Monday, November 14, 2011

SYF Resources says in talks to jointly develop properties

KUALA LUMPUR (Nov 14): SYF RESOURCES BHD [] said it was currently in the final stage of negotiation to develop PROPERTIES [] on a joint venture (JV) basis, which it said may have accounted for the unusual market activity (UMA) involving its securities on Monday, Nov 14.

The company in a reply to an UMA query from Bursa Malaysia Securities Bhd said the landowners it was in talks with were mainly related parties.

It said on Nov 14 that details of the JV would be released immediately upon conclusion of the negotiations and the execution of the JV agreement.

'Apart from the said joint venture, there is no other corporate development relating to SYF Group's business and affairs that has not been previously announced which may account for the unusual market activity,' it said.

SYF rose 15 sen to 82 sen with 31.94 million shares done while its warrants rose 25.5 sen to 60 sen with 27.4 million units done in the morning session today.

The company also said an article that had appeared on the Nov 13 edition of the Nanyang Siang Pau had claimed that there was a rumour in the market that the son of a high-ranking government official would be joining the company's board.

SYF said that after the recent completion of its restructuring, the company had been sourcing for business opportunities that may contribute to its future growth.

'At the same time, the board will also seek to identify and appoint new members who have the ability and capacity to contribute in all aspects of the group's operations and to ensure compliance with good corporate governance in the interest of the minority shareholders.

'Upon confirmation of any additional board appointment, if any, the necessary announcement will be made immediately,' it said.

SYF said other than the two disclosures, it was not aware of any other possible explanation to account for the unusual market activity.

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