MRCB: The Gapurna group has firmed up its entry into MRCB. Sources say the mechanics of the deal negotiated between both sides since the middle of 2012 is very much intact. Nusa Gupurna Sdn Bhd, which has 60 acres of prime land worth rm1 billion will be injected into MRCB in return for shares.

The Gapurna group will end up wtih 20% stake of the enlarged MRCB while the EPF will continue to hold about 40% of the construction outfit cum property developer.

This is by virtue of the EPF's 40% stake in Nusa Gapurna.

The dilution is minimal for EPF because of its sizeable interest in Nusa Gapurna.

The rest of the shares in Nusa Gapurna are held by the Gapurna group headed by the family of businessman Datuk Mohamed Salim Fateh Din.


TGOFFs: It is looking to tie up with foreign oil and gas players to add to its competitiveness in securing jobs.

A foreign partner would be able to gain access to local jobs by leveraging TGOFFs various licenses from Petronas.

The group is already bidding for several local contracts and a foreign partner will increase its chances of winning.

It is incurring losses currently (Feb 2013) and it will need to find a fresh flow of contracts to return to the black in FY2013.

For the third quarter ended Sept 30, 2012 the group posted a net loss of rm6.94 million compared to rm74 million in revenue.

As at Sept 30, the group incurred an accumulated net loss of rm51.14 million compared to an accumulated net profit of rm20.6 million at the beginning of 2012.

This was mainly due to rm128 million in dividend payout following the disposal of the group's marine vessel arm.

It will be focusing equally on all its remaining core businesses - engineering, maintenance and trading. All are involved in the O&G sector. The sale of Kapal has left it with a stronger balance sheet to pursue more projects.