#Stocks to Watch* Scomi, BTM Resources, Salcon and Southern Steel

  • Mini-sub begins seventh dive as search goes on for MH370
    Mini-sub begins seventh dive as search goes on for MH370

    The autonomous underwater vehicle Bluefin-21 has started its seventh mission after its previous dives failed to yield any positive results in the search for Malaysia Airlines flight MH370 that is ongoing in the Indian Ocean, said a statement from the Joint Agency Coordination Centre (JACC) this morning. The statement said Bluefin-21 has... …

  • Langkawi MP unrepentant, continues insults on late Karpal, says Facebook user
    Langkawi MP unrepentant, continues insults on late Karpal, says Facebook user

    A Barisan Nasional MP whose Facebook posting poking fun at the death of Karpal Singh shocked Malaysians has again insulted the late DAP leader, this time comparing him to a hostile figure in Islamic history who fought against Prophet Muhammad. Facebook user Shamsul Kamal Ariffin Mohd Nasir, 42, told The Malaysian Insider that Langkawi MP,... …

  • As Shariah Court flexes muscle, lawyers warn of creeping Islamisation
    As Shariah Court flexes muscle, lawyers warn of creeping Islamisation

    KUALA LUMPUR, April 19 — Lawyers have expressed concern about the gradual invasion of Shariah law into areas beyond Muslim family matters, a jurisdiction that Islamic courts were not meant to... …

  • Karpal a maverick lawyer, but always professional, says retired A-G Abu Talib
    Karpal a maverick lawyer, but always professional, says retired A-G Abu Talib

    Karpal Singh was a maverick lawyer and politician who did what he believed to be right within the system, and not beyond the law, says former Attorney-General Tan Sri Abu Talib Othman in a tribute to the late veteran lawyer. Abu Talib, who had on a number of occasions crossed swords with Karpal in his capacity as senior deputy public... …

  • Malaysia, Australia to ink deal on black box custody, says report
    Malaysia, Australia to ink deal on black box custody, says report

    Malaysia and Australia will sign a deal specifying who handles any wreckage from missing flight MH370 that may be recovered, including the crucial "black box" flight data recorders, according to a report yesterday. Malaysia is drafting the agreement "to safeguard both nations from any legal pitfalls that may surface during that (recovery)... …

  • No Obama meeting for Anwar in next week’s visit
    No Obama meeting for Anwar in next week’s visit

    President Barack Obama does not plan to see opposition leader Anwar Ibrahim when he is in Kuala Lumpur next week, though US officials yesterday did not rule out a lower-level meeting. Obama will become the first sitting US president to visit Malaysia in nearly half a century when he touches down in the country on April 26. Washington has... …

KUALA LUMPUR (Jan 16): Based on filings with Bursa Malaysia, stocks to watch on Thursday could include Scomi Group Bhd, BTM Resources Bhd, Salcon Bhd and Southern Steel Bhd.

Scomi Group announced on Wednesday that it would hold an EGM on Jan 31 to vote on a proposed issuance of convertible redeemable secured bonds with an aggregate value of RM110 million that will pave the way for IJM Corp Bhd to hold a 24.34% stake in the company.

The purpose of the EGM is to seek shareholders’ approval for the proposed bond issue, together with a completed placement, that will not only turn IJM into a strategic partner of Scomi but also help Scomi meet its debt obligations. The proposed bond issue would allow Scomi to fully repay a loan facility due on Feb 13.

As there are shareholders who fear their stakes in Scomi could be diluted by this exercise, the EGM may be a stage for a showdown between the decision makers and the disgruntled shareholders.

Meanwhile, Shah Hakim @ Shahzanim Bin Zain –- a key proponent of the IJM partnership -- announced to Bursa Malaysia that he had bought 500,000 shares at 35.5 sen apiece on the open market on Jan 11. This raises his stake to 11.18%.

Besut Tsuda Wood Products Sdn Bhd, a wholly-owned subsidiary of BTM Resources Bhd, has entered into a RM6.8 million log supply agreement with Gimzan Plywood Sdn Bhd (GPSB) for two years. The agreement will provide BTM with a steady supply of logs as raw material for its sawmill operations, and at a 10% discount to market price for various types of logs. The agreement is expected to contribute positively towards the company's earnings in 2013 and 2014.

Salcon Bhd said its unit had bagged a RM110 million contract from the Ministry of Energy, Green Technology and Water's Sewerage Services Department. The contract is expected to contribute positively to its earnings and net assets. The contract will cover all works associated with the sewage rationalisation within the South Klang sub-catchment area for the next four years.

Southern Steel Bhd may attract some trading interest after the company announced that its substantial shareholder and director Datuk Dr Tan Tat Wai had bought 2.76 million shares on Jan 16.

Follow @YahooMalaysia on LINE for daily news updates.

Comments on Yahoo pages are subject to our link to Comments Guidelines. You are responsible for any content that you post. Yahoo is not responsible or liable in any way for comments posted by its users. Yahoo does not in any way endorse or support comments made by its users.

  • Karpal’s car crashed into lorry, not the other way around, says Perak police The Malaysian Insider
    Karpal’s car crashed into lorry, not the other way around, says Perak police

    Initial investigations have revealed that Karpal Singh’s Toyota Alphard crashed into a five-ton lorry in the accident yesterday that claimed his life and that of his assistant, Perak police said today. State police chief Datuk Acryl Sani Abdullah Sani also dismissed rumours and speculation that the accident was caused by the lorry crashing... …

  • Told to ‘shut up’ on Twitter, Zul Noordin lashes back at Khairy The Malay Mail Online
    Told to ‘shut up’ on Twitter, Zul Noordin lashes back at Khairy

    KUALA LUMPUR, April 18 — A feud is breaking out between former Perkasa vice president Datuk Zulkifli Noordin and Umno Youth chief Khairy Jamaluddin on Twitter. Told unequivocally by the minister... …

  • Zulkifli shoots back at Khairy in Twitter row The Malaysian Insider
    Zulkifli shoots back at Khairy in Twitter row

    Former Perkasa vice-president Zulkifli Noordin continued his Twitter row with Khairy Jamaluddin today, taking a swipe at him with a belittling tweet and telling him not to be a knee-jerk politician. Khairy, the Youth and Sports Minister, had told Zulkifli yesterday to 'shut up' after the latter had made insensitive tweets about the death of... …