BUSINESS
•Tuesday, 23 Mar 2004
12:00 AM MYT
EMAS KIARA INDUSTRIES BHD’s initial public offering (IPO) available to the public has been oversubscribed by104.45 times, MIDF Consultancy and Corporate Services Sdn Bhd said. The company made available to the public 6 million shares and received 632.7 million applications, it added. In the IPO, Emas Kiara is issuing 13.22 million new shares and offering for sale 3.58 million shares at a price of 85 sen each. – AFX-Asia

KF Capital launches MGO for Emas Kiara

CORPORATE NEWS

Friday, 15 Jan 2016

11:40 AM MYT

KUALA LUMPUR: Real estate company Kim Feng Capital Sdn Bhd (KF Capital) is making a general mandatory offer (MGO) for all shares in Emas Kiara Industries Bhd (EKIB) that it does not own after boosting its stake in the geotechnical engineering and property development company to 47%.

In a filing with Bursa Malaysia, EKIB said KF Capital had signed agreements with its executive chairman Tan Sri Kamaruzzaman Shariff, deputy executive chairman Roger Wong, Wong’s company Intan Kuala Lumpur Sdn Bhd and Goh Siew Bee to buy a 32% equity interest in EKIB for RM23.52mil, or 80 sen per share.

11 APR 2017 / 10:38 H.

PETALING JAYA: MB World Bhd has disposed of its entire stake in loss-making subsidiary Emas Kiara Marketing Sdn Bhd (EKM) to the company’s director, Lim Yew Hoe, for RM1 million in a related party deal. In a filing with Bursa Malaysia, MB World’s board of directors said EKM, which is principally involved in the supply and installation of geosynthetic engineering products, has been running on losses since 2011 and its disposal will prevent MB World from incurring overheads. “The disposal will allow MB World to cease incurring further overheads for EKM’s operations and allow the company to redirect its resources to those activities identified and in line with the group’s strategies,” the board said. The company’s original cost of investment in EKM was RM7.5 million and, according to its latest audited financial statements for the year ended Dec 31, 2016, the negative net asset of EKM was RM6.6 million. “The disposal will result in MB World realising cash proceeds of RM1 million which will be used to supplement the working capital requirements of the group,” its directors said.

MB World divests stake in subsidiary
The Sun (Malaysia)
18 Apr 2018

PETALING JAYA: MB World Group Bhd is disposing its 100% stake in its loss making subsidiary Emas Kiara Marketing & Engineering (EKME) Sdn Bhd to an undisclosed buyer for RM1.66 million.

The group said in a stock exchange filing the disposal is in line with its intention to dispose of its non-profitable and non-core businesses.

“EKME has been a loss making entity for the two consecutive financial years ended Dec 31, 2016 and Dec 31, 2017. The disposal will allow MB World to cease incurring further overheads for EKME’s operations and allow the company to redirect its resources to those activities identified and in-line with the group’s strategies, the group said.