Sugar is TOO Sweet!!

Saw this news clip.

Sugar Bun acquires oil and gas firm



Sugar Bun Corp Bhd via its wholly owned subsidiary Borneo Oil and Gas Corp Sdn Bhd (Borneo O&G) has acquired Borneo Oil (Thailand) Ltd (BOT) for RM15,000 which would be used as a vehicle to venture into the oil, gas and energy industry.
In a statement on Oct 27, Sugar Bun said Borneo O&G is an umbrella holding company set up by Sugar Bun as part of an internal reorganisation exercise to diversify into new businesses.
BOT is a shelf company incorporated in Labuan with a paid-up capital of US$1 (RM3.65). The company plans to increase BOT’s paid-up capital to US$2.5 million

Huh??

Rm15,000 for a US$1.00 company?

Oh, then there is this news story.

Sugar Bun targets RM300m Petronas job
By Francis Fernandez
bt@nstp.com.my

October 23 2006
Business Times

SUGAR Bun Corp Bhd, the country's biggest homegrown fast-food franchise, is targeting a RM300 million oil and gas contract from Petroliam Nasional Bhd (Petronas), sources say.

Request information about University of Phoenix to

The Sarawak-based firm is setting up an oil and gas division to boost income and has hired a director of Petronas Gas Bhd.

Shares of Sugar Bun have surged 209 per cent so far this year, outperforming the broader market that rose 8.8 per cent in the same period.

The stock jumped 12 per cent to close at RM2.18 on Friday, while its warrants were up 13 per cent to RM1.62.

This month alone, Sugar Bun has made three important statements to Bursa Malaysia on its new business. Among them is the appointment of Abd Hamid Ibrahim as an independent director.

Abd Hamid is also a director of Petronas Gas and Muhibbah Engineering (Malaysia) Bhd.

"Hamid will assist in this direction and with his vast experience in the oil industry and in particular having successfully led Petronas, the group is confident that in the event the negotiation does materialise, he will be able to ensure its successful implementation," Sugar Bun said in a statement early last week.

The negotiation it was referring to was briefly outlined in a statement to Bursa Malaysia on July 17, when the Sugar Bun group outlined an internal restructuring plan.

In the July statement, Sugar Bun said that "the group is presently exploring the possibility of entering into the oil, gas and energy related industries".

A new company, Borneo Oil & Gas Corp Sdn Bhd, has been set up for this purpose.

Sugar Bun may also see the emergence of a group of high net worth Singapore investors as substantial investors, sources said.

Details remain sketchy, but the Singapore investors may be buying new shares of the company under a private placement of up to 10 per cent of the company's paid-up capital.

Last Friday, Sugar Bun placed out 9,400,000 placement shares at an issue price of RM1.60 per share. The issue price, which was fixed on October 16, represents a discount of 8.3 per cent from the five-day weighted average market price of Sugar Bun's shares up to and including October 13 of RM1.7449.

The placement shares will be quoted on the second board of Bursa Malaysia in due course, the company said in a statement to the stock exchange.

Sugar Bun posted a net loss of RM2.15 million for the second quarter ended July 31 2006, against a net loss of RM2.42 million a year ago. Revenue was RM4.48 million compared with RM5.99 million before.

Petronas job worth how much?

Petronas job so easy to get hor...

Anyway.... there was this announcement on Bursa.

Article entitled : "SUGAR is rumoured to have won RM300 million Petronas contract"

Contents :

With reference to Bursa's letter dated 27 October 2006 on the above matter , we wish to make the following clarification with regards to your query on the news articles appearing in Nanyang Siang Pau , Nanyang Business , page C 3 , Friday , 27 October 2006 as appended below :-

(i) "Sugar Bun Corporation Berhad will be awarded a contract worth RM300 million from Petronas"

We wish to clarify that we are at this moment unaware of any such RM300 million contract with Petronas. We also wish to inform that we have not authorised anyone to divulge any of our Group's business dealings to the press.

(ii) " Sugar Bun may also see the emergence of Singapore investors as substantial shareholders.....the Singapore investors may be buying up 10% of the Company's paid up capital under a private placement."

With regards to this article , we wish to inform that out of the list of placees that have taken up the 9,400,000 ordinary shares representing 10% of the paid up share capital of the Company under the recently completed private placement exercise , two (2) individuals that have taken up placement of 1,500,000 and 1,000,000 shares respectively are from Singapore. The
particulars of all the placees have already been submitted to the relevant authorities as required under the said exercise.

Meanwhile... Sugar closed at 2.80... which means Sugar is now worth closed to 280 million ringgit. (277 mil to be precise!)



Life is TOO wonderful!!!