KUALA LUMPUR (Dec 21): Based on corporate announcements and news flow today, companies that may be in focus on Thursday (Dec 22) could include Gabungan AQRS, Tanah Makmur, Hai-O, Amcorp Properties, Mitrajaya, HSL, Tanjung Offshore, Maybank, Boustead Plantations and MBSB.
Gabungan AQRS Bhd, via its 30%-associate Kreatif Sinar Gabungan Sdn Bhd, accepted a delayed Letter of Award (LOA) from the Pahang State Government for the construction of the state’s new administrative complex at a project cost of RM392 million and contract value of RM415.5 million.
In a filing with Bursa Malaysia today, Gabungan AQRS said it accepted the offer to build the complex known as Pusat Pentadbiran Sultan Ahmad Shah.
A non-binding Letter of Interest for the project was given to Kreatif Sinar on Nov 24, 2014. However some reported issues with funding led to a delay in the LOA.
The project is targeted for completion on March 26, 2020. Tanah Makmur Bhd, which is in the midst of being privatised by Pahang Crown Prince Tengku Abdullah Sultan Ahmad Shah, and which owns 65% of Kreatif Sinar Gabungan, made the same announcement today.
Hai-O Enterprise Bhd, which saw a 78% surge in earnings for the second quarter ended Oct 31, 2016 (2QFY17), has proposed a one-for-two bonus issuance and the establishment of an employees share option scheme (ESOS) of up to 15% of its issued and paid-up share capital.
Hai-O said the bonus issuance is on the basis of one bonus share for every two existing Hai-O shares held, and will entail the issuance of up to 101.095 million new shares of 50 sen each in Hai-O, which will be capitalised from the company's retained earnings.
As for the proposed ESOS, it is meant for eligible employees and directors of Hai-O and its subsidiaries. If approved, it shall be effective for five years from the date of implementation, and can be extended for up to another five years at the discretion of the board.
Separately, the group’s net profit surged to RM15.91 million or 8.22 sen per share in its second quarter versus RM8.94 million or 4.58 sen a year ago, underpinned by better performance from its multi-level marketing (MLM) division.
Quarterly revenue was up 36% to RM99.78 million against RM73.59 million a year earlier, also lifted by a 63% year-on-year (y-o-y) rise in revenue to RM133.9 million in the MLM division.
The division also saw pre-tax profit expand 88% y-o-y to RM26 million.
"The increase was mainly attributable to higher recurring sale of the consumer products such as personal and household, beverage and healthcare products," it said.
Amcorp Properties Bhd (AmProp) is planning to venture into the Hong Kong property market via a tie-up with Grosvenor Asia Pacific Ltd.
Under a co-investment agreement inked between Grosvenor Asia and AmProp's indirect wholly-owned unit Amcorp Orient Ltd today, a joint venture company known as GDPHK Holdings Ltd will be formed.
The entity will "invest in a portfolio of value-add as well as redevelopment and development projects" in Hong Kong, AmProp's bourse filing today said.
Both Amcorp Orient and Grosvenor Asia, which is a wholly-owned unit of international private property firm Grosvenor Group Ltd, will contribute about RM201 million (HK$349 million) each as capital to the joint venture company.
The co-investment agreement shall be for seven years, and can be extended by another two years.
Mitrajaya Holdings Bhd has bagged a RM159.39 million contract to undertake superstructure works for an office tower development at Bandar Medini, Iskandar Malaysia, Johor.
In a filing with Bursa Malaysia today, Mitrajaya said its wholly-owned subsidiary Pembinaan Mitrajaya Sdn Bhd has accepted the award from Medini Development Sdn Bhd.
The contract will commence on Jan 17, 2017 and is expected to be completed by Jan 16, 2019.
Hock Seng Lee Bhd (HSL), its managing director Datuk Paul Yu Chee Hoe and three other directors have been served with an originating summons on issues of disclosure to the relevant authorities in relation to the acquisition and disposal of shares in the holding company of HSL, i.e. Hock Seng Lee Enterprise Sdn Bhd.
The suit was initiated by its shareholder Yii Chee Ming, who also sought the removal of Paul, executive directors Tony Yu Yuong Wee and Lau Kiing Kang, and non-executive director Lau Kiing Yiing as directors.
HSL, Paul, Tony, Kiing Kang and Kiing Yiing were named as the five defendants, HSL said in a filing on Bursa Malaysia today.
Tanjung Offshore Bhd has secured an umbrella contract worth some RM100 million for the supply of manpower to Respol Oil and Gas Malaysia Ltd (formerly known as Talisman Malaysia Ltd) for a period of two years.
The group said that its unit, Tanjung Offshore Services Sdn Bhd had accepted a letter of award (LoA) from Repsol, which included a one-year extension option commencing from the LoA dated Dec 7, 2016.
Boustead Plantations Bhd (BPB) is disposing of its 76.1% equity interest in Boustead Sedili Sdn Bhd (Boustead Sedili) for RM60 million as part of its ongoing drive to unlock value.
Once completed, BPB is expected to realise a total estimated net gain on disposal of RM31.5 million, which translates into a gain of approximately two sen per BPB share.
In a statement today, BPB said it has entered into a conditional share sale agreement with Permodalan Darul Ta'zim Sdn Bhd (PDT) for the proposed disposal.
The sale consideration represents a premium of RM3.5 million or 6.2% over the adjusted effective net asset value of the sale shares held by BPB.
Boustead Sedili is the beneficiary of a parcel of oil palm plantation land in Kota Tinggi, Johor, measuring 995.5 hectares.
BPB vice chairman Tan Sri Lodin Wok Kamaruddin said Boustead Sedili's overall contribution to BPB was relatively small, making the disposal a prudent move to repay bank borrowings.
Malaysia Building Society Bhd received the green light from Bank Negara Malaysia (BNM) to commence talks with Asian Finance Bank (AFB) on a potential merger and acquisition (M&A) deal.
MBSB said it plans to negotiate with the existing shareholders of AFB, namely Qatar Islamic Bank, RUSB Investment Bank Inc, Tadhamon International Islamic Bank and Financial Assets Bahrain WLL.
"BNM requires that the negotiations be completed within six months from the date of the letter," the non-bank lender said in a bourse filing today.
The Edge Weekly recently reported that MBSB and AFB had written to the central bank for approval to start official negotiations in November, after Malaysian Industrial Development Finance Bhd's plan to buy over AFB fell through earlier this year.