Hibiscus, AT Systematization, DNeX, Yinson, CCM Duopharma, TNB and Scomi Engineering

KUALA LUMPUR (July 6): Based on corporate announcements and filings with Bursa Malaysia, as well as news flow today, companies in focus tomorrow (Friday, July 7) may include: Hibiscus, AT Systematization, DNeX, Yinson, CCM Duopharma, TNB and Scomi Engineering.

Hibiscus Petroleum Bhd, which proposed  a private placement of up to 10% of its share capital in May to raise some RM65 million, is considering alternative fundraising avenue from financial institutions.

"These are being planned for implementation in the coming future. The proposed private placement is an additional effort by the group to maintain a satisfactory buffer, over and above the group's recurring cash flows, to meet near-term payments and obligations, while the alternative sources of funding are being considered and pursued," Hibiscus said in a Bursa filing.

It was referring to the adequacy of the proposed placement to meet its financial concerns, as it provided additional information on the corporate proposal.

AT Systematization Bhd is planning to consolidate its shares on the basis of three existing shares into one new share, which will reduce the number of its shares in the market and reduce the magnitude of fluctuation of its market capitalisation.

It said the proposed consolidation will theoretically triple its share price, while the total number of shares in issue will be reduced by the corresponding ratio.

AT Systemization is of the view the higher trading price of its consolidated shares later, may raise its profile among investors and lead to more attention and interest in its shares.

Dagang NeXchange Bhd (DNeX) has secured a project worth between RM50 million and RM75 million to supply up to 100 portable container systems (PCS) for petroleum products.

The PCS is a self-contained modular fuel storage and dispensing unit which is targeted to be used for the supply of petrol at fish landing jetties in Malaysia, DNeX said in a Bursa Malaysia filing.

The contract was awarded by Petro Teguh Sdn Bhd to its wholly-owned unit OGPC Sdn Bhd.

According to DNeX, a PCS station with single storage is priced at RM500,000 per site/unit (psu), while the contract price for a PCS station with double storage is priced at RM750,000 psu.

Yinson Holdings Bhd, which is expecting two substantial one-off gains totalling up to US$337 million (RM1.45 billion) from an equity sale and an early contract termination, is considering putting in place a dividend policy to reward its shareholders.

The gains will also prepare Yinson for its upcoming projects, its chief executive officer Lim Chern Yuan said.

"With those proceeds, we will look at the board's decision on how we will reinvest the money to grow our business, or develop a more stable dividend policy," he told reporters, after the group's annual general meeting.

Yinson's orderbook now stands at US$3.7 billion (RM15.91 billion), not including its latest joint venture for the US$1 billion Ca Rong Do (CRD) floating production, storage and offloading facility in Vietnam.

CCM Duopharma Biotech Bhd has received an additional RM10 million credit facilities from OCBC Bank (Malaysia) Bhd.

Its wholly-owned subsidiary Duopharma (M) Sdn Bhd had inked a credit facilities agreement with OCBC.

It has been maintaining a RM9.55 million credit facilities from OCBC since 2009 and the limit has been fully utilised as at March 31, 2017.

Tenaga Nasional Bhd is planning to raise RM5 billion via sukuk with a tenure of up to 50 years, to finance its capital expenditure, investment and related corporate purposes that are compliant with shariah principles.

TNB said the sukuk — which was lodged with the Securities Commission Malaysia (SC) — has been assigned with a long term final rating of ‘AAA’, the highest rating grade, by RAM Rating Services Bhd.

Scomi Engineering Bhd is dragging government-owned Prasarana Malaysia Bhd to the court again. This time to stop the latter from appointing a new party to supply the remainder six trains needed to complete the upgrade works under the Kuala Lumpur Monorail Fleet Expansion Project.

Its unit Scomi Transit Projects Sdn Bhd (STP) filed the court action on Monday, after Prasarana maintained the third supplemental contract (TSC) inked between the two parties in March is now null and void, after claiming the last condition in the TSC was not met.