Malaysia Daily Media Highlights

Puncak: RM1.25/share capital repayment
Puncak Niaga Holdings shareholders are expected to be rewarded with a bumper cash payout of RM1.25 per share on the prospects of its assets and debts being taken over by Finance Ministry-owned Pengurusan Aset Air Bhd. (theedgedaily.com)

TOPGLOV: Acquiring 300m new shares inSingapore’s MediFlex
Top Glove Corp Bhd has proposed to acquire 300.3m new shares in Singapore-listed Medi-Flex Ltd for S$21m (about RM49m), a move which will make the latter a subsidiary. The company said that it would pay seven Singapore cents for each new Medi-Flex share, which is below the latter’s last traded price of 12.5 cents. Simultaneously with the Proposed Subscription, Medi-Flex has also proposed to issue 28m new Medi0Flex shares to other investors. Medi-Flex’s subsidiaries are principally involved in the manufacturing and trading of rubber gloves and have a paid-up capital of S$19.5m. Medi-Flex posted a net loss of S$12.6m for the first half ended June 30, 2006 and had borrowings of S$26.8m. (theedgedaily.com)

LFE CORP: Bids for RM250m, jobs in China and Middle East
LFE Corporation Bhd, which is on track to return to the black next year, is bidding for RM250m in mechanical and electrical engineering projects in Chinaand the Middle East, its executive director Kevin Chin Soong Jin said. He said the LFE is tendering for sub-contracting jobs totalling some RM200m in the Middle East and another RM50m jobs in China. Kevin said LFE’s currenty order book amounted to about RM480m with the bulk of it from overseas projects that would last it over the next two financial years. (theedgedaily.com)

MTAKAB: Plans RM30m expansion
Mentakab Rubber company (M) Bhd plans to invest RM30m to increase its plantation land area to 10,000ha and also to set up a mill, its executive director Datuk Sabri Ahamd said. To ensure Mentakab Rubber has sustainable earnings, the company is looking to increase it heactarage to 10,000ha. Land is almost exhausted in the peninsula and will be looking at green fields in Sabah, Sarawak and Indonesia. (theedgedaily.com)

CCM: Acquires 15% stake in US R&D firm for RM18.5m
Chemical Company of Malaysia Bhd (CCM) is acquiring a 15% stake for US$5m (RM18.5m) in a US-based research and development (R&D) company, Synergy America Inc (SynAm) which is developing a new vaccine against pneumococcal deseases. CCM said SynAm had a strong scientific team with extensive experience in caccine research and development and was familiar with US Food and Drug Administration (US FDA) regulations. (theedgedaily.com)