Trading ideas: Sunway, Mui, Ho Hup, Propel, Tan Chong, NexG, Avaland, Jasa Kita, Enproserve

KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia.

Sunway Bhd is expected to gain around RM40.4mn in annual earnings from its latest joint venture development project with Sing Holdings Ltd in Singapore, following its successful bid for the government land sale site at Chuan Grove in Singapore.

Mui Properties Bhd is investing £1mn (RM5.8mn) in 1mn cumulative redeemable non-convertible preference shares of London Vista Hotel Ltd, a United Kingdom-based subsidiary of Malayan United Industries Bhd.

Ho Hup Construction Company Bhd has been served with a winding-up petition by the Inland Revenue Board over tax arrears amounting to RM23.7mn.

Propel Global Bhd has proposed a private placement of up to 73mn new shares, representing about 10% of its total issued shares, to yet-to-be-identified investors to raise as much as RM6.6mn for working capital.

Tan Chong Motor Holdings Bhd is selling nine plots of freehold land measuring about 12,923.74 square metres in Kuala Lumpur for RM148.8mn.

NexG Bhd, formerly known as Datasonic Group Bhd, is buying an industrial property in Petaling Jaya for RM28.5mn to boost production and efficiency for current and future projects.

Avaland Bhd has signed an agreement to acquire nine parcels of freehold development land along Jalan Putra, Kuala Lumpur, for a total of RM148.8mn.

Jasa Kita Bhd said trading in its shares will be suspended from today, pending an announcement.

Enproserve Group Bhd, slated for listing on the ACE Market of Bursa Malaysia on July 18, said the 52.5mn new shares it offered to the Malaysian public under its IPO have been oversubscribed by 0.43 times.