Companies in the news - Lion Corp, CLIQ Energy, Melati Ehsan, AirAsia, Mesiniaga, Brahim’s, Kian Joo, GPA Holdings, Iris Corp and AHB

KUALA LUMPUR (April 15): Based on corporate announcements and news flow today, companies that will be in focus on Monday (April 18) may include: Lion Corp Bhd, CLIQ Energy Bhd, Melati Ehsan Holdings Bhd, AirAsia Bhd, Mesiniaga Bhd, Brahim’s Holdings Bhd, Kian Joo Can Factory Bhd, GPA Holdings Bhd, Iris Corp Bhd and AHB Holdings Bhd.

Steelmaker Megasteel Sdn Bhd, the country's largest hot rolled coil (HRC) producer, has been cleared by the Malaysia Competition Commission (MyCC) of abusing its dominant position by charging or imposing a price for its HRC that amounts to a margin squeeze, which in turn leads to anti-competitive effects in the cold rolled coil (CRC) market.

In a filing with Bursa Malaysia, Lion Corp Bhd said a notice of finding of non-infringement from MyCC determined there was no infringement by its 78.89%-owned subsidiary Megasteel of section 10(1) of the Competition Act, 2010.

"The final decision was made after careful reassessment of the case, with more detailed information obtained through written and oral representations submitted by Megasteel, as well as further analysis made by MyCC," it added.

CLIQ Energy Bhd said it will not intervene in the judicial review filed by Best Oracle Sdn Bhd to the High Court of Malaya, as it takes the view that it is "not cost effective" for the special purpose acquisition company (SPAC) to do so.

"Best Oracle is the 20% shareholder of the company and the shareholders of Best Oracle are five members of the management team of CLIQ (led by its managing director and chief executive officer Ahmad Ziyad Elias)," it said in a filing with Bursa Malaysia.

"As far as the company is concerned, as announced on April 10, given that the High Court has not granted an injunction order against the company from proceeding with the liquidation and dissolution process, the company is working very hard towards being able to officially appoint the liquidators, and thereafter commence the liquidation process," it added.

"Another announcement will be made on the progress of the liquidation process, once the liquidation documents are filed," said CLIQ.

Melati Ehsan Holdings Bhd is acquiring three parcels of leasehold land in Bandar Baru Selayang, Selangor for a combined RM77.74 million.

In a filing with Bursa Malaysia, Melati Ehsan said its wholly-owned subsidiary Bayu Melati Sdn Bhd has entered into a conditional sale and purchase (S&P) agreement with Aturan Utama Sdn Bhd for the proposed acquisition. Aturan Utama is wholly-owned by Malaysian Allied Health Sciences Academy Sdn Bhd, whose shareholders are Datuk Shahril Mohamed Haniffa (50%) and Anitha Mohamed Haniffa (50%).

With a total land area of 37,078 sq m, the three parcels are currently vacant and are proposed to be developed into a mixed development.

"The development plans and gross development value are still not finalised, as it (project) is still in the initial planning stage," said Melati Ehsan.

AirAsia Bhd's proposed new share placement to major shareholders has obtained Bursa Malaysia's approval.

In a statement on Bursa Malaysia's website, AirAsia Bhd said the exchange had yesterday (April 14) approved the listing of the 559 milion new AirAsia shares earmarked for Tune Live Sdn Bhd.

AirAsia Bhd group chief executive officer Tan Sri Tony Fernandes and executive chairman Datuk Kamarudin Meranun own Tune Live.

Meanwhile, AirAsia Bhd's 49%-owned associate AirAsia India has also been in the news. Fernandes told that claims saying AirAsia Bhd controlled AirAsia India was untrue.

Fernandes was commenting on news reports, which alleged AirAsia Bhd had contravened India's foreign direct investment rules.

According to news reports, AirAsia Bhd is alleged to have control over AirAsia India, due to the brand licensing agreement between both entities.

Fernandes said: “Irrelevant. We are not entertaining that rubbish. No one is.”

Mesiniaga Bhd has accepted an additional letter of award from Telekom Malaysia Bhd, worth RM145.93 million.

Mesiniaga said the supplementary agreement was for the supply and delivery of post acceptance maintenance and support services of new IP core and service edge.

“With the award of the supplementary agreement, the expiry of the contract is now extended from June 11, 2019 to May 31,  2020,” it said.

It said the contract extension was expected to contribute positively to its earnings, over the period of the contract.

Brahim’s Holdings Bhd has signed a memorandum of understanding (MoU) with 7-Eleven Malaysia Holdings Bhd to supply food to the convenience store chain’s outlets.

Brahim’s 51%-owned subsidiary Brahim’s SATS Food Services Sdn Bhd (BSFS, formerly Brahim’s Airline Catering Sdn Bhd), had on April 12 entered into the MoU with 7-Eleven Malaysia Sdn Bhd for the purpose of collaboration and cooperation in food chain supply.

Key points in the MoU stipulated that BSFS would plan, develop and create menu specifications and products to be marketed through 7-Eleven’s nationwide chain of convenience stores. The latter will provide a centralised distribution centre for BSFS to deliver all products manufactured by BSFS, and to arrange for the products delivery.

The RM1.47 billion takeover offer for Kian Joo Can Factory Bhd by Aspire Insight Sdn Bhd, has been called off on mutual agreement.

Kian Joo told Bursa Malaysia that the company and Aspire had "mutually agreed" to terminate the business sale agreement (BSA), besides the properties sale agreement (PSA) and assets sale agreement (ASA). 

“The BSA, ASA and PSA will cease to have any effect and will become null and void, and neither party shall have any claim whatsoever against the other,” Kian Joo said.

In November 2013, Aspire offered to buy Kian Joo's assets and liabilities for RM1.47 billion or about RM3.30 per share.

However, in its reply to Bursa Malaysia’s query later in the evening, Kian Joo clarified that the reason the takeover offer was called off was that the two parties had failed to come to an agreement on the takeover price.

GPA Holdings Bhd, an automotive batteries manufacturer, is disposing a 2.43 acre-freehold industrial land in Selangor with a double-storey factory for RM14.79 million cash.

In a filing with Bursa Malaysia, GPA said its wholly-owned subsidiary GP Autobat Sdn Bhd had on April 15 entered into a sale and purchase agreement (SPA) with Kossan Latex Industries (M) Sdn Bhd for the disposal of the freehold industrial land in Mukim of Kapar, district of Klang, Selangor, together with a double-storey factory building for RM14.79 million cash.

Kossan Latex Industries is a wholly-owned subsidiary of Kossan Rubber Industries Bhd.

Iris Corp Bhd has bagged a RM28.51 million contract from the Education Ministry to build and renovate classrooms and extension blocks in seven schools in Sarawak.

The schools are SK Kalok Pusa-Betong, SK Kampung Tanam-Mukah, SK Pinang-Kota Semarahan, SK Pulau Seduku-Seri Aman, SMK Sebuyau-Simunian, (vi) SK Niup- Kota Samarahan and SK Sungai Ladong-Kota Samarahan.

In a statement today, Iris said it has received a letter of award dated April 14, to undertake the proposed construction and renovation works.

Under the project, Iris is to provide a performance bond for the due performance of the contract for the value of 5% of the contract price.

AHB Holdings Bhd, formerly Artwright Holdings Bhd, will be exiting Practice Note 17 (PN17) status next Monday.

According to the premium office furniture maker's filing with Bursa Malaysia, it will be uplifted from being classified as a PN17 company effective 9 am on April 18.

AHB slipped into PN17 status in October 2014, after its external auditors expressed a disclaimer in the group's audited financial statements for the financial year ended June 30, 2014 (FY14).