Yen Global, SCGM, Bintai Kinden, V.S. Industry, WZ Satu, Sona Petroleum and Kobay Technology

KUALA LUMPUR (Sept 2): Based on corporate announcements and news flow today, companies that may be in focus next Monday (Sept 5) could include: Yen Global Bhd, SCGM Bhd, Bintai Kinden Corp Bhd, V.S. Industry Bhd, WZ Satu Bhd,Sona Petroleum Bhd and Kobay Technology Bhd.

Bursa Malaysia has advised investors to exercise caution in the trading of Yen Global Bhd shares, which have been surging of late.

In a statement, the exchange said it had issued an unusual market activity query to Yen Global on Aug 2, and the group responded by saying it was not aware of the reason behind the counter’s rally.

“In view of the above, Bursa Malaysia Securities would like to advise investors to exercise caution and to make informed decisions in the trading of Yen Global shares,” it said, adding it will not hesitate to take any other regulatory action to ensure fair and orderly trading of the counter.

Thermo-form food packaging manufacturer SCGM Bhd saw its net profit rise 12.8% to RM5.51 million or 4.18 sen per share in its first financial quarter ended July 31, 2016 (1QFY17), from RM4.89 million or 6.11 sen per share a year ago, on improved local and export sales.

SCGM said 1QFY17 local sales improved by 41.3% to RM21.7 million, from RM15.3 million a year ago; while export sales grew 13.3% to RM16.2 million, from RM14.3 million.

Revenue rose 27.8% to RM37.88 million in 1QFY17, from RM29.64 million in 1QFY16.

Bintai Kinden Corp Bhd’s 70%-owned subsidiary in Singapore has bagged the job to supply and install air-conditioning and mechanical ventilation systems at a community hospital on the island republic.

The RM168.7 million sub-contract was awarded to Bintai Kindenko Pte Ltd by Penta Ocean Construction Co Ltd.

The system would be installed at the proposed 19-storey community hospital at the Singapore General Hospital, along Jalan Bukit Merah and Kampong Bahru Road.

V.S. International Group Ltd (VSIG), a Hong Kong-listed 43.7%-owned subsidiary of V.S. Industry Bhd, has issued a profit warning to investors that it expects to incur losses for its financial year ended July 31, 2016 (FY16), due to provision for impairment.

In a filing with the Hong Kong Exchange today, VSIG warned that the group is expected to record a substantial increase in its loss for FY16, compared with that for FY15, mainly due to a provision to be made for impairment in relation to the deposits paid for its proposed acquisition of a 20% stake in a solar power plant in the Inner Mongolia Autonomous Region.

In a statement, V.S. Industry said the agreement has since lapsed, following non-fulfillment of certain conditions, and VSIG has been in discussion with the vendor for the refund of the deposits paid.

WZ Satu Bhd has secured another construction job for the West Coast Expressway project, this time for part of the civil works package for the Changkat Cermin interchange to Beruas interchange.

In a filing with Bursa Malaysia today, the steel maker turned construction outfit said its wholly-owned subsidiary, WZS KenKeong Sdn Bhd, was awarded the RM110.3 million subcontract by Laksana Amanbina Sdn Bhd.

The duration of the job is 30 months and the scope of work is in the mainline of the expressway, including imported granular materials, drainage works, pavement works, traffic signs, road markings and road furniture works, it said.

A Singapore-based law firm, which is seeking to oppose Sona Petroleum Bhd’s winding up petition, served a supplemental affidavit on the special purpose acquisition company yesterday.

This follows an earlier affidavit sent on Aug 29. Both affidavits were affirmed by Law Asia Pte Ltd’s managing partner Paul Supramaniam.

Law Asia is suing Sona for claims amounting to about US$47,300, as fees for alleged work done in relation to the potential acquisition of a qualifying asset by Sona.

Sona, in a filing to Bursa Malaysia today, said Law Asia is alleging it is entitled to appear at the hearing as a creditor of Sona, to oppose the petition on the grounds that the mode of winding up being used, “seeks to prejudice and by-pass the interests of any creditors”.

Penang-based Kobay Technology Bhd has teamed up with Messrs Strata Homes Sdn Bhd to jointly develop a 43,124-sq ft piece of land in Sungai Nibong, Penang into a condominium project, which will have a gross development value of RM60.37 million.

Based on the size of the land, Kobay estimates profit to be derived from the construction of the condominium project, to be RM3.02 million.

In a filing with Bursa Malaysia today, Kobay said its wholly-owned subsidiary, Premierview Property Sdn Bhd, has signed a joint development agreement with landowner Strata Homes, for the proposed project.

Kobay also said it intends to explore possibilities to acquire or enter into a joint venture for the additional parcel or part parcel of adjacent lands.