E&O swung into the red with net loss of RM44.61 million in the fourth quarter ended March 31, a contrast from the net profit of RM9.27 million a year ago. E&O has proposed to raise at least RM92.6 million via a rights issue, which would be used as working capital, finance possible mergers and acquisitions for expansion, as well as repay borrowings. It also proposed a renounceable rights issue of up to RM244.57 million worth of debt notes on the basis of one irredeemable convertible loan stocks 2009/2019 for every two E&O stock units held.
Sunway Holdings’s 75.1%-owned Sunway Engineering Sdn Bhd (Abu Dhabi branch) has secured a RM326 million job venture for proposed Arzanah Development in Abu Dhabi.
MMC Corp is on the acquisition trail of water treatment plants in several states in Peninsular Malaysia while it is also in talks to sell 19% of Port of Tanjong Pelepas.
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