Companies in the news - WZ Satu, Silk Holdings, Alam Maritim, Scomi Eng, Ahmad Zaki, Scientex and Barakah Offshore

KUALA LUMPUR (June 1): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Thursday, June 2) could include the following: WZ Satu, Silk Holdings, Alam Maritim, Scomi Engineering, Ahmad Zaki, Scientex, Barakah Offshore.

A new buyer has emerged for Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd (SILK), the operator of the Kajang SILK Highway.

Steel products maker WZ Satu Bhd said it signed a heads of agreement today with Silk Holdings Bhd to acquire the latter's 100% stake in SILK for RM368 million.

"It is the intention of WZ Satu to acquire SILK together with other co-investor(s) to be identified, on the basis that WZ Satu will be the majority shareholder," it said in a filing with Bursa Malaysia.

WZ Satu is the third company to express an interest to acquire SILK. IJM Corp Bhd was the first in May 2014, but called it off later, followed by Taliworks Corp Bhd last September, which was still expecting, as recently as last month, to close the deal in a few months' time.

Alam Maritim Resources Bhd has secured subcontract works for floating liquefied natural gas (FLNG) offshore works from Petroliam Nasional Bhd (Petronas) worth RM28.3 million.

In a bourse filing, the oil and gas services provider said the job is for FLNG offshore works for the supply of miscellaneous marine spreads for Petronas' Floating LNG-1 project.

The subcontract is expected to commence in mid-June 2016 until mid-October 2016, and it is expected to contribute positively to its earnings for the financial year ending Dec 31, 216 (FY16).

Scomi Engineering Bhd (SEB) has received an additional RM500 million worth of works for its construction of the monorail system in Sao Paulo, Brazil, bolstering the contract's value from RM97.5 million initially.

With the additional works for Line 17 — Gold Sao Paulo monorail project, SEB's order book stands at RM2.1 billion, said SEB in a statement today.

Initially, the consortium partnership's terms contracted SEB to provide the design, systems integration and certain key components of the rolling stocks.

SEB is now directly contracted to provide full rolling stocks and additional systems, which include the provision of signalling system, operations control centre system, track switches, power rails, power supply and distribution system, and fibre optics, as well as cable trays.

Protests by environmental groups against the East Klang Valley Expressway (EKVE) project have not disrupted the construction work which is progressing according to schedule, including the projects of concessionaire Ahmad Zaki Resources Bhd (AZRB).

AZRB managing director Datuk Wan Zakariah Muda told a press conference after the group's annual general meeting that it obtained Selangor government's approval for the RM1.55 billion project, after going through a stringent process that included numerous engagement with stakeholders.

The company is required to abide by a list of conditions, he said, adding it will make sure that its subcontractors and suppliers do not violate any of the conditions.

Scientex Bhd's net profit for the third quarter ended April 30, 2016 (3QFY16) jumped 43% to RM61.26 million from RM42.96 million a year earlier, as the industrial packaging manufacturer and property developer's revenue for the quarter rose 19.5% to RM543.89 million from RM455.25 million, according to its filing to Bursa Malaysia.

Scientex also proposed an interim single tier dividend of 12 sen per share, with ex-dividend and payment dates of July 14 and Aug 5 respectively.

Barakah Offshore Petroleum Bhd is bidding a total of RM1.7 billion projects in the local and international markets.

The integrated offshore transportation and installation service provider's president and chief executive officer Nik Hamdan Daud told reporters after the group's annual general meeting today that it had secured RM1.6 billion order books currently.

However, he highlighted that it is still a challenging year for growth and the company will continue with cost control measures, moving forward.