KUALA LUMPUR (June 21): Based on corporate announcements and news flow today, stocks in focus on Thursday (June 22) may include: Ekovest Bhd, Kronologi Asia Bhd, Bina Puri Holdings Bhd, Kumpulan Perangsang Selangor Bhd (KPS), Country Heights Holdings Bhd, Comfort Gloves Bhd, Glomac Bhd, Berjaya Media Bhd (BMedia), Ire-Tex Corp Bhd, Pos Malaysia Bhd, O&C Resources Bhd, Scomi Engineering Bhd, Bumi Armada Bhd and My E.G. Services Bhd (MyEG).
Ekovest Bhd secured approval-in-principle from the Malaysian Government for its "Kuala Lumpur River City" development.
Further details of the planned real estate project along the Gombak river will be made upon finalisation of the privatisation terms and conditions for the project, Ekovest said.
Kronologi Asia Bhd will establish a data back-up centre in Hong Kong via its partnership with Singapore Technologies Electronics Ltd (ST Electronics).
The data protection service provider plans to invest up to US$2.35 million (RM10 million) in new equipment to be installed at an ST Electronics' existing data centre there, making it the group’s second physical location after Singapore.
Kronologi expects to roll out its services in Hong Kong in the second half of 2017.
Bina Puri Holdings Bhd hopes to increase the bottom line contribution of its power business by 20% per annum with the listing of its 80%-owned Indonesian subsidiary PT Megapower Makmur Tbk on the Indonesian stock exchange on July 5.
Following the listing, its group executive director Datuk Matthew Tee said the group will consider further expansion plans for the power plant there in the near future.
Kumpulan Perangsang Selangor Bhd (KPS) is raising its stake to 51% from 30% in KPS-HCM Sdn Bhd, an infrastructure and road maintenance firm that it jointly owns with Protasco Bhd.
KPS said it is paying RM1.72 million to acquire the additional 21% stake in Protasco's wholly-owned unit HCM Engineering Sdn Bhd.
The firm has been awarded a RM174.4 million contract for infrastructure works in Pulau Indah.
Country Heights Holdings Bhd has set out a strategic business plan to overcome its tax woes and help restore its financial health, which will involve strategic partnerships and possible disposal of certain inventories and land banks.
“Proceeds generated from the recovery will be used to reduce bank borrowings and provide immediate cash flow and funding for existing and future projects,” the group said.
Comfort Gloves Bhd returned to the black with a net profit of RM10.15 million for its first quarter ended April 30, 2017 (1QFY18), compared with a net loss of RM9.44 million a year earlier.
However, the previous year’s loss had been due to a fire outbreak incurred by a subsidiary in March 2016, costing the company RM12.8 million in write-offs.
Its 1QFY18 revenue was up 79.16% at RM93.7 million from RM52.3 million in 1QFY17 when the group’s operations were also slowed due to the fire incident.
Glomac Bhd saw a loss in “other operating income” drag down its fourth quarter net profit by 94.36% to RM1.28 million, from RM22.64 million a year earlier.
Revenue fell 16.12% to RM158.89 million, from RM189.42 million, mainly due to completion of the Glomac Centro and Reflection Residences, as well as tail-end projects in Saujana Rawang.
The group proposed a final dividend of 1.5 sen per share, bringing its total FY17 payout to three sen.
Berjaya Media Bhd (BMedia) fell into Practice Note 17 (PN17) status as its shareholders’ equity on a consolidated basis of less than RM40 million represented 25% or less of its issued capital.
Separately, its net loss for its fourth quarter widened to RM14 million from RM3.52 million, largely on a RM12 million impairment loss on publishing rights.
Revenue, however, was up 6% to RM9.07 million, from RM8.55 million a year ago, thanks to higher advertising income registered by its principal operating subsidiary, Sun Media Corp Sdn Bhd.
Ire-Tex Corp Bhd’s current directors filed a suit in the High Court against former director and shareholder Datuk Tey Por Yee and 19 others, seeking damages to be assessed against the persons sued for conspiracy to injure, breach of duty of care towards the directors.
Besides Tey, the others sued include Ire-Tex director Kong Hon Kay, chief operating officer Christopher Purcell and major shareholders Elite Cosmo Group Ltd and Famous Bluechip Sdn Bhd.
Also sued are Raja Hizad Raja Kamaurddin and Hamdan Mohd Nor, whose appointment as directors of Ire-Tex at an extraordinary general meeting convened by Elite Cosmo was deemed null and void.
Pos Malaysia Bhd has proposed a first and final dividend of 10.7 sen per share for its financial year ended March 31, 2017.
The group’s net profit for the year rose 33.23% to RM84.06 million, from RM63.09 million a year ago.
O&C Resources Bhd posted a net profit of RM1.07 million for its third quarter ended April 30, 2017 (3QFY17) compared with a net loss of RM1.33 million a year earlier, mainly due to higher profit contribution from its construction segment.
Revenue jumped 172.64% to RM23.44 million, from RM8.6 million in 3QFY16, due to an increase in progressive recognition of revenue from its construction segment.
Scomi Engineering Bhd has filed a suit in the High Court against Prasarana Malaysia Bhd and Rapid Rail Sdn Bhd, seeking damages over statements made in relation to its four-car monorail trains.
The statements had highlighted safety concerns or risk associated with the design and/or manufacture of the trains by Scomi Engineering's wholly-owned subsidiary Scomi Transit Projects Sdn Bhd (STP).
Bumi Armada Bhd has suspended operations on its floating production storage and offloading (FPSO) unit Armada Perdana due to longstanding delays in payments from Erin Petroleum Nigeria Ltd, a subsidiary of Erin Energy Corp.
The suspensions on the bare-boat charter and operations and maintenance (O&M) contracts were carried out by Bumi Armada’s wholly-owned subsidiaries, Armada Oyo Ltd and Bumi Armada (Singapore) Pte Ltd, the group said in a statement today.
My E.G. Services Bhd (MyEG) is going to lease a plot of land in Johor for RM10.76 million from state investment entity Johor Corp to build its own hostel facilities.
MyEG said that it had accepted the offer yesterday for the 30-year lease, which comes with an option to renew for another 30 years.