Companies in the news - JCY International, Menang Corp, Maxis, DiGi.Com, MISC, Success Transformer, Bina Puri, Ipmuda, Len Cheong, Eduspec, Tanah Makmur, Olympia Industries, DutaLand, Damansara Realty and Kumpulan Powernet


KUALA LUMPUR (April 22): Based on corporate announcements and news flow today, companies that might be in focus on Monday (April 25) include the following: JCY International, Menang Corp, Maxis, DiGi.Com, MISC, Success Transformer, Bina Puri, Ipmuda, Len Cheong, Eduspec, Tanah Makmur, Olympia Industries, DutaLand, Damansara Realty and Kumpulan Powernet.

JCY Group, one of the largest hard disk drive (HDD) component manufacturers in the world, has established a principal hub in Johor.

The group today said besides controlling the supply chain functions, the new Johor entity will act as the main decision maker for key growth strategies and manage the profit and loss of the Group's subsidiaries in Malaysia and overseas.

JCY International Bhd chairman Dr Rozali Mohamed Ali said at a media briefing that the principal hub would serve as the paramount decision-making centre for all operations of all companies within the JCY Group, globally.

JCY is the first Malaysian public-listed company to join the principal hub initiative.

Menang Corp (M) Bhd, which had reported a sharply lower second quarter net profit, has appointed chartered accountant Toh May Fook as its executive director.

The group, which is engaged in developing and renting out of properties, said Toh has top management experience in various conglomerates in Malaysia, Indonesia and China.

The 57-year-old Universiti Malaya graduate has held group financial controller and managing director positions in Roxy Electric Industries (M) Bhd, Kalbe Group (Indonesia) and Campbell Soup Co subsidiaries (China), Menang said in a filing with Bursa Malaysia.

Maxis Bhd's chief said the bulk of the group's RM1.3 billion capital expenditure (capex) this year would be invested in its fourth generation (4G) Long-Term Evolution (LTE) network.

Maxis chief executive officer Morten Lundal said the mobile telecommunication network provider was focusing on price competitiveness and customer experience.

"The most important thing for us is not just to have the most competitive prices, but customer experience as well. That is priority," Lundal told reporters at the MaxisONE plan launch here today.

Telecommunications company DiGi.Com Bhd saw its net profit for the first quarter ended March 31, 2016 fall 16.7% to RM399.04 million or 5.13 sen per share, from RM479.22 million or 6.16 sen per share a year earlier.

The decline in profitability was on the back of a 7.7% decline in revenue for the quarter to RM1.65 billion, compared with the previous year's RM1.79 billion, its bourse filing today showed.

DiGi also declared a first interim dividend of 5.1 sen per share, payable on June 24.

Based on its financial statements, the lower net profit for the quarter was despite foreign exchange and derivatives gains of RM9.28 million, as opposed to a loss of RM6.09 million in the previous year.

MISC Bhd’s wholly-owned subsidiary AET Inc Ltd plans to acquire the remaining 50% stake of Golden Energy Tankers Holdings Corp (GET) in Paramount Tankers Corp (PTC) for US$56.45 million.

In a filing with Bursa Malaysia, MISC said AET has entered into a share sale and purchase agreement (SSPA) to acquire GET’s 250 ordinary shares in PTC, registered in the Republic of the Marshall Islands, located in the Pacific Ocean.

MISC said upon completion of the proposed acquisition, PTC would become a wholly-owned subsidiary of AET.

Success Transformer Corp Bhd has appointed Datuk Chua Tia Guan as chairman, following the resignation of Chiam Tau Meng due to personal commitment after a two-year stint as its head.

In a filing with Bursa Malaysia today, the transformer and industrial power products maker said Chua, 48, is a founding member of the Special Task Force to Facilitate Business (Pemudah) in the Prime Minister's Department, entrusted to improve the business environment and enhance the national competitiveness of Malaysia since 2007.

Construction and property development company Bina Puri Holdings Bhd is proposing to list its Indonesian power arm PT Megapower Makmur Tbk on the Indonesia Stock Exchange (IDX).

Bina Puri has an 80% indirect stake in PT Megapower, held through its 80%-owned subsidiary Bina Puri Power Sdn Bhd (BP Power).

In a filing with Bursa Malaysia today, Bina Puri said that PT Megapower proposed to undertake an initial public offering involving a public issue of up to 300 million new shares with nominal value of IDR100 (equivalent to RM0.0299) per share in PT Megapower.

Ipmuda Bhd’s proposed acquisition of 24 office lots in ongoing development Tower Three of Maju Linq in Bandar Tasik Selatan for RM25.6 million has been terminated by vendor Maju Holdings Sdn Bhd (MHSB).

In a filing with Bursa Malaysia today, Ipmuda said it was informed by MHSB vide a letter on April 18 that it intended to terminate the sale and purchase agreement (SPA) signed on July 24, 2013 and the Sept 30, 2013 supplementary agreement.

Ipmuda said it accepted the termination and proposed repayment schedule scheme as provided in the SPA, and upon full repayment, the SPA would be rendered null and void.

Furniture maker Len Cheong Resources Sdn Bhd, a wholly-owned subsidiary of Len Cheong Holding Bhd (LCH), has proposed to jointly develop a 0.92 hectare of agricultural land in Melaka with Goldpeace Corporation Sdn Bhd into residential houses, with an estimated gross development value of RM6.7 million.

In a filing with Bursa Malaysia, LCH said its unit inked a joint venture agreement with Goldpeace Corporation, which owns the land to undertake the development.

The JV is part of the company’s proposed plan to diversify its business into the property development sector.

Education provider Eduspec Holdings Bhd plans to place new shares to private investors to be identified later to raise up to RM35.36 million, mainly to upgrade its infrastructure and curriculum, as well as for working capital and business expansion.

According to its bourse filing today, the private placement will involve up to 126.27 million new shares or 10% of the enlarged issued and paid-up share capital of the company, which will stand at RM126.27 million, comprising 1.26 billion shares — assuming a full exercise of its outstanding warrants and ESOS options prior to the placement.

At any rate, the total number of placement shares to be issued shall not exceed 10% of the total issued and paid up share capital of the company, at the point of issuance.

Trading in the shares of Tanah Makmur Bhd will be suspended on Monday (April 25), pending the release of a material announcement.

The suspension was made at the request of the oil palm plantater and property developer, which also mines bauxite in Pahang.

Olympia Industries Bhd and DutaLand Berhad have proposed to dispose a 9.01 acres land, which forms part of the Kenny Heights project in Kuala Lumpur to Semanja Hartamas Sdn Bhd, for RM150 million.

In a filing with Bursa Malaysia, Olympia said its unit Olympia Properties Sdn Bhd (OPSB) had entered into a sale and purchase agreement with Semanja for the disposal of the land.

The land forms part of the Kenny Heights development, which is a 58:42 joint venture between KH Estates Sdn Bhd (KHESB) — a wholly-owned unit of DutaLand Bhd, and OPSB — which is wholly-owned by Olympia.

Damansara Realty Bhd’s subsidiary HC Duraclean Sdn Bhd has bagged a RM6.9 million cleaning contract from the Health Ministry for a three-year period from May 1.

In a filing with Bursa Malaysia today, Damansara Realty said the tender award requires HC Duraclean to carry out cleaning services in health departments in Kuala Lumpur and Putrajaya.

Kumpulan Powernet Bhd (KPB) has withdrawn its proposals for private placement, consideration shares and draft circular to shareholders, in relation to a proposed RM6.9 million acquisition of sole and exclusive development rights from SSF Home Builder Sdn Bhd.

In a filing with Bursa Malaysia, KPB said the withdrawal was due to required amendments to the percentage ratios of the proposed project acquisition, pursuant to bourse’s listing requirements which is now 31.15%.


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