UEM Land:Its share price rally following its JV with Singaporegovernment linked Ascendas Land to develop an industry park in Iskandar Malaysia’s economic zone. UEM Land will own a 40% stake in the venture, and Ascendeas Land the remaining 60%. However earnings contribution from the industrial development itself will not impact the company so soon. Any earnings contribution from the industrial development will kick in only from FY2015 onwards or rather insignificant in FY2014.

The JC with Ascendas Land was perceived as a show of support by the Singapore government for Iskandar Malaysia. This would augur well for the region’s prospects as the project had met with skepticism, especially when it was first launched.

UEMLand shares indicate market confidence in the JV. It is the catalyst that investors have been watching for and it is finally happening.

The deal will involve UEM Land disposing of 120 acres of land to the JV company under Phase 1A of the development at a market value of rm68 million. UEM Landwill see a near immediate impact on its earnings from the sale. With the land cost between rm6 to rm6.50 psf, UEMLand could expect to recognize a rm21 million gain on the disposal in 2013.

Ascendas Land has also been granted the option to buy land from UEM Land for the Phase 1B, 2 and 3 developments within nine years from 2012. The total net gain for UEM Land on such disposals could amount to rm206 million should Ascendas Landexercise the options to buy more tracts for the following phases of developments.

Lion Diversified (LDHB):Its exchangeable bondholders have agreed to extend the maturity date of the group’s outstanding debt papers by two years to Nov 16, 2014. The outstanding principal amount to the bonds was rm209.65 million. This approval on extension of the maturity date comes as a relief for LDHB, which would have more time to redeem the bonds that were issued five years ago.

Harvest: Its MD Datuk Raymond Chan have pledged to take up a substantial portion of a proposed rights issue to ensure its success. The bulk of the proposed rights issue that will raise between rm6 million and rm15 million will utilized as working capital. Only three months ago (Aug 2012) the group raised rm4.18 million in a private placement. The rights issue will be issued at 25 sen each as well as free warrants.

In total, Chan and Ng are applying to take up 22.4 million rights shares to help achieve the minimum subscription of 27.6 million rights shares required. Chan will be subscribing full for his allocated 9.9 million rights shares as well as an additional 5.96 million rights shares via excess applications. Chan recently bought 786300 shares on the open market at 44.5 sen apiece to bring his shareholding to 14.96%. Ng the appointed executive director has agreed to subscribe for his full entitlement of 100000 rights shares and 50000 warrants and an additional 6434821 shares by way of excess application. Ng acquired his stake when he bought 300000 shares on the open market on Oct 15, 2012 at an average price of 30.5 sen apiece giving him a 0.15% stake in Harvest.

IHH/FGV/IHH:Cornerstone investors of IHH were allowed zero lock up for the first 50 million shares while promising to hold the rest of their allocation for six months from July 2012. The mark difference between Astro and IHH, however was this: IHH’s market cap was double Astro’s and big enough to be granted fact tack admission as among the 30 bellwether FBM KLCI index members.

Astro: About 430 million shares or 8.3% stake in Astro were taken up by cornerstone investors portion are not subject to a lock up period while the rest are tied down for a period of three months from Oct 2012.

FGV: Expiry of its lock up period for the cornerstone investors in late Dec 2012.