Sinmah, Aeon Credit, UEM Edgenta, Kawan Food, F&N, Jetson and Majuperak


KUALA LUMPUR (July 4): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Wednesday, July 5) may include: Sinmah, Aeon Credit, UEM Edgenta, Kawan Food, F&N, Jetson and Majuperak.

Sinmah Capital Bhd is selling four pieces of land, together with 22 broiler farms, a chicken processing plant and a two-storey shophouse, in Batu Pahat, Johor, for a combined RM12.33 million cash, as part of its plans to dispose of certain assets which it deems to be no longer necessary to its poultry division operations.

Sinmah expects to net a total pre-tax profit on disposal of RM8.07 million, which will be used to strengthen the group's cash flow and reduce its gearing.

It added that the proposed disposals are expected to be completed by the fourth quarter of 2017.

Aeon Credit Service (M) Bhd's net profit jumped 20.9% in the first financial quarter ended May 31, 2017 (1QFY18) to RM75.8 million from RM62.7 million 1QFY17, partly boosted by bad debt recovery and commission earned from sale of insurance products, and AEON Big loyalty programme processing fees.

Revenue grew 15.5% to RM302.3 million in 1QFY18 from RM261.6 million a year ago.

On prospects, Aeon Credit expects to be able to continue with its current financial performance for the financial year ending Feb 28, 2018 (FY18) based on the scheduled implementation of its business plan.

UEM Edgenta Bhd, an asset and facilities management group, announced that its wholly-owned unit has been awarded a hospital support services contract from the Ministry of Health, valued at RM75.5 million.

The company said the hospital support service contract is valid for two years, commencing from Sept 1, 2017 until Aug 31, 2019.

UEM Edgenta added that it will provide the hospital support service at the National Cancer Institute in Putrajaya.

The work scope include facility engineering maintenance services, biomedical engineering maintenance services, cleansing services, healthcare waste management services, linen and laundry services, and facility management services.

Kawan Food Bhd has proposed a bonus issue of 89.88 million new shares on the basis of one bonus share for every three existing shares.

This, said the group, will expand its issued and paid-up capital by a third to 359.52 million shares from 269.64 million shares.

The frozen food manufacturer and exporter said the bonus issue is part of its reward to shareholders for their loyalty and continuing support.

Fraser & Neave Holdings Bhd (F&N) has formed a marketing partnership with McDonald's Malaysia, which will see its 100Plus products made available at all McDonald's outlets from today.

According to Khalid Alvi, F&N's senior vice president, group marketing (non-alcoholic beverages), the partnership has been two years in the making and follows a four-month trial at 10 McDonald's outlets in major towns.

100Plus will be the first F&N product to be served at a quick-service restaurant network in Malaysia, the group said.

Kumpulan Jetson Bhd said MCC Overseas (M) Sdn Bhd has withdrawn a RM919.32 million contract with its wholly-owned subsidiary Jetson Construction Sdn Bhd (JCSB) on alleged misrepresentation or non-disclosure of a certain matter.

Jetson said JCSB had on Monday received a letter from MCC on its decision to rescind the award to JCSB to undertake subcontract works for a mixed commercial project in Jalan Conlay here, citing there was an alleged misrepresentation or non-disclosure that one of the substantial shareholders of Jetson is a director of a third party consultant to the employer of the project.

Jetson said, however, that JCSB has denied any misrepresentation or non-disclosure or wrongdoing giving rise to such rescission and that it was not given the opportunity to respond prior to the purported unilateral rescission.

It is seeking legal advice on this matter and will take appropriate action in due course.

Separately, MCC confirmed that it has rescinded the subcontract with JCSB with no further explanation given except to say that it had reserved its rights in relation thereto.

Majuperak Holdings Bhd said it is not aware of any corporate development or rumour that has led to the sharp rise in its share price today.

It is also said it could not offer any other possible explanation for the share price hike.

Opening at 51.5 sen, Majuperak shares rose by as much as 17.48% to 60.5 sen before pulling back to 54.5 sen. Some 19.46 million shares changed hands, equivalent to 7.57% of the group's share capital.

Earlier, Bursa Malaysia slapped Majuperak with an unusual market activity query, asking the group to explain the sudden and sharp increase in the price of its shares today.

Subsequent to the explanation, Majuperak suspended the trading of its shares at 3.36pm. The counter will resume trade tomorrow.



http://www.theedgemarkets.com/article/sinmah-aeon-credit-uem-edgenta-kawan-food-fn-jetson-and-majuperak