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Friday, September 12, 2014

Talam Transform actively traded as restructuring on track (Edge)

Shares of Talam Transform Bhd were heavily traded as the most-active stock on Bursa Malaysia today, on indications that the property company is on track with its restructuring plan.

More than 61.282 million shares of Talam Transform were traded by the close of morning trading session today, compared to a mere 4 million shares done yesterday.

The property counter, which was traded between 11 sen and 12 sen, was unchanged at 11.5 sen in morning trades.

A local remisier said the high trading volume in Talam Transform shares indicated that investors were optimistic of the property firm’s transformation effort.

“There is a lack of fresh lead for the penny stocks in the market recently. But Talam Transform has been slowly paying back the loan to its creditors lately and that could be a positive sign that its restructuring plan is now on track,” he said.

On Aug 27, 2014, Talam Transform announced its plan to dispose a 58.68 ha freehold land in Serendah, Selangor, for RM28.8 million in cash.

In a filing with Bursa Malaysia, Talam Transform highlighted that the land is currently registered with a charge by TA First Credit Sdn Bhd, but the loan has just been fully settled and the group is in the midst of preparing for the discharge of the land.

Earlier on Aug 12, Talam Transform also said it had fully redeemed the sukuk worth RM150 million, which was issued by its wholly-owned unit Ample Zone Bhd in January 2005.

A quick check on Talam Transform’s financial statement showed that as at April 30, 2014, its non-current borrowings had been reduced to RM184.9 million, down from RM208.7 million as at end-January this year.

Meanwhile, its current borrowings are also lower at RM76.5 million, compared to RM81.8 million three months ago.

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