Binaik Equity Bhd ... Apr 09

Binaik Equity Bhd, a property development and investments company, has received a letter from its major shareholder, Yeo Brothers Sdn Bhd, requesting it to undertake a selective capital repayment exercise.
Its board of directors would deliberate on the matter and decide on the next course of action.

The latest data showed that as of Jan 23 2009, Yeo Brothers owned an 11.16% stake comprising 10.93 million shares of Binaik.

As at Dec 31, 2008, the company had RM3.64 million in cash and balances as well as fixed deposits. It also had total borrowings of RM44.85 million.

Financial Results … For the fourth quarter ended Dec 31, 2008, its net loss widened to RM1.74 million from a loss of RM275,000 a year earlier, due to an impairment in certain assets, although revenue grew to RM21.17 million from RM16.94 million. For FY08, it posted a net profit of RM41,000 versus RM1.31 million in FY07, while revenue rose to RM80.08 million from RM72.2 million.