MAH SING, ALLIANCE, EONCAP, HO HUP,MASTEEL & other business news

Mah Sing: On track to meet RM1bn sales targetMah Sing Group Bhd is on track to achieve its RM1bn sales target this year, having hit sales of RM516m in the first three months. Managing director Tan Sri Leong Hoy Kum said the achievement was three times the RM170m sales registered in the previous corresponding period. He said the company had gone on an acquisition trail last year to secure prime landand expected to see some results this year. The group has landbank with a GDV and unbilled sales of about RM6bn, which provides earnings visibility for about six to eight years. (StarBiz)( This is the stock I hold for quite sometime, somehow attached to its good news,finding it difficult to let go!)
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Alliance: Two more top executives quit A month after Alliance Bank Malaysia Bhd group CEO Datuk Bridget Lai resigned her position, two other top executives have submitted their resignations. In its confirmation, Alliance Bank said the two were Sachi Ratnajoothy, executive vicepresident/ CEO of Alliance Investment Bank and head of financial markets at Alliance Bank, and Lok Eng Hong, the head of dealing, equity markets at Alliance Investment Bank. “We confirm that Sachi and Lok have recently tendered their resignations from the bank for personal reasons to pursue their own interests,” it said. (StarBiz)( resignations again!)
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EON Cap: BNM clears directors’ resignationEON Capital Bhd confirmed the resignation of two of its independent directors, including its chairman, Tan Sri Syed Anwar Jamalullail, with immediate effect after obtaining clearance from Bank Negara Malaysia (BNM). According to its filing to Bursa Malaysia, the resignations of Syed Anwar and Yeo Kar Peng came into effect last Monday, Mar 22. In a separate statement, EON Cap said it had received BNM’s clearance for the resignations of its 4 independent directors. As such, the resignation of the two other directors Datuk Dr Mohd Shahari and Rodney Gordon Ward, has yet to come into effect. (Financial Daily)( resignations....)
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Ho Hup: Tan Sri Tong Yoke Kim emerges as substantial shareholderIn yet another twist to the Ho Hup Construction Co Bhd saga, Tan Sri Tong Yoke Kim who controls 19.3% of Bina Puri Holdings Bhd has emerged as a substantial shareholder in Ho Hup with 7.3% interest. According to a filing to Bursa Malaysia, Tong acquired 7.4m shares in Ho Hup in an off-market transaction on Mar 10, 7 days before the company held an EGM which saw the removal of seven directors and the effective control of the founding Low family. The emergence of Tong as a substantial shareholder in Ho Hup is bound to raise eyebrows, given that it had just crossed a major hurdle in resolving its boardroom tussle. (Financial Daily)( my once favourite stock in trading, missing the good timeloh.)
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Masteel: Second tranche of private placement at RM1.015 a shareMalaysia Steel Works (KL) Bhd (Masteel) has fixed the second tranche of its private placement shares which comprise 5.8m shares of 50 sen each at an issue price of RM1.015 a share. The issue price represented a discount of 3.82% to the five day volume weighted average market price (VWAMP) of its shares up to and including March 22, 2010. The issue price of its second tranche is the same as the price of its first tranche of placement shares, although this had represented a 7% discount to the five day VWAMP up to and including March 2. (Financial Daily)（out of the steel's stock, I had never touch masteel,always bypassed it to choose cscsteel, annjoo, kinsteel)
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Construction: Three Acts to be amended by 2011 Three Acts in the construction industry will be amended by early 2011 following liberalisation of the services sector, Works Minister Datuk Shaziman Abu Mansor said. The Acts are the Quantity Surveying Act 1967, the Engineers Act 1967 and the Architect Act 1967. The services sector is to be fully liberalised by 2012 to attract more foreign direct investments into the country and it is expected to contribute 60% to the gross domestic product. Shaziman said the Acts need to bestandardised for the benefit of all parties, such as standard guidelines on regulations for foreign companies in the local construction field. (Malaysian Reserve)
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Economy: PM sees higher FDI after coming admin reformMalaysia should see increased foreign direct investment (FDI) this year after the government implements administrative reforms, the country's Prime Minister Najib Razak said. The country's new economic model, to be announced later this month, would include unspecified administrative reforms that should result in a "marked improvement" in FDI, Najib toldan investment forum in Hong Kong. He also reiterated an earlier statement that Malaysia's GDP growth should hit 5% or more this year. The country's economy shrank by 1.7% last year. Najib is scheduled to unveil initial details of a new economic model to boost growth and win back foreign investment at the annual "Invest Malaysia" conference organised by Bursa Malaysia on Mar 30. (Financial Daily)