MLabs, OSK Holdings, BHIC, ECM Libra, Kerjaya Prospek, Eversendai and APFT

KUALA LUMPUR (Sept 5): Based on corporate announcements and newsflow today, stocks in focus tomorrow (Sept 6) may include: MLabs, OSK Holdings, BHIC, ECM Libra, Kerjaya Prospek, Eversendai and APFT.

MLabs Systems Bhd is not proceeding with its proposed acquisition of a Hong Kong-based footwear and apparel manufacturer for RM260 million.

In a filing, it said it has decided not to extend the heads of agreement (HoA) that it had entered into with BAGE Holdings Ltd, which had expired on Sept 3.

The HoA, announced on June 3, was for the acquisition of Bage (China) Co Ltd, which is involved in the manufacture of footwear and apparel under the brand BAGE in Hong Kong.

Both parties have decided not to extend the HoA after taking into consideration the recent market conditions, said MLabs.

OSK Holdings Bhd has acquired a total of 472.23 million PJ Development Holdings Bhd (PJD) shares, representing 90.11% of the latter's issued and paid-up share capital, and 99.62 million warrants, representing 70.61% of the total outstanding warrants, as at the closing of its unconditional voluntary takeover offer for PJD shares.

"Premised on the above, the public shareholding spread of PJD is less than 10% of the total PJD shares in issue," said OSK in a bourse filing.

It added that pursuant to Bursa Malaysia's listing requirements, the trading of the securities of PJD will be suspended upon the expiry of five market days from the close of the offer period.

Boustead Heavy Industries Corp Bhd said its shipbuilding unit's RM54.9 million contract to supply three harbour tugs has been called off.

It said BHIC Shipbuilding & Engineering Sdn Bhd's contract with KFS Support Services Sdn Bhd was terminated after KFS was unable to fulfil the conditions precedent set out in the contract.

"Consequent thereto, both parties have agreed to terminate the contract," said Boustead Heavy Industries in a filing.

ECM Libra Financial Group Bhd's second quarter net profit fell 58.7% to RM5.8 million or 2.02 sen per share, from RM14.06 million or 5.27 sen per share a year earlier.

Revenue for the quarter ended July 31, 2016 (2QFY17) dropped 54.8% to RM10.1 million from RM22.4 million in 2QFY16, ECM Libra said in a bourse filing.

For the first six months of the financial year (1HFY17), net profit dropped 60% to RM6.2 million or 2.17 sen per share, from RM15.6 million or 5.83 sen per share in 1HFY16. Revenue fell 48.4% to RM14.5 million from RM27.7 million.

Kerjaya Prospek Group Bhd has won a RM146.7 million contract from Eco Terraces Development Sdn Bhd, a subsidiary of Eco World Development Group Bhd.

Kerjaya said the contract, awarded to its wholly-owned unit Kerjaya Prospek (M) Sdn Bhd, entails the main building works for the Eco Terraces project, a 34-storey building comprising 333 condominium units on Penang Island's North East District.

The work is expected to take 29 months from its commencement this month, with completion by February 2019.

Eversendai Corp Bhd's founder Tan Sri A K Nathan said the construction specialist will surpass the RM2 billion turnover target it had set for the financial year ending Dec 31, 2016 (FY16).

Nathan, who is also the group's managing director, said the losses in the past two quarters were due to impairments for its investment in Singapore, its near-30% stake in Technics Oil & Gas Ltd.

With the writing-off of the investment already completed, Nathan said Eversendai can return to the black in 3QFY16.

"We are cognisant that there would be no point in us meeting the (revenue target), without any profit. But rest assured that it (the losses) was a one-off thing," he said at a media conference.

Meanwhile, in a statement, Eversendai said it has secured some RM1.53 billion in construction contracts, out of which RM649.2 million is based in the Middle East, RM373.5 million in India, and RM504 million in Malaysia and Thailand.

APFT Bhd's results for the quarter ended June 30, 2016, which were due to be announced by the end of August, has been delayed to Sept 7.

In a filing to the exchange, APFT said it has changed its financial year end from March 31 to July 31.

"The quarterly results ended June 30, 2016 will be announced by Sept 7 and the results for the period from July 1, 2016 to July 31, 2016 will be announced by Sept 30," read the filing.

APFT saw the resignation of its chief financial officer Fazilah Nonsah on Aug 19. She had resigned to pursue her personal interests.