Cycle & Carriage, TRC Synergy, Cahya Mata Sarawak, Hong Leong Bank, Sapura Resources, BHIC, Landmarks, MPCorp, Perdana Petroleum, UEM Sunrise, SKP Resources, Ipmuda and Encorp

KUALA LUMPUR (July 21): Based on corporate announcements and news flow today, companies that will be in focus on Monday (July 24) may include: Cycle & Carriage, TRC Synergy, Maxis, Cahya Mata Sarawak, Hong Leong Bank, Sapura Resources, BHIC, Landmarks, MPCorp, Perdana Petroleum, UEM Sunrise, SKP Resources, Ipmuda and Encorp.

Cycle & Carriage Bintang Bhd's net profit for the second quarter ended June 30, 2017 (2QFY17) more than halved to RM8.96 million or 8.89 sen per share from RM19.67 million or 19.53 sen per share a year earlier, due to lower revenue and higher finance cost-interest expense on borrowings.

Cycle & Carriage said quarterly revenue fell 15.9% to RM355.44 million from RM422.75 million in 2QFY16.

For the cumulative six months (1HFY17), its net profit shrank by 68.2% to RM9.27 million from RM29.18 million a year ago, while revenue dropped 4% to RM708.16 million from RM737.88 million.

TRC Synergy Bhd's wholly-owned subsidiary TRC (Aust) Pty Ltd (TRCA) is selling a freehold land measuring 3,621 square metres in Melbourne, Australia, for AU$9.66 million (about RM32.16 million).

The proceeds are expected to be used for impending development activities by TRCA and/or to finance payment of bank borrowings, working capital, as well as land-related expenses of TRCA.

The proposed sale is expected to give it a net gain on disposal of about RM4.4 million or 1 sen per share.

Cahya Mata Sarawak Bhd (CMS) has appointed Datuk Isaac Lugun and Goh Chii Bing as its group chief corporate officer and group chief operating officer respectively while Datuk Richard Curtis will retire from his role as group managing director on Dec 31, 2017.

CMS said Curtis will remain as non-independent non-executive director until the end of 2018.

Currently, Goh and Isaac hold about 9.31% and 0.47% stakes in the company respectively.

Hong Leong Bank Bhd has appointed Jasani Abdullah as CEO of Hong Leong Islamic Bank Bhd effective July 17, 2017. Hong Leong Bank owns 100% of Hong Leong Islamic.

Sapura Resources Bhd's wholly-owned subsidiary Sapura Aero Sdn Bhd (SASB) and Lufthansa Technik AG are setting up a maintenance, repair and overhaul (MRO) service provider, specialising in narrow- and wide-body aircraft base maintenance.

Sapura Resources said both parties signed a memorandum of understanding (MoU) today to establish the company, which will primarily serve the Malaysian, South Asian and Southeast Asian markets.

Under the MoU, SASB and Lufthansa Technik will explore feasible business models and structures, whereby the proposed company may be operated and governed as a base maintenance facility within the latter's existing base maintenance network, according to its existing standards and processes.

Boustead Heavy Industries Corp Bhd (BHIC) announced today that its 51%-owned unit has secured a three-year-and-eight-day extension to an original contract bagged in 2014 from the government to maintain helicopters for the Royal Malaysian Air Force for RM215 million.

It said the extension was given by the Ministry of Defence to BHIC AeroServices Sdn Bhd — a joint-venture unit with Prestige Pillar Sdn Bhd (30%) and Airbus Helicopters Malaysia Sdn Bhd (19%).

Landmarks Bhd is selling its 20% stake in MSL Properties Sdn Bhd to Singapore's MCL Land Ltd, for RM87.38 million.

Landmarks said the net proceeds from the proposed disposal of RM82.9 million will be used for the group's capital expenditure and working capital, and it is expecting full utilisation within 24 months from the receipt of the proceeds.

Property developer Malaysia Pacific Corp Bhd (MPCorp) has secured a six-month extension to submit its regularisation plan to the regulators.

It has till Dec 31 to submit the document, after Bursa Malaysia approved the company's application for more time.

Loss-making Perdana Petroleum Bhd announced that Bursa Malaysia has given it the green light to trade with a public shareholding spread of 20%, which is lower than minimum 25% requirement.

A marine offshore services provider, Perdana Petroleum said the approval by the stock exchange regulator is also an indication that its lower-than-minimum public shareholding spread complies with Paragraph 8.02(1) of the bourse's Main Market Listing Requirement, which stipulated an entity's continuing listing obligation.

Property developer UEM Sunrise Bhd has launched its third development in Melbourne, Australia — a luxury residential project with a gross development value (GDV) of RM1.1 billion.

Dubbed Mayfair, it features 158 high-end apartments located on Melbourne's premier boulevard, 412 St Kilda Road, and will be different from the company's two previous projects there.

The company is expecting a 50% take-up rate for the new project by year-end.

SKP Resources Bhd is planning a final single-tier dividend of 4.15 sen per share for its financial year ended March 31, 2017 (FY17), up 18.6% from 3.5 sen apiece in FY16.

It said it will announce the entitlement and payment dates later.

Ipmuda Bhd has inked a preliminary agreement to partner New Zealand sanitary ware company Methven Ltd to sell Methven's products in Malaysia.

Ipmuda said the MoU was entered into between its wholly-owned subsidiary, Ipmuda Tiles & Sanitarywares Sdn Bhd, and Methven.

The MoU, valid for six months from July 1 till year end, serves as a framework for cooperation for both parties and marks the beginning of a business partnership between the two companies.

Encorp Bhd, which inked preliminary agreements with several companies last year to develop its huge 641-acre land bank in Melaka, has called off one of them.

It said it has mutually agreed with Kean Leng Construction Sdn Bhd not to further extend the MoU they inked, which will lapse on July 31.

The MoU was to form a strategic alliance for the development of its Bukit Katil Land to allow Encorp to kick-start the development without incurring massive capital outlay, according to Encorp's announcement when the MoU was first inked last October.