Axiata, MRCB, Vivocom, Boustead, SapuraKencana, Eka Noodles, PDZ, Damansara Realty, Sarawak Plantation, Kossan, Iris Corp, Ranhill, Petrol One, CLIQ, Tropicana, Tower REIT and Oriental Interest

KUALA LUMPUR (Sept 1): Based on corporate announcements and news flow today, companies that might be in focus tomorrow (Friday, Sept 2) include the following: Axiata Group Bhd, Malaysian Resources Corp Bhd (MRCB), Vivocom International Holdings Bhd, Boustead Holdings Bhd, SapuraKencana Petroleum Bhd, Eka Noodles Bhd, PDZ Holdings Bhd, Damansara Realty Bhd, Sarawak Plantation Bhd, Kossan Rubber Industries Bhd, Iris Corp Bhd, Ranhill Holdings Bhd, Petrol One Resources Bhd, CLIQ Energy Bhd, Tropicana Corp Bhd, Tower Real Estate Investment Trust (Tower REIT) and Oriental Interest Bhd (OIB).

Axiata Group Bhd has secured an approval from Bangladesh’s High Court to merge Robi Axiata Ltd with another operator there, Airtel Bangladesh Ltd, an indirect wholly-owned subsidiary of Indian-based Bharti Airtel Ltd, paving the way for the setting up of the second largest mobile operator in terms of subscribers in Bangladesh.

In a filing with Bursa Malaysia today, Axiata said the High Court Division of the Supreme Court of Bangladesh has approved the amalgamation of the two entities with a merger fee of US$12.8 million, along with a spectrum fee of US$65 million.

Robi will be the surviving entity, which will be paying the fees which amount to US$77.8 million, to the Bangladesh Telecommunications Regulatory Commission.

Malaysian Resources Corp Bhd (MRCB) has inked a memorandum of understanding (MoU) with Telekom Malaysia Bhd to provide integrated telecommunications — be it traditional broadband or wireless — to the property developer's existing and upcoming projects.

MRCB's executive director Mohd Imran Mohamed Salim told reporters after the signing ceremony here today, that TM had begun works on KL Sentral's buildings.

"The focus going forward will be on commercial premises and transport hubs," he said.

According to a statement, the MoU is to strengthen the existing telecommunication and information and communications technology infrastructure at MRCB properties. At the same time, the two groups will look into providing Internet of Things (IoT)-enabled services for smart township services and smart building services.

Vivocom International Holdings Bhd's subsidiary has been appointed as the turnkey contractor for a residential condominium project, with a gross development value of RM600 million in Hulu Kinta, Perak.

Vivocom's unit, Vivocom Enterprise Sdn Bhd, entered into a heads of agreement with the developer of the project, Dazamega Ventures Sdn Bhd, today.

According to Companies Commission of Malaysia's data, Dazamega was established on March 15, with an issued paid-up capital of RM3.

Dazamega's shareholders and directors include Azlan Abdul Rahman, Azizah Din and Norhasyikin Zartamin.

Boustead Holdings Bhd's 51%-owned MHS Aviation Bhd has served a notice of arbitration against Petroliam Nasional Bhd's wholly-owned oil exploration arm, Petronas Carigali Sdn Bhd (PCBS), today, for breach of contract with claims in damages of RM42.7 million.

The contract dated June 29, 2011 was for the provision of rotary wing aircraft equipment and services (for heavy type aircraft-EC225), Boustead said in a bourse filing today.

According to the contract, the Rules of the Kuala Lumpur Regional Centre for Arbitration would apply, it added.

"By the said contract, MHS was engaged by PCSB to provide it with five EC225 helicopters for use in PCSB's oil and gas exploration and production operations.

"However, the use of all five helicopters was suspended by PCSB unilaterally, following two forced landings in the North Sea in May and October 2012, involving EC225 helicopters that were unconnected to the parties in the present case," it said.

SapuraKencana Petroleum Bhd said it secured some US$65.3 million (RM264 million) worth of oil and gas support services contracts.

In a statement to Bursa Malaysia today, SapuraKencana said the five projects involved engineering and construction work via its 100%-owned SapuraKencana TL Offshore Sdn Bhd. Of the five projects, four are in Malaysia, while one is in Vietnam.

"The contracts announced herein will have no effect on the issued and paid-up share capital of the company and are expected to contribute positively towards the earnings of SapuraKencana group, principally for the financial year ending Jan 31, 2017, and for contracts that extend beyond Jan 31, 2017, the financial period(s) thereafter during their respective contract periods," SapuraKencana said.

Eka Noodles Bhd fell into Practice Note 17 (PN17) effective today, as its shareholders’ equity on a consolidated basis was 25% or less of its issued and paid-up capital.

“And such, shareholders’ equity is less than RM40 million in EKA’s unaudited interim financial results for its second quarter ended June 30, 2016 (2QFY16),” it said in a filing with Bursa Malaysia on Aug 30.

It told a bourse filing today that in terms of its financial condition, it was looking into formulating a regularisation plan to address its PN17 status, and will make the necessary announcement in due course.

PDZ Holdings Bhd has appointed MNC Wireless Bhd chief executive officer (CEO) Christopher Tan Chor How as its CEO effective today.

Tan, 36, was made an independent director in PDZ Holdings, according to an Aug 18 announcement, before taking on the CEO position, the shipping group said via a filing with Bursa Malaysia today.

PDZ Holdings said Tan, who was redesignated as CEO, is presently responsible for leading the development and execution of MNC Wireless' long-term business strategy, with the view of creating shareholder value. Tan also holds an executive director post in loss-making MNC Wireless.

Damansara Realty Bhd has inked an Memorandum of Understanding with Country Garden Real Estate Sdn Bhd to jointly undertake a development on a land, measuring 52 acres in Johor Bahrum Johor.

In a filing with Bursa Malaysia today, the property developer said it entered into the non-binding MoU with Country Garden via its wholly-owned subsidiary, Damansara Realty (Johor) Sdn Bhd.

"The MoU was to set out the understanding between parties to jointly develop a portion of land located, measuring approximately 52 acres held under individual issue document(s) of title in Johor Bahru," it added.

Sarawak Plantation Bhd (SPB) is acquiring two parcels of land with existent oil palm plantations in Batang Baram and Tinjar, Miri, for RM76 million, to expand its landbank in Sarawak.

SPB said the purchase is being undertaken via its wholly-owned unit, Sarawak Plantation Agriculture Development Sdn Bhd, which today signed the deal with Magna Wide Sdn Bhd and Magna Wide Enterprise Sdn Bhd.

The 1.9-hectare land is mostly planted with oil palm aged between one- and four-years old, SPB said in a filing to Bursa Malaysia.

Kossan Rubber Industries Bhd has launched a new patented technology that will ensure the wearers of its gloves have the least possibility of developing allergic reactions.

The technology is named Low Derma Technology and Kossan's group managing director and chief executive officer (CEO) Datuk Lim Kuang Sia announced today that Kossan is the first Malaysian glove manufacturer in the world to be granted the 'Low Dermatitis Potential' claim in gloves by the United States Food & Drug Administration.

The investment in the technology amounts to RM2 million. Kossan has worked on it since 2004 and the patent was applied for, back in 2009, Lim told reporters during the launch.

Iris Corp Bhd is seeking international partners to fund the 1Malaysia Civil Servants Housing (PPA1M) programme.

On Nov 30 last year, Iris was awarded the construction contract by Perbadanan Putrajaya for the development of PPA1M and a mixed development on 16.2 acres of land in Putrajaya, for an estimated gross development cost of RM622.73 million.

Iris managing director Datuk Tan Say Jim said the partnership with international contractors, would be for funding purposes.

Ranhill Holdings Bhd plans to sell a 60% stake in wholly-owned Ranhill Water (Hong Kong) Ltd to Singapore-listed SIIC Environment Holdings Ltd for RMB273.9 million (RM167 million). The move will allow both companies to jointly pursue waste water projects in China.

Ranhill told Bursa Malaysia today that the all-cash deal was indicated in a term sheet, which preceded the sale and purchase agreement.

Petrol One Resources Bhd is to conduct an extensive review of the Group's operations to ensure that adequate corporate governance, risk management and internal controls and processes are in place, following the findings of the special audit report.

In a filing today, the company said it will adopt the special auditor's recommendation by setting up an in-house internal audit function within the group or appointing a professional firm that specialises in internal audit services, to perform extensive review on all findings highlighted in the special audit report, as well as improve the effectiveness of Petrol One's risk management and internal control process.

CLIQ Energy Bhd's chief financial officer Kamarul Baharin Albakri has decided not to be re-elected as a director at its annual general meeting (AGM) today, although he remains as part of the special purpose acquisition company's management team.

After the 2½-hour meeting, CLIQ chairman Datuk Azmi Mohd Ali told reporters that Kamarul handed in a letter this morning to say he decided not to be re-elected, as one of the resolutions proposed this morning was to get shareholders to renew his term.

"With the letter, the resolution was effectively cancelled," said Azmi.

Tropicana Corp Bhd is disposing off an office tower, along with car parks located on a tract in Damansara Intan, Petaling Jaya, to a private entity for RM24.9 million.

Tropicana is expected to net a disposal gain totalling RM18.2 million, of which it intends to utilise as working capital and/or repayment of bank borrowings.

According to its filing with Bursa Malaysia, Tropicana said its unit, Dicorp Land Sdn Bhd, has entered into a sale and purchase agreement with SCP Assets Sdn Bhd for the proposed disposal.

Tower Real Estate Investment Trust (Tower REIT) has appointed its former non-independent executive director Datuk Kong Woon Jun as its executive chairman, following resignation of Tang Hong Cheong from the role.

Kong, 52, has also been appointed as chairman of GLM REIT Management Sdn Bhd, the manager of Tower REIT, upon the departure of Tang, which comes into effect today, the trust said in a bourse filing.

Oriental Interest Bhd (OIB) has appointed its former managing director Low Kok Aun’s 38-year-old cousin Kok Shen, as its chief executive officer, effective today.

In a filing with Bursa Malaysia, OIB said Kok Shen has been involved in the day-to-day management of his family’s business since 1999.

“He has more than 17 years of working experience and is principally involved in property development. He has successfully completed many property development projects in Kedah. He also sits on the board of several private limited companies,” OIB said.