CCM, IOI Corp, Lion Diversified, Maxis and OldTown

TheEdge Fri, Mar 02, 2018 10:50pm - 3 years ago

KUALA LUMPUR (March 2): Based on corporate announcements and news flow today, companies in focus on Monday (March 5) may include: CCM, IOI Corp, Lion Diversified, Maxis and OldTown.

Chemical Co of Malaysia Bhd (CCM) wants to further reduce its debts by disposing of a land in Nilai with a book value of RM19.8 million, as well as its 9.34% stake in South Korea-listed PanGen Biotech Inc, which was worth RM49 million at end-Feb 2018.

It plans to complete the divestments by the second half of 2018, with expectations of slashing up to RM14 million in annual debt repayment costs from RM21 million presently.

IOI Corp Bhd said it has completed the sale of 70% stake in Loders Croklaan Group BV and its related business to US-listed Bunge Ltd for RM3.79 billion cash.

Following the disposal, IOI will be left with the remaining 30% stake in Loders, said the company. Additionally, for a five-year period, Bunge will have the right to purchase the remaining interest in Loders from IOI, and IOI will have the right to sell its interest to Bunge.

Lion Diversified Holdings Bhd had sold part of its land in Kuala Langat, Selangor to Tenaga Nasional Bhd for RM9.9 million under a compulsory acquisition by the utility firm.

The land was sold to make way for a 500kV power transmission line to pass through, said Lion Diversified, adding that it sold the land under protest.

Maxis Bhd has appointed its director Robert Nason as interim chief executive officer beginning April 1, 2018, to take on the role of executive director and CEO Morten Lundal, who will leave office on March 31.

Nason, who was appointed as Maxis director in 2016, "will remain in this (interim CEO) role until a new CEO is appointed", said Maxis.

Shareholders of OldTown Bhd were advised by independent adviser AmInvestment Bank Bhd to accept the takeover offer from JDE Asia at RM3.18 per share, which closes on March 13.

AmInvestment Bank said the offer is "fair and reasonable", considering the offer price is at a premium to OldTown's valuation range of between RM2.64 and RM2.91 — and also at premium to multiple volume-weighted average market price (VWAMP) of OldTown shares.

"Save for a brief period in May 2017, OldTown shares have never traded above the offer price for the past three years," it said, adding that the company has not received any other offer for the offer shares or its business.


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