KUALA LUMPUR (April 8): Here is a brief look at some of the corporate announcements and news flow on Friday (April 8), involving LTKM Bhd, G3 Global Bhd, Ocean Vantage Holdings Bhd, Revenue Group Bhd, FGV Holdings Bhd, Sunway Real Estate Investment Trust (Sunway REIT) and Central Global Bhd.
LTKM Bhd has proposed to sell its existing chicken egg production business to become an electronic manufacturing services (EMS) provider in a corporate revamp that will see the emergence of new controlling shareholders in the company, who plan to change its name to LA Technology Bhd. LTKM said: "The objective of the proposals taken as a whole, is for LTKM to divest its existing non-profitable businesses, acquire a new viable and profitable business while at the same time, rectify its non-compliance with the public spread requirement."
G3 Global Bhd’s shareholders have approved the group's proposed venture into the healthcare business, starting with the sale of Covid-19 test kits, at an extraordinary general meeting (EGM) on Friday (April 8). G3 Global managing director Dirk Quinten said the strong approval received from its shareholders is indicative of their confidence in the management and its strategy.
Ocean Vantage Holdings Bhd has inked a Memorandum of Understanding (MoU) to form a business venture to set up a pipeline coating facility in Sarawak. The venture is to provide onshore and offshore pipeline coating services and serve the markets in Malaysia, Southeast Asia and Australia, said the oil and gas upstream service provider.
Revenue Group Bhd's wholly-owned Revenue Harvest Sdn Bhd has proposed to acquire the remaining 49% stake in the latter's subsidiary Revenue Secure Sdn Bhd for RM31.85 million, to be satisfied via the issuance of 21.09 million new ordinary shares at RM1.51 apiece.
FGV Holdings Bhd has appointed the Economic Planning Unit's (EPU) deputy director-general (sectoral) Datuk Yatimah Sarjiman to its board as a non-independent and non-executive director, effective Friday (April 8). Yatimah also holds directorship in Felcra Bhd.
Sunway Real Estate Investment Trust (Sunway REIT) has appointed Tan Sri Amirsham Aziz, a former Minister as well as former Maybank president and chief executive officer, as its new chairman effective Friday (April 8). Amirsham, 71, will be replacing Tan Sri Ahmad Mohd Don, who is retiring from the position after helming the company since October 2016.
Central Global Bhd (CGB) has proposed an issuance of one-for-two free warrants paired with a private placement exercise of up to 39.24 million shares. The industrial tape and label stock maker said it intends to raise between RM29.67 million and RM33.36 million from the cash call and that the proceeds will be used to fund its existing construction project in Penang.