March 30, 2015

Company announcements: CIMBA40, CIMBC50, GUOCO, DRBHCOM, MRCB, MMCCORP, GBH, UMW, MAYBULK, HEVEA

CIMBA40 - NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE

Announcement Type: General Announcement
Company NameCIMB FTSE ASEAN 40 MALAYSIA  
Stock Name CIMBA40  
Date Announced30 Mar 2015  
CategoryGeneral Announcement
Reference NoOB-150330-A2E76

TypeAnnouncement
SubjectNET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
DescriptionFund: CIMB FTSE ASEAN 40 Malaysia
Date: 30-Mar-2015
NAV per unit (RM): 1.8711
Units in circulation (units): 1,350,000.00
Management Fee (% p.a.): 0.00
Trustee Fee (% p.a.): 0.08
Index Licence Fee (% p.a.): 0.00
FTSE/ASEAN 40 Index: 10,601.12

Attachments

A40.pdf
10 KB


CIMBC50 - NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE

Announcement Type: General Announcement
Company NameCIMB FTSE CHINA 50  
Stock Name CIMBC50  
Date Announced30 Mar 2015  
CategoryGeneral Announcement
Reference NoOB-150330-A2E63

TypeAnnouncement
SubjectNET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
DescriptionFund: CIMB FTSE China 50
Date: 30-Mar-2015
NAV per unit (RM): 1.3500
Units in circulation (units): 11,700,000.00
Management Fee (% p.a.): 0.60
Trustee Fee (% p.a.): 0.08
Index Licence Fee (% p.a.): 0.04
FTSE/Xinhua China 25 Index: 19,449.69

Attachments

C50.pdf
123 KB


GUOCO - WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR

Announcement Type: General Announcement
Company NameGUOCOLAND (MALAYSIA) BERHAD  
Stock Name GUOCO  
Date Announced30 Mar 2015  
CategoryGeneral Announcement
Reference NoGG-150326-61923

TypeAnnouncement
SubjectWINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
DescriptionVOLUNTARY WINDING-UP OF SUBSIDIARIES

GuocoLand (Malaysia) Berhad (“GLM” or the “Company”) writes to inform that:

(i) Guoman Hotel & Resort Holdings Sdn Bhd, a 70%-owned subsidiary of the Company, had placed its wholly-owned subsidiary, Guoman International Sdn Bhd (“GISB”), under member’s voluntary winding-up pursuant to Section 254(1)(b) of the Companies Act, 1965; and

(ii) Bedford Land Sdn Bhd, a wholly-owned subsidiary of Hong Leong Real Estate Holdings Sdn Bhd which in turn is a wholly-owned subsidiary of the Company, had placed its wholly-owned subsidiary, Prophills Development Sdn Bhd (“PDSB”), under member’s voluntary winding-up pursuant to Section 254(1)(b) of the Companies Act, 1965.

Mr Ling Kam Hoong and Ms Wong Swee Tyng of Messrs Ling Kam Hoong & Co, No. 6-1, Jalan 3/64A, Udarama Complex, Off Jalan Ipoh, 50350 Kuala Lumpur had been appointed as Joint Liquidators of GISB and PDSB.

GISB and PDSB have ceased operations and there are no future plans to activate them.

The voluntary winding-up of GISB and PDSB will not have any material impact on the net assets and earnings per share of GLM Group for the financial year ending 30 June 2015.

This announcement is dated 30 March 2015.


DRBHCOM - TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS):RELATED PARTY TRANSACTIONS

Announcement Type: General Announcement
Company NameDRB-HICOM BERHAD  
Stock Name DRBHCOM  
Date Announced30 Mar 2015  
CategoryGeneral Announcement
Reference NoDD-150330-66258

TypeAnnouncement
SubjectTRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
DescriptionDRB-HICOM BERHAD (“DRB-HICOM” OR “COMPANY”)
PROPOSED ACQUISITION OF CERTAIN PARCELS OF LAND HELD UNDER TITLE HSD 17814 (PT 9), HSD 17815 (PT 10) AND HSD 17817 (PT 12) IN BANDAR KOTA PERDANA, MUKIM SUNGAI LAKA, DAERAH KUBANG PASU, NEGERI KEDAH DARUL AMAN MEASURING 200 ACRES FROM NORTHERN GATEWAY FREE ZONE SDN BHD (“NGFZ” OR “VENDOR”) FOR A TOTAL CASH CONSIDERATION OF RM130.68 MILLION

Please refer to the attached announcement dated 30 March 2015.

Attachments

Announcement - Acquisition of Kota Perdana Land without Valuation 30032015 final clean pdf.pdf
312 KB


MRCB - TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS):COMBINATION OF TRANSACTIONS

Announcement Type: General Announcement
Company NameMALAYSIAN RESOURCES CORPORATION BERHAD  
Stock Name MRCB  
Date Announced30 Mar 2015  
CategoryGeneral Announcement
Reference NoMM-150330-60819

TypeAnnouncement
SubjectTRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
COMBINATION OF TRANSACTIONS
DescriptionMALAYSIAN RESOURCES CORPORATION BERHAD (“MRCB” OR THE “COMPANY”)

(I) PROPOSED DISPOSAL; AND

(II) PROPOSED SHARES ACQUISITIONS

(COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)

(Unless otherwise stated, all abbreviations used herein shall have the same meanings as those mentioned in the announcement dated 10 April 2014.)

We refer to the announcements dated 29 January 2014, 4 April 2014, 10 April 2014, 15 April 2014, 9 June 2014, 11 July 2014, 9 September 2014, 8 October 2014, 8 January 2015, 12 February 2015, 26 February 2015, 12 March 2015, 13 March 2015, 24 March 2015 and 27 March 2015 in respect of the Proposals.

On behalf of the Board, CIMB and RHB wish to announce that the Proposed Disposal has been completed today following the settlement of the Disposal Consideration and the listing of and quotation for the Consideration Units on the Main Market of Bursa Securities.

This announcement is dated 30 March 2015.


MMCCORP - GENERAL MEETINGS: OUTCOME OF MEETING

Announcement Type: General Meetings
Company NameMMC CORPORATION BERHAD  
Stock Name MMCCORP  
Date Announced30 Mar 2015  
CategoryGeneral Meetings
Reference NoMI-150327-39818

Type of MeetingEGM
IndicatorOutcome of Meeting
Date of Meeting30/03/2015
Time11:00 AM
VenueBanquet Hall, Kuala Lumpur Golf & Country Club (KLGCC), No. 10, Jalan 1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur, Malaysia
Outcome of Meeting

MMC CORPORATION BERHAD ("MMC")

PROPOSED LISTING OF MALAKOFF CORPORATION BERHAD ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD ("PROPOSED LISTING")

(Capitalised terms used in this announcement shall have the same meanings as those used in the announcement dated 27 November 2014, unless otherwise stated.)

We refer to the announcement dated 13 March 2015 in relation to MMC's notice of Extraordinary General Meeting ("EGM") dated 14 March 2015 in relation to the Proposed Listing.

On behalf of MMC, Maybank IB wishes to announce that the shareholders of MMC have, at the EGM held today, approved and passed all the resolutions set out in the notice of EGM dated 14 March 2015.

This announcement is dated 30 March 2015.


GBH - Proposed Acquisition by GBH Porcelain Sdn Bhd (“GBHP”), a wholly-owned subsidiary of GBH, of 810,000 Ordinary Shares of RM1.00 Each In Time Galerie (M) Sdn Bhd (Company No. 157260-W) (“TGSB”), Representing 20.25% Of The Equity Interest In TGSB For A Cash Consideration Of RM14.175 million

Announcement Type: General Announcement
Company NameGOH BAN HUAT BERHAD  
Stock Name GBH  
Date Announced30 Mar 2015  
CategoryGeneral Announcement
Reference NoCQ-150330-60151

TypeReply to query
Reply to Bursa Malaysia's Query Letter - Reference IDTE-150327-41785
SubjectProposed Acquisition by GBH Porcelain Sdn Bhd (“GBHP”), a wholly-owned subsidiary of GBH, of 810,000 Ordinary Shares of RM1.00 Each In Time Galerie (M) Sdn Bhd (Company No. 157260-W) (“TGSB”), Representing 20.25% Of The Equity Interest In TGSB For A Cash Consideration Of RM14.175 million
DescriptionGoh Ban Huat Berhad (“GBH” or “the Company”)
- Proposed Acquisition by GBH Porcelain Sdn Bhd (“GBHP”), a wholly-owned subsidiary of GBH, of 810,000 Ordinary Shares of RM1.00 Each In Time Galerie (M) Sdn Bhd (Company No. 157260-W) (“TGSB”), Representing 20.25% Of The Equity Interest In TGSB For A Cash Consideration Of RM14.175 million
Query Letter Contents We refer to the Company's announcement dated 26 March 2015, in respect of the
aforesaid matter.

In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa
Securities") with the following additional information for public release:-

1. List of 73 retail outlets by way of geographical location and to clarify
whether TGSB owns all the outlets.
2. Whether TGSB group owns any assets / properties. If so, please furnish the
details of the properties, as prescribed under Part C of Appendix 10A of the
Main Market Listing Requirements.
3. To further elaborate on the statement that "based on the future potential
earnings of TGSB Group" by taking into consideration the prospects and
challenges / competition of the industry.
4. Summary of the financial information of TGSB for the last 3 years and based
on the latest management accounts, including but not limited to, revenue, net
profits, net assets and total borrowings as well as to provide a commentary on
the past financial performance.
5. To provide commentary with basis and justification on whether the price
earnings multiple of 11.8 times is comparable with transaction of a similar
nature or companies that are involved in similar industries.
6. The rationale for acquiring only 20.25% equity interest in TGSB.
7. Given that GBH is principally in the ceramic building material industry,
please elaborate in details on how the Proposed Acquisition will have
synergistic benefits to the group.
8. The prospect of the TGSB Group.
9. Further elaboration on the risk in relation to the Proposed Acquisition
together with the mitigating factors.

Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.



Page 2/-



Yours faithfully



HENG TECK HENG
Vice President, Issuers
Listing Division
Regulation
HTH/TEK
c.c:- General Manager and Head, Market Surveillance, Securities Commission (via
fax)

Unless otherwise stated, abbreviations and definitions used throughout this announcement shall be the same as those in the announcements made on 26 March 2015 in respect of the TGSB Acquisition.

Further to the Company's announcements dated 26 March 2015 in relation to the acquisition of 20.25% equity interest in Time Galerie (M) Sdn Bhd (“TGSB”) [TGSB Acquisition], Bursa Malaysia had on 27 March 2015 requested for some additional information to be released.

We are pleased to provide below the additional information requested by Bursa Malaysia in its letter dated 27 March 2015:-

1. List of the 73 retail outlets owned by TGSB and their geographical locations are detailed as follows:

 

Geographical Location

Name and Number of Stores/Counters

Northern Region

 

 

 

60 Minutes (1 store)

Time Galerie (8 stores)

G-Factory (1 store)

Edessa (3 counters)

Central Region

60 Minutes (2 stores)

Time Galerie (10 stores)

G-Factory (7 stores)

Edessa (9 counters)

Casio (4 stores)

TG Xpress (1 store)

Southern Region

 

60 Minutes (2 stores)

Time Galerie (5 stores)

G-Factory (2 stores)

Edessa (4 counters)

TG Xpress (1 store)

Franchise (1 store)

East Coast Region

Time Galerie (2 stores)

G-Factory (1 store)

East Malaysia Region

Time Galerie (7 stores)

G-Factory (2 stores)

 Note: All the above retail outlets/counters are operated on premises rented from third parties.

2. TGSB owns two small properties namely, a Double-storey Shophouse located in Sentul, Kuala Lumpur and a Single-storey Terrace House located in Taman Sentosa, Johor, with original costs of investment of RM169,278.15 and RM133,000 respectively and net book values of RM147,889.58 and RM111,400 respectively.  

3. The Purchase Consideration was arrived based on the future potential earnings of TGSB Group after taking into consideration the prospect and challenges/competition of the industry .

 Prospects

Good Business Performance

TGSB’s business performance is supported by relatively strong growth during the last few years, highlighted as follows:

Based on the unaudited results of TGSB for the financial year ending 31 December 2014:

i) Revenue grew by approximately 15.2% amounting to RM45.3 million as compared to the preceding financial year; and

ii) Profit before tax grew by 12.0% as compared to preceding financial year.

Between 2011 financial year to 2013 financial year, the financial performances of TGSB were as follows:-

 

  1. Revenue grew at an average annual rate of 16.9%;

  2. Profit before tax grew at an average annual rate of 44.7%.

    The Board believes that the strength of TGSB financial performances in the last three financial years will provide a platform for the continued growth and success of the business.

     Competitive Advantages

    TGSB is primarily a retail chain operator of timepieces (watches, clocks, gifts and other accessories). As of 23th March 2015, TGSB has a total of 73 wholly owned outlets in Malaysia. All of TGSB retail outlets operate under its proprietary “Time Galerie”, “Time Galerie Xpress”, “60 Minutes”, “Edessa”, “G-Factory” and “Casio” brand names which cater to all income and age groups.

    TGSB’s success as a retail chain operator is proven by the fact that it has the widest geographical coverage in Malaysia. With this wide geographical coverage, it provides TGSB extensive market coverage to reach its end-consumers.

    In Malaysia, the timepieces industry’s total import of watches and clocks was approximately RM1.4 billion in 2013 (Source: Statistics Department of Malaysia), which provides TGSB with a platform for future business growth.

    TGSB operate in a market where there are many players but with its wide coverage of outlets, it has competitive advantage.

     

    Being the widest geographical coverage timepieces retail chain store operator, TGSB has established a strong brand name and reputation, has economies of scale, strong representation in shopping malls, hypermarkets and departmental store and extensive/variety of brands, which added to its competitive edge.

    Challenges/Competition

 

  1. The overall level of competition among retail operators in timepieces in Malaysia is high as there are many players competing in the industry. Nevertheless, the timepiece retailing industry in Malaysia is sufficiently large to accommodate the many operators in the country; and

  2. Barriers to entry into the operation are relatively low for operators with only one outlet. This is substantiated by the large number of operators in the industry. However, operators with a network of chain stores will have an added advantage over the smaller players due to its economies of scale which will reduce its operating costs and hence better profit margins.

4. The financial information of TGSB Group for the past 3 years are summarised as follows together with commentaries: 

 

Financial Year

Audited

Unaudited

2012

(RM)

2013

(RM)

2014

(RM)

Revenue

32,729,960

39,340,105

45,293,824

Profit from Operations

4,879,328

7,964,242

8,916,524

Finance Cost

-

-

-

Net Profit before Tax

4,879,328

7,964,242

8,916,524

Profit after Tax

3,632,818

5,919,694

6,754,575

Non-Current Assets

1,471,079

1,898,681

1,683,695

Trade Receivables

1,440,755

1,428,996

1,613,545

Inventories

11,596,576

15,609,880

20,223,828

Cash in Hand and at Banks

12,813,289

13,566,794

16,907,122

Current Assets

26,989,302

33,844,079

39,962,057

Trade Payables

3,794,806

4,165,059

3,352,687

Current Liabilities

5,857,198

7,219,883

6,368,296

Net Total Assets

22,603,183

28,522,877

35,277,456

Share Capital

4,000,000

4,000,000

4,000,004

Retained Profits

18,603,183

24,522,877

31,277,452

 

    • As shown in the table above, sales of TGSB has grown at a compounded annual growth rate (CAGR) of 6.71% for the past 3 financial years (i.e. from FYE 2012 to FYE 2014).

 

    • The net profit before tax had increased substantially from RM4.88 mil to RM8.92 mil at CAGR of 12.82% from FYE 2012 to FYE 2014.

 

    • The trade receivables has increased at a CAGR of 2.29% over the last 3 financial years under review, which was slower than sales growth (i.e. CAGR of 6.71%).

5. The purchase consideration for the acquisition of 20.25% equity interest in TGSB is RM14.175 million, which is equivalent to a price earnings multiple of 11.8 times based on the net profit after tax of RM5.9 million for FYE 2013. If based on the unaudited net profit after tax for the FYE 2014, the purchase consideration represents a PER of 10.36 times.

 

As a comparison, the PER of companies involved in the retail industry and distribution of timepieces in the region are as follows:

 

Market Peer

Stock Exchange

PER (without extraordinary items)

Marco Holdings Bhd – watch distributor

Bursa Malaysia

9.11

Stelux Holdings International Ltd - City Chain operator

Hong Kong

14.56

Sincere Watch (Hong Kong) Ltd – Luxury timepieces distributor & retailer

Hong Kong

30.00

Parkson Holdings Bhd – Departmental store

Bursa Malaysia

11.89

AEON Co.(M) Bhd - Departmental store

Bursa Malaysia

20.2

 

Premised on the above, the Board is of the view that the Purchase Consideration is justified and reasonable in view of the future growth prospect for TGSB.

 

6. The Group acquired only 20.25% equity interest in TGSB as at this point in time only this block of shares was available for sale at the Purchase Consideration. However, the TGSB Acquisition allows the GBH Group to equity account its investment in TGSB.

 

7. The Proposed Acquisition allows the GBH Group to broaden its earnings base by tapping into retailing business while maintaining its ceramics building materials businesses, the prospects of which remain challenging. The GBH Group expects to tap on the experience and knowledge of the management and operations team of TGSB to grow the retaining business.

 

8. Prospect of TGSB Group:

The prospect for the TGSB Group is good in view that the TGSB Group has in place a business plan which is focused on the following areas:-

 

  1. Continue expansion of its retail network to more towns thus providing ease of accessibility and convenience to its customers;

  2. Expansion of its product range to provide a wider variety of choices to customers, which is part of its strategy to cultivate customer loyalty and attract new customers to contribute to the growth of its businesses; and 

  3. Cultivate professionalism in employees with a set of systematic approach to handle the daily operations.

 

9. Risk and Mitigating Factors:

  1. Sustaining Growth in Revenue and Profit

     

    The Board has carried out a due diligence audit on TGSB Group and is confident of the performance of TGSB which is recognized as the largest timepieces retail chain in Malaysia by the Malaysia Book of Records. TGSB will continue to invest in opening new outlets and targets to open an additional 26 outlets throughout Malaysia in year 2015. 

     

  2. Changes in Laws/Taxes

The Board views such risks as a macro-environmental factor as the whole industry will be affected, for instance, the imposition of GST by the Government. Notwithstanding this, the Management of TGSB will put in extensive marketing efforts so as to mitigate impacts of such risks on TGSB’s performance.

iii. Risk Relating to Brand Recognition and Product Offerings

TGSB relies on its vendors/principals to maintain favourable brand recognition of their respective brands, which TGSB often has no control over the brand management efforts. Notwithstanding this, the Management of TGSB continues to look for new brands in order to diversify into multi-brands.

TGSB offers variety of models and product ranges that cater to different segments of consumers and functionality/usage. Hence, the Board believes that product offerings risk is somewhat minimized.

iv) Shift in Market Demand /Consumer Tastes 

Changes in consumer tastes and preferences for timepieces could reduce demand and adversely affect its sales and profitability. The Management of TGSB will consistently monitor these trends in order to source for products which suit preferences of customers.

 

 


UMW - OTHERS (Amended Announcement)

Announcement Type: General Announcement
Company NameUMW HOLDINGS BERHAD  
Stock Name UMW  
Date Announced30 Mar 2015  
CategoryGeneral Announcement
Reference NoUH-150330-64782

TypeAnnouncement
SubjectOTHERS
DescriptionSALE AND PURCHASE AGREEMENT IN RESPECT OF THE PROPOSED DISPOSAL BY UMW CORPORATION SDN BHD OF 61.08% EQUITY INTEREST IN MK AUTOCOMPONENTS LTD AND 55% EQUITY INTEREST IN MK AUTOMOTIVE INDUSTRIES LTD TO DATO’ MUTHUKUMAR A/L AYARPADDE

Attachments

MK-Extend March Amended.pdf
104 KB


MAYBULK - MATERIAL LITIGATION

Announcement Type: General Announcement
Company NameMALAYSIAN BULK CARRIERS BERHAD  
Stock Name MAYBULK  
Date Announced30 Mar 2015  
CategoryGeneral Announcement
Reference NoMB-150330-62766

TypeAnnouncement
SubjectMATERIAL LITIGATION
DescriptionMaterial Litigation - Everspeed Enterprises Limited against Skaarup Fortune Shipping Ltd

We refer to the updates reported in respect of the abovementioned litigation, which appeared in:

 

(1) quarterly results for the periods ended 30 June 2009, 30 September 2009, 31 December 2009;

 

(2) announcements dated 29 March 2010 and 31 March 2010; and

 

(3) Appendix I (additional information - material litigation) of the Circular to Shareholders dated 24 March 2010 and 28 March 2011.

 

The Company wishes to announce that its wholly-owned subsidiary, Everspeed Enterprises Limited, had on 30 March 2015 entered into a Settlement Agreement with Skaarup Fortune Shipping Ltd (collectively referred to as “Parties”) to resolve the abovementioned litigation (“Settlement Agreement”).

 

The terms of the Settlement Agreement provide that Parties’ shall withdraw their claims against each other and to discharge and release each other from all liabilities in relation thereto, with each party to bear its own costs.

 

With the settlement of the abovementioned litigation, Everspeed Enterprises Limited also filed a Notice of Discontinuance at the High Court of Singapore on 30 March 2015 to discontinue its action against Skaarup Shipping International Corporation of Vanuatu (SSIC) in respect of a claim on the performance guarantee issued by SSIC guaranteeing the performance of Skaarup Fortune Shipping Ltd’s obligations under the Bunga Saga 9 charterparty.

 

The settlement of the above litigations will not have a material effect on earnings per share, net assets and gearing of the Group for the financial year ending 31 December 2015.

 

This announcement is dated 30 March 2015.

 


HEVEA - OTHERS ARTICLE ENTITLED "HEVEABOARD EYEING ON SHH RESOURCES" APPEARED ON THE EDGE

Announcement Type: General Announcement
Company NameHEVEABOARD BERHAD  
Stock Name HEVEA  
Date Announced30 Mar 2015  
CategoryGeneral Announcement
Reference NoCC-150330-58434

TypeAnnouncement
SubjectOTHERS
DescriptionARTICLE ENTITLED "HEVEABOARD EYEING ON SHH RESOURCES" APPEARED ON THE EDGE

We refer to the article featured in The Edge dated 30 March 2015 - 5 April 2015 in respect of HeveaBoard is eyeing and planning to buy a wood-based furniture maker, namely SHH Resources Holdings Berhad (“SHH”) and would like to comment that, as part of the Company’s on-going strategy, we have been constantly reviewing and discussing with companies from similar industry with a view to identify strategic co-operation or possible synergies in order to further enhance value for the Group. To-date, we have explored various business ‎opportunities with parties that could generate synergic effects and SHH was one of the companies that we had made a visit.

 

We would however like to stress that we were not aware of the articles before it was reported ‎by The Edge. Indeed, we were puzzled by the level of details mentioned in the article given the fact that it was a preliminary visit. We would like to emphasise that no detailed discussion or firmed decision was made regarding the taking over of SHH.

 

This announcement is dated 30 March 2015.

 

 

 

 

 


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