A consortium involving Pestech International Bhd has won a contract to install three substations for Severelectro JSC under an electricity supply accountability and reliability improvement project (ESARIP) for US$8.46 million (RM34.75 million).
Severelectro is the largest Kyrgyz Republic state-owned power distribution company based in Bishkek, the capital of Kyrgyzstan.
According to its bourse filing, PESTECH & SPECO — a joint venture company established by Pestech's unit Pestech Sdn Bhd and Shandong Power Equipment Co Ltd — received the letter of award from Severelectro for the project yesterday.
Selangor Properties Bhd's net profit for the third quarter ended July 31, 2016 (3QFY16) slipped 3.7% to RM42.98 million or 12.51 sen per share from RM44.64 million or 12.99 sen per share a year ago.
In a bourse filing, Selangor Properties showed an expansion of loss before tax in its property development segment and lower profit before tax in investment holding.
Revenue went up 5.38% to RM26.23 million from RM24.89 million last year.
For the nine-month period ended July 31, 2016 (9MFY16), its net profit plunged 91% to RM9.96 million or 2.9 sen per share from RM109.86 million or 31.97 sen per share a year ago, while revenue rose 20.1% to RM86.48 million from RM72.01 million last year.
WZ Satu Bhd has aborted its RM368 million proposed acquisition of Sistem Lingkaran-Lebuhraya Kajang Sdn Bhd (Silk), the operator of the Kajang Silk Highway, from SILK Holdings Bhd.
It said in a bourse filing that the termination of the deal was due to a failure to reach an agreement on the terms of the definitive agreement with SILK Holdings.
"Accordingly, WZ Satu and SILK Holdings had today mutually agreed, by way of an exchange of letters between their respective solicitors, not to proceed with the proposed acquisition," the steel maker turned construction outfit said in the filing.
NTPM Holdings Bhd's net profit in the first quarter ended July 31, 2016 (1QFY17) fell by 27.4% to RM9.38 million or 0.8 sen a share from RM12.92 million or 1.2 sen a share a year ago.
Although sales gained 5.6% to RM151.43 million, the tissue paper maker's bottom line was pushed down by higher energy and labour cost from its fledgling tissue operation in Vietnam.
According to its bourse filing, NTPM chalked up an operating profit of RM15.18 million in 1QFY17, indicating a margin of 10.02%. In the previous corresponding quarter, its operating profit margin stood at 13.52%.
NTPM said it was "cautiously optimistic" on its prospects, but not before listing economic challenges such as higher minimum wage, effective early this year; higher electricity and natural gas tariffs; and subdued consumer sentiment.
Kian Joo Can Factory Bhd and Togo (Hong Kong) Industries Ltd have entered into a memorandum of understanding (MoU) to manufacture and distribute aluminium cans and bottles.
In a filing with Bursa Malaysia, Kian Joo said Togo holds the licence to manufacture aluminium bottles by using advanced technology.
Togo intends to invest 30% in Kian Joo's wholly-owned Singapore-incorporated KJ Togo Pte Ltd, which will be the joint venture company used by both parties to manufacture and distribute different types of aluminium bottles for beverages in several Asian countries.
Yee Lee Corp Bhd has secured the distribution rights of Japanese soft drink brand Suntory beverage for three years in Peninsular Malaysia.
According to its bourse filing today, Yee Lee said its unit Yee Lee Marketing Sdn Bhd had entered into a distribution agreement with Suntory Beverage & Food Malaysia Sdn Bhd to formalise the appointment.
Under the agreement, Yee Lee has been appointed as their authorised distributor to distribute Ribena and Lucozade range of products in Peninsular Malaysia excluding Pulau Langkawi.
Affin Holdings Bhd today said it has applied with Bank Negara Malaysia for an extension of time for negotiations to purchase a 16% stake in AXA Affin General Insurance Bhd from Felda Global Ventures Holdings Bhd (FGV).
Affin's bourse filing said its subsidiary Affin Hwang Investment Bank Bhd had sought to extend the period by another three months to the end of December. The central bank had earlier given it up to tomorrow to wrap up the negotiation.
The filing was in response to a newspaper report, quoting sources, that FGV had already agreed to sell its shares in AXA Affin. The deal was valued at over RM70 million, said those sources.
Seacera Group Bhd is planning to sell its remaining 51% stake in Seacera Land Sdn Bhd to OCR Land Holdings Sdn Bhd for RM25 million. It had sold the other 49% interest to OCR for RM20 million in March 2014.
In a filing to Bursa Malaysia, Seacera said about RM15 million from the proceeds of 51% stake disposal will be used for working capital purposes, and the balance for future investments.
"We are of the view that the disposal is timely as we would be able to unlock our investment and recorded gains on disposal of our investment," said Seacera.
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