Spring Gallery, PRG, PetDag, IWCity, Warisan TC Holdings, D’sara Realty, ECS ICT, GFM Services and Rev Asia

KUALA LUMPUR (July 5): Based on corporate announcements, filings with Bursa Malaysia and news flow today, companies that will be in focus tomorrow, Thursday (July 6), may include: Spring Gallery, PRG, PetDag, IWCity, D’sara Realty, ECS ICT, GFM Services, Warisan TC and Rev Asia.

Spring Gallery Bhd said a RM176 million contract to provide professional project management facilities for the development of a 6.02-acre piece of land in Perling, Johor, has now been called off.

Spring Gallery, via its wholly-owned subsidiary Profit Sunland Sdn Bhd, won the contract on April 18 last year.

It said Profit Sunland has inked a deed of mutual rescission and revocation with Prinsip Nusantara Sdn Bhd to rescind and revoke the managing contractor agreement entered into in April 2016.

It said the reason for the revocation was because Prinsip Nusantara foresees there will be a delay in the construction work, and had deferred Profit Sunland's management period over the duration of the managing contractor agreement.

PRG Holdings Bhd is going to explore the possibility of partnering Singapore-listed oil and gas firm, Mirach Energy Ltd, to undertake property and construction projects in Malaysia and elsewhere.

It inked a Memorandum of Understanding (MoU) with Mirach today that will set the stage for formal negotiations and information sharing with regards to the proposed joint venture (JV).

Petronas Dagangan Bhd (PetDag) is selling its liquefied petroleum gas business in the Philippines to Phoenix Petroleum Philippines Inc for US$124 million (RM532.5 million).

PetDag said its wholly-owned subsidiary PDB (Netherlands) BV has signed two share purchase agreements with Phoenix Petroleum; one for the sale of Petronas Energy Philippines Inc (PEPI) and the other its 40%-owned affiliate Duta Inc for a combined US$126.1 million, subject to adjustment at completion.

PEPI undertakes LPG marketing in the Philippines, while Duta is a land-holding company jointly-owned with local partners.

PetDag said the transactions are expected to be completed in the third quarter of 2017.

Iskandar Waterfront City Bhd (IWCity) and Iskandar Waterfront Holdings Sdn Bhd (IWH) has extended the deadline to conclude their planned restructuring to Sept 4 this year, as IWH needed more time to finalise talks on the corporate exercise.

IWCity said the extension was needed to enable IWCity's major shareholder IWH to negotiate in good faith and execute the definitive sale and purchase agreements (SPA) with the relevant vendors under the restructuring.

IWCity added that it will announce any material developments on the definitive SPAs accordingly.

Warisan TC Holdings Bhd's wholly-owned subsidiary Mayflower Holidays Sdn Bhd (MH) has entered into a joint venture (JV) agreement with Agile Quick Services Sdn Bhd (AQS) to offer its travel products and services to customers through an e-commerce platform.

Warisan TC said MH had entered into the agreement with AQS to undertake and pursue the business of providing multiple travel products and services via electronic platform.

This includes the managing of online business of sales of travel products and services for MH.

It said the proposed JV is expected to contribute positively to the profitability and growth of the group's travel business in the future.

A consortium that included Damansara Realty Bhd's subsidiary TMR Urusharta (M) Sdn Bhd has bagged a RM26.21 million contract to provide security management services to Petronas's Refinery and Petrochemical Integrated Development (RAPID) project in Pengerang, Johor.

Damansara Realty said the consortium comprising TMR, ACME Security Sdn Bhd and AHS Security Sdn Bhd had received a letter of award from Petronas Refinery and Petrochemical Corp Sdn Bhd's subsidiary PRPC Utilities and Facilities Sdn Bhd.

It added that the contract will be valid for 21 months, with the estimated contract value of RM26.21 million, with optional services worth RM9.77 million.

The contract award is expected to contribute positively to Damansara Realty's earnings in the current financial year ending Dec 31, 2017.

Computer technology and systems provider ECS ICT Bhd said it will be distributing a new product — a new mini camera drone called The Spark, the first pocket camera drone that users can control using hand gestures alone.

ECS ICT said its wholly-owned unit ECS Astar Sdn Bhd has been authorised to distribute the new mini camera drone, which is developed by China-based Da-Jiang Innovations Science and Technology Co Ltd (DJI).

It expects to leverage on the popularity of the consumer drones, which is expected to continue to experience rapid growth.

This, ECS ICT said, should help improve its sales and contribute to improving the financial results of the company in the second half of its 2017 financial year.

ACE-Market listed GFM Services Bhd is seeking a transfer of its listing to the Main Market of Bursa Malaysia in the second half of this year.

The integrated facilities management service provider said it has met the historical profit track record and other relevant requirements for the transfer.

Rev Asia Bhd's plan to dispose of an entire 70% stake in Rev Asia Holdings Sdn Bhd for RM73.5 million is "fair and reasonable", said independent adviser TA Securities Holdings Bhd.

As such, minority shareholders of Rev Asia have been recommended to permit the sale — marking its exit from the advertising and social media business — to Media Prima Bhd, TA Securities said in a circular to shareholders of Rev Asia today.

The deal is deemed "fair", said the adviser, based on key ratios, including price-to-earnings ratio (PER) and price-to-book (PB) ratio, which are higher than the average of comparable companies.

Additionally, TA Securities found the terms of the share purchase agreement to be "reasonable" as far as the interests of Rev Asia are concerned.