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KUALA LUMPUR (July 21): Based on corporate announcements and newsflow today, companies in focus tomorrow (July 22) may include: CIMB, Gromutual, Pantech, Scomi Engineering, Public Bank and Sime Darby.

CIMB Group Holdings Bhd said its 93.71%-owned subsidiary CIMB Thai Bank PCL's second quarter net profit fell 82% year-on-year to 39.89 million baht (about RM4.8 million) on higher operating expenses and bad debt.

In a filing with Bursa Malaysia today, CIMB Group said CIMB Thai's net profit in the second quarter ended June 2016 (2QFY16) fell from 217.56 million baht a year earlier.

CIMB Thai's income statement showed that operating expenses rose to 1.73 billion baht while bad debt and impairment losses climbed to 1.38 billion baht.

For the six-month period (1HFY16), CIMB Thai president and chief executive officer Subhak Siwaraksa said in a separate statement that it posted a 5.5% increase in net profit at 367.2 million baht from a year earlier. Net profit rose on higher operating income as net interest income rose.

Property developer and contractor Gromutual Bhd is disposing of a 1.75ha land in Kulai, Johor, for RM7.2 million.

Gromutual told Bursa Malaysia via a filing today that its wholly-owned subsidiary Cheng Yew Heng Manufactory Sdn Bhd is selling the plot to rice vermicelli manufacturer Vermi Industries Sdn Bhd.

"The rationale for the disposal include realising the property's value and capital appreciation and to raise funds for acquisition of new investment properties, repayment of bank borrowings and/or working capital for the group," it said.

Gromutual added that the disposal is expected to be completed in the last quarter of 2016 and has no significant effect on the group's earnings for the financial year ended December 2016.

Pantech Group Holdings Bhd's net profit fell 11.34% to RM8.1 million in its first quarter ended May 2016 from RM9.1 million a year ago, on lower contribution from its manufacturing division that was affected by lower global demand from the oil and gas sector.

Competitive pricing was also a contributing factor to the weaker manufacturing performance, Pantech told Bursa Malaysia in a filing today.

Revenue fell in tandem by 10.6% to RM123.9 million from RM138.6 million in the previous corresponding quarter.

The steel products maker declared a first interim single tier dividend of 0.5 sen for the financial year ending February 2017, which will be paid on Oct 19.

Scomi Engineering Bhd is seeking an arbitration to resolve its dispute with Prasarana Malaysia Bhd over the latter's decision to terminate Scomi in the KL Monorail extension project due to an alleged delay in train delivery.

In a bourse filing today, Scomi Engineering said its wholly-owned unit Scomi Transit Projects Sdn Bhd has issued a notice of arbitration to Prasarana today.

The dispute, it said, arose in relation to a notice of termination dated June 9, 2016 that was issued by Prasarana, which gave Scomi 14 days from the date of notice to renew a performance bond connected with the project, failing which the project's contract, dated June 3, 2011, would be terminated.

Also to be terminated would be two supplemental agreements dated April 16, 2014 and April 15, 2015.

Public Bank Bhd has decided that it will exercise its right of early redemption of its outstanding US$200 million 6.84% innovative Tier 1 capital securities.

In a filing with Bursa Malaysia today, Public Bank said it has given notice of early redemption on July 21 to the holders of the securities for the redemption of the outstanding securities, at their principal amount together with accrued interest, on Aug 22.

"The securities, which are listed on the Singapore Stock Exchange, will be delisted with effect from Aug 23 upon full redemption by Public Bank on Aug 22," it added.

Sime Darby Property Bhd, the property arm of conglomerate Sime Darby Bhd, will be launching Phase 3 of its Elmina Valley homes, worth RM280 million in gross development value at the City of Elmina on Saturday following the launch of Phase 1 and Phase 2 earlier this year.

In a statement, Sime Darby Property managing director Datuk Jauhari Hamidi said Phase 3 is expected to follow the success of the first two phases, which saw over 90% take-up within the first two days of launching.

"We are pleased to launch Phase 3 of the Elmina Valley development. We are confident of Elmina Valley Phase 3 repeating the success of Elmina Valley Phase 1 and Phase 2, where both phases recorded over 90% take-up within two days of their respective official launches," he said.

http://www.theedgemarkets.com/my/article/cimb-gromutual-pantech-scomi-engineering-public-bank-and-sime-darby
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