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KUALA LUMPUR (July 12): Based on corporate announcements and news flow today, companies that will be in focus tomorrow (Thursday, July 13) may include: Zhulian, Digi.Com, Star Media, FGV, Axiata, MPCorp, WCT and Eduspec

Zhulian Corp Bhd’s net profit jumped 53.5% to RM12.19 million in the second quarter ended May 31, 2017 (2QFY17), from RM7.94 million in the previous corresponding quarter, thanks to improved margins and lower expenses.

It declared a dividend per share of 1.5 sen, payable on Sept 8.

Revenue grew by 2.8% to RM48.52 million from RM47.22 million a year ago. Earnings per share ballooned to 2.65 sen in 2QFY17 from 1.73 sen previously.

For six-month period ended May 31, 2017, the multi-level market group’s net profit soared 78% to RM26.75 million from RM15.02 million a year ago. Revenue increased almost 2% to RM96.9 million from RM95.38 million.

DiGi.Com Bhd’s second quarter ended June 30, 2017 (2QFY17) saw its net profit fall 14.7% to RM358.9 million, from RM420.6 million during the same period last year, due mainly to progressively higher depreciation and additional finance costs.

Quarterly revenue dipped 6.2% to RM1.56 billion, from RM1.66 billion a year ago.

For its cumulative six month period (6MFY17), net profit fell 10.7% lower to RM732 million, from RM819.7 million last year, while revenue slid 5.5% at RM3.13 billion, from RM3.31 billion a year ago for the same reasons.

The group announced a second interim single-tier dividend of 4.6 sen per share for FY17, payable on Sept 29, 2017.

Star Media Group Bhd said it is ceasing the business operations of its wholly-owned subsidiary Li TV Group effective Oct 7 to mitigate further losses made by the company.

Li TV Group consists of Li TV Holdings Ltd (Li TV) and its wholly-owned units Li TV International Ltd, Li TV Asia Pte Ltd and Li TV Asia Sdn Bhd.

Based on Li TV's latest audited financial statements for the year ended Dec 31, 2016 (FY16), Li TV incurred losses of US$1.62 million, said Star Media.

The cessation, it said, will not have any material impact on the earnings per share and net assets per share of the group for FY17 and is expected to be completed by the fourth quarter of this year.

Felda Global Ventures Holdings Bhd (FGV) has made further changes to its board with the appointment of three new directors.

All three currently hold office at the Federal Land Development Authority (Felda), said FGV in a filing this evening, confirming a report by The Edge Malaysia weekly in its July 3 edition.

Datuk Abu Bakar Harun and Ab Ghani Mohd Ali have been appointed as independent and non-executive directors, while Datuk Muzzammil Mohd Nor was named as a non-independent and non-executive alternate director.

Abu Bakar, 56, is currently chairman of Pahang State Felda Affairs Committee. Ab Ghani, 59, is Felda's acting director-general, while Muzzammil, 45, is the agency's deputy director-general (management).

Axiata Group Bhd said it had not received Nepal's central bank's directive that bars Axiata from repatriating its dividends.

It said this today in response to news reports, which quoted Nepal Rastra Bank officials as saying the central bank had barred Axiata from repatriating its dividends until the issue of capital gains tax (CGT) related to Axiata's unit Ncell Pvt Ltd deal was settled.

"Axiata wishes to clarify that it has not received any official communication or direction from Nepal's central bank or relevant Nepali authorities on the matter.

"Axiata is confident that the government of Nepal will not discriminate and contradict the aegis of the Bilateral Investment Treaty by blocking Axiata from repatriating its dividends rightfully due to the group as a foreign investor in the country," Axiata said.

Malaysia Pacific Corp Bhd (MPCorp) said it has entered into a joint venture (JV) agreement with Taiwan-based Chun Fu Development Sdn Bhd to jointly develop 13 pieces of land in Plentong, Johor.

MPCorp said it entered the agreement via its wholly-owned subsidiaries Taman Bandar Baru Masai Sdn Bhd and Lakehill Resort Development Sdn Bhd.

Under the agreement, MPCorp shall hold up to 35% in the JV company while the remaining 65% will be held by Chun Fu.

WCT Holdings Bhd has reached a preliminary view that subject to formal legal opinion, it has good grounds to defend and oppose three companies' claims for 181.57 million riyals (RM214.12 million) over payment for a government project in Doha, Qatar, where it was the main contractor.

The claimants — Trans Gulf International Electro-Mechanical WLL, Powermech Engineering WLL and Trans Gulf International Electro-Mechanical WLL-Powermech Engineering WLL joint venture — were WCT's subcontractors for mechanical, electrical and plumbing-related works for the project.

"The financial impact on the group is not expected to be material, as (WCT) believes it has good grounds to defend and oppose the claims and there should be no impact on the group’s operations, as the project has been completed and handed over to and occupied by the client," it said

Eduspec Holdings Bhd, whose shares were actively traded today, has fixed the price for its fifth tranche of share placement at 15 sen each.

This is 3.5 sen or 18.92% below Eduspec's closing price of 18.5 sen.

In a filing with Bursa Malaysia, Eduspec said the issue price represents a discount of 1.47 sen or 8.93% when compared with the latest five-day weighted average market price of 16.47 sen.

The group said the new shares to be issued will be the fifth tranche in its private placement exercise to raise funds to develop its education solutions and fund its business expansion in the Philippines.

In April 2016, Eduspec had proposed to raise between RM23.71 million and RM35.36 million by placing out some 126.27 million shares to third party investors.




http://www.theedgemarkets.com/article/zhulian-digicom-star-media-fgv-axiata-mpcorp-wct-and-eduspec
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