I believe many people doesn't subscribe to The Edge, so I have typed its original article down here regarding possible cooperation between SMTrack and Jiankun. The article is as below:
"There have been interesting developments at SMTrack Bhd, whose shares were trading just below 10 sen a month ago before rising to a two-year high of 30 sen last Friday.
First, the radio-frequency identification solutions company completed a private placement exercise on Dec 24, raising RM6.84 million, based on a placement price of 7.47 sen per share.
Then on Dec 29, Tan Sri Lee Kim Yew, the founder and executive chairman of Country Heights Holdings Bhd, emerged as a substantial shareholder of SMTrack after the acquisition of 28.5 million shares or a 5.05% stake via an open market transaction.
Last Thursday, SMTrack disclosed that it is in the early stages of negotiations with a government-linked company in relation to the latter's interest in the company.
A day later, Datuk Justin Lim Hwa Tat and Datuk Seri Tan Choon Hwa also surfaced as the company's new substantial shareholders, holding 5.14% and 5.4%, respectively.
It appears that something big could happen as a signing ceremony - between SMTrack, Country Heights, Jiankun International Bhd, Sersol Bhd, AHB Holdings Bhd, Techna-X Bhd, MQ Technology Bhd and 5G Infratech Malaysia Sdn Bhd - is scheduled to be held on Jan 13.
Note that Lee's son in law Jared Lim is executive director of Techna-X, while Hwa Tat is managing director of Sersol. Tan sits on the Jiankun board as executive director.
All these stocks have gained traction in recent days. While investors will be waiting to see what the collaboration is about, they will still need to be mindful as the excitement does not necessarily translate into returns."
Reference is made to an article titled “What’s brewing at SMTrack and a few other companies” which appeared in The Edge on 10 January 2022.
The Board of Directors of the Company (“Board”) wishes to clarify that the Company is in early stage of discussion with the companies concerned mentioned in the article of which no agreement has been reached and the date of the signing of agreement has not been confirmed at this juncture.
In the event any decision or agreement is made in relation thereto, the Board will make the necessary announcement in compliance with the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad accordingly.
KUALA LUMPUR (March 23): Jiankun International Bhd said its failure to pay the first advance of RM2 million in time led to the termination of the joint venture agreement (JVA) it inked with Menara Rezeki Sdn Bhd for the redevelopment of Flat PKNS Jalan Tun Razak in Kampung Baru.
The company said it could not make the payment within 30 days of the letter of demand dated Feb 4 because it was unable to obtain the relevant financial information within the agreed timeline.
“The company is still in the midst of discussion with the company lawyer for any further legal implication of the termination of the JVA and action against Menara Rezeki,” Jiankun said in a filing with Bursa Malaysia.
The company had received the notice of termination of the JVA from Menara Rezeki on March 21
The agreement, which was entered into on Jan 26, was for the redevelopment of the flats into a mixed residential and retail development with a gross development value of RM1.2 billion, over 28 times its market capitalisation of RM42.74 million, based on its closing price of 20 sen on Wednesday.
The 3.69-acre site along Jalan Tun Razak was to be redeveloped into 52-storey apartment towers and three towers with retail and residential components.
Under the agreement, the advance of RM2 million was to be utilised for initial expenses such as stamp duty, loan documentation, professional fees and consultant fees, with an additional advance of RM13 million earmarked as compensation to the existing owners of the land.
The project was previously slated to be the largest undertaken by Jiankun.
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Posted by Legend > 2021-12-14 10:42 | Report Abuse
Sapu la apa takut...