KUALA LUMPUR (Sept 16): Here is a brief recap of some corporate announcements that made news on Friday: Sime Darby Bhd, UEM Sunrise Bhd, Astro Malaysia Holdings Bhd, Handal Energy Bhd, Hibiscus Petroleum Bhd, KKB Engineering Bhd, Solid Automotive Bhd, Rapid Synergy Bhd, Cahya Mata Sarawak Bhd and OneTech Solutions Holdings Bhd.

Ramsay Health Care Ltd announced a sale process has commenced resulting in the receipt of a number of non-binding indicative offers for Ramsay Sime Darby Health Care Sdn Bhd, its joint venture with Sime Darby Bhd. A select number of parties are now in a due diligence process expected to conclude towards the end of October.

In response to a query from Bursa Malaysia, UEM Sunrise Bhd, which is selling a 4.01-acre plot in Kiara Bay here to Melati Ehsan Holdings Bhd in a related-party-transaction, said the sale will enable the group to monetise the land at its current market value while allowing it to retain control over the land's development via a development rights agreement with Melati Ehsan. The RM85 million proceeds from the sale will be used as working capital by its subsidiary Mega Legacy (M) Sdn Bhd (MLSB) to develop the land, with 20% of the profit entitlement going to Melati Ehsan.

Astro Malaysia Holdings Bhd via its wholly-owned subsidiary, Astro Productions Sdn Bhd (APSB), is acquiring Basecamp Films Sdn Bhd with the intention of establishing a new division called Astro Sound+Vision. It has entered into an asset purchase agreement with the visual post-production studio, which will be integrated into APSB.

Handal Energy Bhd is planning to undertake a RM90 million capital reduction to eliminate its accumulated losses, followed by a private placement involving up to 40% of its issued shares to raise RM9.7 million to repay its borrowings and trade payables, and an issuance of bonus warrants. It involves the issuance of up to 266.43 million shares to third-party investors priced at a discount of at most 20% to the company's five-day volume weighted average market price of its shares before the price fixing date.

Hibiscus Petroleum Bhd’s wholly owned unit Anasuria Hibiscus UK Ltd has entered into a unitisation and unit operating agreement to develop the Marigold field located in the Central North Sea. Anasuria Hibiscus holds an 87.5% interest in Licence P198 Block 15/13a, which contains the Marigold West field.

KKB Engineering Bhd’s 60.81%-owned OceanMight Sdn Bhd has initiated arbitration proceedings against Shapadu Energy Services Sdn Bhd, which it subcontracted to undertake certain hook-up and commissioning projects in Sarawak, to resolve a dispute between them over said projects. OceanMight alleged that Shapadu Energy had breached its contractual obligation and is claiming the costs for the completed projects, loss of profits, all other losses and expenses incurred.

Solid Automotive Bhd via wholly-owned subsidiary Solid Autotech Sdn Bhd has proposed to sell a 4.05-hectare parcel of land in Johor Bahru for RM48 million. It has entered into a sale and purchase agreement with Ferrotec Power Semiconductor Malaysia Sdn Bhd for RM48 million representing a premium of RM5 million or 11.63% from the market value of RM43 million. It expects a pro forma gain of RM34.23 million.

Rapid Synergy Bhd has disposed of 6,653/10,000 undivided share of a parcel of land in Manjung, Perak, measuring 303,487 sq ft, to Yokado Sdn Bhd for RM22.89 million cash. The sale consideration is 23.54% lower than the indicative market value of the apportioned properties of RM29.94 million. It is also lower than the company's original cost of investment of RM26.62 million in January 2006. However, it is expected to report a gain of RM7 million from the proposed disposal.

Norges Bank, which manages Norway's Government Pension Fund Global, has emerged as a substantial shareholder of Cahya Mata Sarawak Bhd after acquiring 50.05 million shares or a 5.03% stake. The bank bought the shares on Sept 8, but did not reveal the purchase price. A back-of-the-envelope calculation indicates that Norges Bank could have acquired the stake for about RM56.75 million.

OneTech Solutions Holdings Bhd has dismissed its major shareholder's requisition for an extraordinary general meeting to vote on four resolutions, including salary and benefit limits for directors and the managing director, and to re-audit the group's financials, saying the requested meeting and proposed resolutions are invalid and so cannot be held or tabled.