News of the Day - 07 April 2015

Amin Halim

• Amin Halim ceases to be Integrax substantial shareholder 

Integrax co-founder and deputy chairman Amin Halim Rasip has ceased to be a substantial shareholder following the disposal of 60.69m shares, representing a 20.18% stake. The shares were disposed at a price of RM3.175 per share.

• Hong Leong Bank proposes to sell Menara Raja Laut 

Hong Leong Bank (HLB) had on 6 Apr 15 entered into a sale and purchase agreement with Hong Leong Assurance (HLA) for the disposal of a commercial office building known as Menara Raja Laut from HLB to HLA. The proposed disposal is for a cash consideration of RM220m. 

• Maybank intends to undertake a fundraising exercise 

Maybank has announced its intention to undertake a fundraising exercise for working capital, general banking and other corporate purposes in a foreign country, but has yet to disclose further details. In an exchange filling, it attached comprehensive special-purpose audited financial statements for the three financial years ended 31 Dec 2014, 2013 and 2012. “The special-purpose audited financial statements were prepared to fulfil legal requirements of a foreign country in which Maybank intends to undertake a fundraising exercise for working capital, general banking and other corporate purposes,” it said.

• Karex looks out for M&A opportunities 

 "There is a lot more possible acquisition. We will acquire companies that have a condom-related business particularly in distribution, marketing or brand as we want to have our own marketing, distribution and brand in the future. Karex is manufacturing for over 100 brands in the market," Karex's CEO Goh Miah Kiat said.

• Tune Group weighs Tune Talk and Tune Hotels IPO opportunities 

Tune Group Sdn Bhd is still weighing the opportunities of initial public offerings of Tune Talk and Tune Hotels, said its co-founder and executive chairman Tan Sri Tony Fernandes. He added that no timeline has been fixed for the two listings. 

• Legality on service charge

Effective 6 Apr, restaurants and hotels will not be allowed to impose service charge unless they have employer-employee collective agreements in place. Domestic Trade and Consumerism secretary-general Datuk Seri Alias Ahmad said the instruction is temporary, until the Government figures out a way to regulate the collection of service charges. "At present, there is no official body or ruling that regulates the collection of service charge. It is an age-old international practice. However, as we have received many complaints from consumers, we came to this decision," said Alias.