MPHB/Magnum Corp: Market talk that the group (MPHB) could be firming up plans to relist its gaming subsidiary Magnum Corp Sdn Bhd. Sources say MPHB had yet to firm up plans to relist Magnum but could be negotiating with CVC Capital Partners for a deal to pare down the latter’s stake in the gaming firm, before a potential relisting, to a much lower shareholding in the region of 20%. This could mean MPHB buying back some shares in Magnum from CVC. The pricing would be higher bec Magnum’s performance has improved. CVC might wants to divest some stakes in Magnum Corp given that it has been more than two years since it invested in the privatization gaming outfit in 2008.
Kulim/QSR: Kulim has continued increasing its interest in QSR by acquiring another 320000 shares in Dec 30, 2010. Its latest acquisition increased its direct and indirect stake to 57.83% in QSR.
PriceWorth: About 7.5 million shares or 4% stakes were crossed in off market trades over the period of Dec 22 – Dec 27 2010 at between 42 sen and 55 sen for a total of rm.349 million. It has not made any announcements to changes in its shareholdings. Its largest shareholder is MD Lim Byuk Foh holds 29.37% in the company and Sukmah Bidu and Lee Kian Vui hold a 9.53% stake each. In Dec 29, 2010 it proposed a warrants rights issue to raise rm43.43 million upon full exercise of the warrants. Apart from mfg it is also involved in timber extraction. In Jan 2010, the company secured a timber concession in Sabah after acquiring a company for rm25 million which was satisfied by issuing new shares. Its earnings had been in the downtrend in the last three years as timber exports were hit hard by the financial crisis and sluggish prices. But recently its net profit for 1QFY2011 ended Sept had improved slightly. It had cash and bank balances of rm12.24 million as at end Sept 2010 while borrowings totaled rm238 million of which rm189 million is short term borrowings.
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