NEWS IN BRIEF: JAN 29

EMAS KIARA INDUSTRIES BHD which owns 67 per cent stake in Fibre Innovation Technology Sdn Bhd (FIT), is proposing to acquire the remaining stake for RM30 million from Kwun Young Hwan.

FIT is engaged in the manufacturing and trading of fibre. -- BERNAMA

SILK HOLDINGS BHD'S subsidiary, Jasa Merin Sdn Bhd (JM) has proposed to dispose an anchor handling tug supply vessel for RM30 million as part of its fleet renewal and replacement programme.

The sales proceeds will be utilised partially to retire an existing loan for the vessel of RM14.1 million and the balance is to be retained for working capital purposes. -- BERNAMA

MK Land Holdings Bhd's pre-tax profit for the second quarter ended Dec 31, 2009 fell to RM3.454 million from RM5.165 million in the previous corresponding quarter. Revenue rose to RM48.448 million from RM47.770 million.

For the half year financial period ended Dec 31, 2009, its pre-tax profit dropped 73.7 per cent to RM4.791 million from RM18.224 million in the corresponding period of 2008. Revenue however rose to RM129.257 million from RM124.624 million. -- BERNAMA

ASIA BIOENERGY TECHNOLOGIES BHD (ASIABIO) announced that Asiabio Zyme Engineering Sdn Bhd (AZE) has entered into a Shareholders’ and Collaboration Agreement with QS Systems Sdn Bhd.

The deal is to jointly develop an automated continuous composting and processing system using empty fruit bunch as raw materials to produce microbe based bio-organic fertilizers.

AZE is a wholly-owned subsidiary of Asiabio Zyme Solutions Sdn Bhd (AZS) which in turn is an associate company of ASIABIO.

ASIABIO said AZE is intended to serve as a special purpose vehicle to house the cellulosic composting technology using microbe and special chemicals that AZS has developed.

Pursuant to the agreement, QSS shall subscribe 30,000 new ordinary shares of AZE, representing 30 per cent equity interest in AZE by way of injecting various machineries and equipment of a value of RM1 million within 30 days from the date of the agreement.

Upon completion of the subscription of shares, QSS shall hold 30 per cent equity interest in AZE. AZS shall hold the remaining 70 per cent equity interest of AZE. -- BERNAMA

MSL SD