet will set up a Royal Commission of Inquiry (RCI) over pilgrims’ fund Lembaga Tabung Haji (TH) to investigate audit issues and allegations of mismanagement. Deputy Prime Minister Datuk Seri Ismail Sabri Yaakob in a statement yesterday said the Prime Minister’s Department will identify a list of members for the RCI, consisting of experts in Shariah and civil laws, Islamic banking and investment. TH in a separate statement said it will give full cooperation to the commission to resolve issues arising regarding its audits.

Hibiscus secures waiver for Repsol acquisition

HIBISCUS Petroleum Bhd’s indirect wholly owned subsidiary, Peninsula Hibiscus Sdn Bhd, secures waiver from Repsol Exploración SA for the pre-emption rights held by Petronas Carigali Sdn Bhd and PetroVietnam Exploration Production Corp under each of the relevant joint operating agreements. In a filing to Bursa Malaysia yesterday, Hibiscus said this condition precedent forms part of the approvals required in respect to the conditional sale and purchase agreement entered into by Peninsula Hibiscus with Repsol on June 1, 2021, for the proposed acquisition by Peninsula Hibiscus of the entire equity interest in Fortuna International Petroleum Corp.

Nestcon gets RM31m deal from Nexus EC

NESTCON Bhd’s wholly owned subsidiary, Nestcon Infra Sdn Bhd, secured a contract from Nexus EC Sdn Bhd for rock stabilisation works for a sum of RM31.3 million. The proposed development project will be undertaken by Mightyprop Sdn Bhd for the 61 acres (24.69ha) of mixed development which consist of the construction of 20 blocks office tower, five blocks serviced apartment and SoHo, six blocks serviced apartment and affordable home, business spaces, hotel, private school, auditorium and other relevant facilities in Sungai Buloh, Selangor. In a filing to Bursa Malaysia yesterday, the company said the commencement date for works is July 21, 2021, subject to the lifting of Movement Control Order (MCO) or Enhanced MCO by the government.

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