atom7nine

atom7nine | Joined since 2012-01-28

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2012-02-05 03:20 | Report Abuse

Harvest Court Development Sdn Bhd (HCDSB), is proposing to diversify its existing business of manufacturing and marketing of timber doors and other related products into the construction business.

In a note to Bursa Malaysia, TA Securities Holdings Bhd, its adviser, said on behalf of the company that the exercise would require shareholders? approval in a general meeting that might result in the diversion of 25% or more of its net assets to an operation that differs widely from that previously carried out by Harvest Court.

It also said the proposed diversification could result in a contribution of 25% or more of its net profits.

The exercise comes following a non-binding related party transactions (RPTs) last month with 1Green Enviro Sdn Bhd for the construction of a pulp and paper plant in Negri Sembilan worth RM70mil to process oil palm empty fruit bunches and Sagajuta Sdn Bhd for the design and construction of a proposed
mixed development in Sabah worth RM129mil. (20/12/12)