KUALA LUMPUR (April 14): Based on corporate announcements and news flow today, companies that will be in focus tomorrow (Friday, April 15) may include: Petronas Chemicals Group (PetChem), RHB Capital (RHBCap), XOX, Berjaya Auto (BAuto), CapitaLand Malaysia Mall Trust (CMMT), CLIQ Energy, MRCB, Asia Knight, IHH Healthcare, MSM Malaysia, Emas Kiara Industries and MNRB Holdings.
Petronas Chemicals Group Bhd (PetChem) has cancelled a proposed elastomers project at the Refinery and Petrochemicals Integrated Development (Rapid) project in Johor.
The cancellation of the project followed a review which was conducted on various key aspects of the elastomers project, including the product’s market outlook and project return on investment, PetChem told Bursa Malaysia in a filing.
It expects the project cancellation to improve its overall returns of investments.
RHB Capital Bhd (RHBCap), the country's fourth largest lender by assets, has completed the transfer of its entire stake in its subsidiaries to RHB Bank Bhd for RM3.61 billion cash.
"With the completion of the internal reorganisation, RHB Bank is effectively the new group holding company, which will now spearhead the group's future growth and is expected to achieve greater synergy and efficiency," said its group managing director Datuk Khairussaleh Ramli in a statement.
In order to proceed with the completion of the exercise, RHBCap and RHB Bank have mutually agreed to waive the condition precedent relating to the tax recoverable as set out in the share sale agreement (SSA).
"As such, the tax recoverable will not be transferred to RHB Bank under the SSA and will be dealt with by the board or the proposed liquidator accordingly," said RHBCap.
Mobile virtual network operator XOX Bhd will be promoting Cheetah Technology Corporation Ltd’s applications to its distribution network, in a bid to sustain consistent revenue for the group.
In a filing with Bursa Malaysia, XOX said its wholly-owned subsidiary XOX Media Sdn Bhd had on April 14 entered into a cooperation agreement with Cheetah to outlines the obligations of both parties, whereby XOX Media shall promote Cheetah’s applications to its distribution network digitally, via promoting the installation of Cheetah’s applications into the specified mobile devices.
Cheetah is a company incorporated in Hong Kong and a subsidiary of New York Stock Exchange (NYSE)-listed mobile application and games services provider Cheetah Mobile Inc.
A total of 51.2 million Berjaya Auto Bhd (BAuto) shares, representing 4.47% of the Mazda automobile and spare parts distributor’s latest share capital, changed hands off market today at RM2.10 apiece or RM107.52 million in total.
The transacted price was at a 5.83% discount to yesterday’s closing price of RM2.23 in the open market. BAuto shares fell today — after a four-day streak of higher closes — to RM2.19.
Bloomberg data showed there were eight blocks of BAuto shares transacted in direct deal(s) today and executed between 3:44 pm and 3:59 pm. Off-market trades retrieved from Bloomberg do not include the list of buyers and sellers, and no Bursa Malaysia filing on today’s transactions have been reported as at writing.
CapitaLand Malaysia Mall Trust’s (CMMT) has reported a net property income (NPI) of RM60.6 million for the first quarter ended March 31, 2016 (1QFY16), up 13.1% from RM53.6 million a year ago.
Net profit rose 7.3% to RM41.05 million, from RM38.24 million in 1QFY15; while revenue increased 15.6% to RM93.64 million, from RM80.98 million.
CMMT’s manager, CapitaLand Malaysia Mall REIT Management Sdn Bhd (CMRM), attributed the increase mainly to new contributions from Tropicana City Mall and Tropicana City Office Tower in Petaling Jaya, that were acquired in July last year.
CMRM chief executive officer Low Peck Chen said that two assets accounted for 12.7% of NPI.
“Gurney Plaza (Penang) and East Coast Mall (Kuantan) also contributed significantly to the increase in our NPI, with higher rental rates achieved from new and renewed leases,” she said in a filing with Bursa Malaysia.
CMMT recorded a 7.2% increase in the distributable income for 1QFY16 to RM42.93 million, from RM40.03 million a year ago, according to its filing with Bursa Malaysia today.
The annualised distribution per unit (DPU) of 8.53 sen translates into an annualised distribution yield of 5.9%, based on CMMT’s closing price of RM1.45 per unit on April 13, 2016.
Siva Kumar M Jeyapalan, who is best known as the former chairman of Masterskill Education Group Bhd (now known as Asiamet Education Group Bhd), has bought 34.6 million shares in CLIQ Energy Bhd, representing a substantial 5.5% stake.
A filing with Bursa Malaysia showed that Siva Kumar had purchased the block of shares on March 31. Based on CLIQ’s closing market price on March 31 of 69 sen, the block has a market value of RM23.88 million.
Siva Kumar sold his 30.75% stake in Masterskill to SMRT Holdings Bhd and Creador II LLC for RM112 million in January last year, and had ceased to be a substantial shareholder in the education group.
Subsequently in June 2015, he retired from the board of Masterskill.
Malaysian Resources Corp Bhd (MRCB) has fixed the issue price for the first tranche of the proposed private placement comprising up to 100 million placement shares at RM1.09.
The issue price of RM1.09 represents a discount of approximately 9.92% to the five-day volume weighted average market price of MRCB shares of RM1.21.
The group told Bursa Malaysia that the actual number of placement shares to be placed out under the first tranche, will depend on the final acceptance by the identified places.
Practice-Note 17 company Asia Knight Bhd is amending its proposed cash call to issue 639.46 million rights shares on a 11 for one basis at 10 sen per rights share.
The proposed renounceable rights issue is sweetened by one free warrant for every rights share subscribed.
Originally, the company had announced a seven-to-one rights issue of 406.93 million shares at an issue price of 10 sen per rights share, together with one free warrant for every rights share subscribed.
Meanwhile, Asia Knight has scrapped its proposed special issue of up to 200 million shares at 10 sen per share, which was originally part of its proposed regularisation plan announced on April 5.
IHH Healthcare Bhd’s indirect wholly-owned unit Parkway Holdings Ltd disposed 90% of its stake in Shenton Insurance Pte Ltd (SIPL) to FWD Group Financial Services Pte Ltd for S$28.4 million (RM81.35 million).
IHH explained the rationale behind the disposal in a filing with Bursa Malaysia. It said Singapore-based SIPL, which was previously Parkway Holdings’ wholly-owned subsidiary, was identified as a non-core asset.
“Pursuant to the shareholders agreement signed on April 14, 2016, Parkway Holdings may sell and FWD Group may buy the remaining 10% equity interest in SIPL, through a put and call option at a consideration to be determined.
“The disposal will not have any effect on IHH’s issued and paid-up share capital and substantial shareholders’ shareholdings.
“There shall be no material effect on the earnings, net assets or gearing of IHH for the financial year ending Dec 31, 2016,” it added.
MSM Malaysia Holdings Bhd president and group chief executive officer (CEO) Datuk Sheikh Awab Sheikh Abod passed away today at the age of 56.
In a filing with Bursa Malaysia, MSM said the board will identify a replacement for the position of the president and group CEO, through the proper process.
"Once approved by the board, the company will make an announcement on the appointment," it said.
"The board would like to express its appreciation and gratitude to the late Sheikh Awab for his invaluable contribution to the company, during his tenure," MSM added.
Sheikh Awab was appointed as the CEO on Jan 1, 2014, having been CEO designate since Dec 1, 2013.
Emas Kiara Industries Bhd plans to change its name to MB World Group Bhd, which is subject to the approval of its shareholders and will be tabled under "special business" at a forthcoming annual general meeting.
In a filing with Bursa Malaysia, Emas Kiara said the details of the proposed name change would be included in the Annual Report 2015 to be issued to its shareholders in due course.
In a separate filing with the exchange, Emas Kiara said its wholly-owned unit MB Max Sdn Bhd has entered into a sale and purchase agreement (SPA) with MB Land Sdn Bhd for the sale of 30 units of properties in Johor Bahru.
The sale consideration for the properties are based on the latest sales price determined and approved by Emas Kiara, and are on the same terms and conditions offered by MB Max.
"(It outlines that) the net selling price shall be subjected to 30% discount from the SPA price, a free legal fee on SPA and loan agreement, free stamp duty on loan, free furniture package, and others," it said.
Meanwhile, in another filing, Emas Kiara said trading of its activities on Bursa Securities will be suspended from 9am to 5pm tomorrow, pending the release of a material announcement.
MNRB Holdings Bhd has been given the green light to carry on its general retakaful and family retakaful business, effective April 13.
In a filing with Bursa Malaysia, MNRB said its wholly-owned subsidiary, Malaysian Reinsurance Bhd (Malaysian Re), has on April 14, 2016 received the licence granted by the Minister of Finance to carry on general retakaful business and family retakaful business.
As announced earlier, the MNRB group had undertaken an internal restructuring exercise for its retakaful business.
Under this exercise, the general retakaful business and the family retakaful business is to be undertaken by Malaysian Re, through its newly-established retakaful division.
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