Tenaga, Perisai, Lion Corp, Minetech, Atrium REIT, Aeon Credit, Econpile, Perdana Petroleum, BTM Resources, Sime Darby and Ranhill

 KUALA LUMPUR (Oct 4): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Wednesday, Oct 5) could include: Tenaga, Perisai, Lion Corp, Minetech, Atrium REIT, Aeon Credit, Econpile, Perdana Petroleum, BTM Resources, Sime Darby and Ranhill.

Tenaga Nasional Bhd's wholly-owned subsidiary TNB Global Ventures Capital Bhd has set up a US$2.5 billion (about RM10.34 billion) multi-currency sukuk programme for general corporate purposes.

Moody's Investors Service Inc gave the bond programme an A3 and stable rating, while Standard & Poor's Rating Services assigned a BBB+ and stable rating.

In a bourse filing, Tenaga said the sukuk programme does not have a fixed tenure, but any sukuk issued will have such maturities as may be agreed between TNB Global Ventures Capital and the relevant dealer.

BNPP, CIMB, Citigroup Global Markets Ltd and The Hongkong and Shanghai Banking Corp Ltd have been appointed as dealers for the sukuk programme.

Perisai Petroleum Teknologi Bhd has defaulted on a S$125 million (about RM377.3 million) bond after noteholders rejected the oil and gas service provider's request for a four-month extension on the maturity of the debt papers yesterday.

It said it has, together with its wholly-owned subsidiary Perisai Capital (L) Inc, received a notice dated Oct 3, 2016 from the trustee of the notes, notifying that an event of default for breach of covenant has occurred.

The group said the event of default occurred by virtue of the minimum coverage ratio covenant falling below the requisite ratio of 3:1 in respect of the period ended June 30, 2016.

"The trustee further notified that it does not intend to take any further action to declare the Notes to be due and repayable unless directed by noteholders in accordance with the Trust Deed and provided with satisfactory indemnification and/or security and/or prefunded against any liability that they may incur as provided for in the terms of the notes and Trust Deed," its bourse filing read.

Practice Note 17 (PN17) company Lion Corp Bhd, which is controlled by Tan Sri William Cheng, has decided not to appeal against Bursa Securities Malaysia Bhd's decision to delist its securities from the local bourse on Oct 12, 2016.

"The company has resolved that (it) will not be submitting the appeal in view that all material developments in relation to the regularisation plan have been disclosed to Bursa for their deliberation in arriving at the decision," Lion Corp said in its bourse filing.

Lion Corp, which was given till Oct 7 to make the appeal, had repeatedly asked for more time to submit its regularisation plan since falling into PN17 status on Oct 25, 2013.

Minetech Resources Bhd has bagged a RM8.55 million contract from Gamuda Bhd to perform reinforced concrete structure and associated works for an affordable housing development in Selangor.

In a filing to Bursa Malaysia, Minetech said its unit Minetech Construction Sdn Bhd has accepted the letter of award from Gamuda Engineering Sdn Bhd for the appointment as the job's subcontractor.

Atrium Real Estate Investment Trust (REIT) has proposed to acquire a piece of industrial land measuring 1.3ha in Shah Alam, Selangor, for RM23 million.

In a bourse filing, Atrium REIT said it has entered into a sale and purchase agreement with Pacific BBA (Malaysia) Sdn Bhd for the freehold land, along with the office building and factories present on the tract.

Currently, the property, with a net lettable area of about 85,000 sq ft, is fully rented out to construction outfit Nagatron Engineering Sdn Bhd.

Aeon Credit Service (M) Bhd's net profit rose 13.8% year-on-year to RM55.19 million in the second quarter ended Aug 31, 2016 (2QFY17) as revenue improved, and it will pay a 30.5 sen dividend to shareholders.

The interim dividend, for the financial year ending Feb 28, 2017, will be paid on Nov 7. The entitlement date is on Oct 20.

Revenue for the quarter came in 17.7% stronger at RM269.13 million, compared with RM228.72 million in the previous corresponding quarter — when it netted RM48.49 million in net profit — according to its quarterly results filing.

Econpile Holdings Bhd has clinched a RM280 million contract to undertake piling and basement works for Maju Kuala Lumpur, a mixed development project situated in Sungai Besi.

In a filing to Bursa Malaysia, the piling and foundation specialist said it won the contract via its unit Econpile (M) Sdn Bhd from ASM Development (KL) Sdn Bhd, a subsidiary of Maju Holdings Sdn Bhd.

Under the contract, Econpile is tasked to undertake diaphragm wall, contiguous bored pile, earthworks, piling works and basement structure works of a mixed development comprising serviced apartments, retail units and car park, which is to be completed within 15 months.

Perdana Petroleum Bhd has secured a RM67 million contract to provide a floating accommodation vessel to Petronas Carigali Sdn Bhd.

In a bourse filing, Perdana Petroleum said the charter will run for a period of three years from Sept 17, with an extension option of two years.

It added the risks associated with the contract are normal operational risks which can be mitigated through the group's system of project management and internal business controls.

BTM Resources Bhd has aborted its plan to venture into the food and beverages chain business following the termination of the memorandum of understanding (MoU) it entered into with fast food chain operator Chicken Cottage (M) Sdn Bhd (CCSB).

In a filing with Bursa Malaysia, BTM Resources said it has received a confirmation from CCSB that the MoU has been terminated upon its expiry on Aug 31. The company did not elaborate on the reason for this.

The loss-making timber firm inked the MoU with CCSB on Dec 23 last year to explore the possibility of being the master franchisor of CCSB in Johor and Singapore.

Sime Darby Bhd's plan to acquire a majority stake in Saizen REIT through a reverse takeover (RTO) appears to have fallen through.

In a bourse filing, Sime Darby said its framework agreement signed with Japan Residential Assets Manager Ltd, the manager of Saizen REIT, on Aug 15 to acquire a majority stake in the Singapore-based REIT by injecting Sime Darby's Australian industrial property into the trust in exchange for more than 30% stake in the enlarged capital of Saizen REIT has lapsed.

"(This is) in view that the definitive agreements for the properties disposal have not been entered into as of the long-stop date of Sept 30," the group said.

Ranhill Holdings Bhd said it has obtained approval from the Energy Commission (EC) for the proposed development of a 300MW combined cycle gas turbine power plant by a consortium of private companies.

Ranhill owns a 50% equity stake in one of the companies.

"The consortium is instructed to commence negotiations with Petroliam Nasional Bhd and the company identified by the government of Malaysia to develop the Trans-Sabah Gas Pipeline, to ascertain the terms and conditions of the gas supply required for the project.

"A letter of award will be issued by the EC after the terms of the gas supply agreement are determined," it said in a filing.