WAH SEONG, POS, KSL,HOHUP,MALTON

Wah Seong Bhd (WSC MK, Buy, TP: RM3.40) submitted its bid to buy over Italian company Socotherm SpA three weeks ago, said deputy managing director Giancarlo Maccagno. The wahresults of the tender, which has attracted four other parties,would be known by end-April. Maccagno declined to reveal the cost of the acquisition, which would be funded internally.
“We believe we are strong contenders for this bid as we are in the same business of pipe-coating and would derive tremendous synergies if both companies merged,” he said. “We are also bidding for RM5.3bn worth of projects,” Maccagno added. (StarBiz)
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Pos Malaysia Bhd has set its 2010 key performance indicator (KPI) targets where it has projected a revenue of RM930m for the financial year ending 31 Dec 2010, a 3% increase over FY09’s achievement. Other KPI targets for the year include a dip in earnings before interest, taxes, depreciation, and amortization (EBITDA) to RM110m and lower return on assets
(ROA) of 3.3% to 4%. “The group’s growth for 2010 will be underpinned by strategic alliances with other postal operators and global integrators, higher sales of motor insurance and new financial services offered,” it said. (StarBiz)
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Templeton Asset Management Ltd’s unit Templeton Emerging Markets Group has emerged as a substantial shareholder with a 5% stake in KSL Holdings Bhd after taking up part of a placement of new shares by the property outfit. KSL announced the issuance of 35.1m shares at RM1.18 a piece on Feb 25. In a joint statement, Templeton Asset Management executive chairman Mark Mobius said the fund was impressed with KSL’s position as a leading Malaysian
property developer with a strong track record and an experienced management team. (Financial Daily)
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Ho Hup Construction Bhd shareholders voted out all the directors linked to deputy chairman Datuk Vincent Lye Ek Seang and replaced them with a group that effectively help the founding Low family regain control. However, it is said that this may not be the end of the tussle and there may be more manoeuvrings including legal ones in the months ahead. 55.9% of shareholders voted to remove the seven directors. In their place, six new directors – Tan Sri Kamaruzzaman, Hew Thin Chay, Yusob Md Tasir, D Felix Dorairaj, Slamat Hamzah and Chow Seck Kai – were voted in. About 55.8% of shareholders voted to pass the resolutions. According to an observer, 118 shareholders, proxies and corporate representatives were present. (Financial Daily)
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Malton Bhd plans to develop a RM2.5bn commercial and residential project in Kuala Lumpur on a parcel of land owned by Ho Hup Construction Company Bhd. The proposed development would be carried out over 10 years, and is expected to comprise of shopping complexes, shop offices, office towers, service apartments and hotel. Malton’s unit Pioneer Haven
Sdn Bhd is solely responsible to meet the cost of the proposed development. Ho Hup’s unit Bukit Jalil Development Sdn will receive 17% of the gross development value with a minimum RM265m while the remaining 83% would go to Malton’s unit. (Malaysian Reserve)

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Top Glove Corp Bhd unveiled plans for two new factories costing RM70m to meet expected increase in demand after quarterly profit doubled recently. Dubbed “Factory 22” and “Factory 23”, the new facilities would be part of an on going expansion exercise to increase capacity by 8.3bn pieces a year once the expansion is completed by May 2011. Apart from
Factory 22 and Factory 23, other expansion plans includes adding more production lines in existing factories. (Malaysian Reserve)