PIE Industrial, Malaysia Smelting, IOI Corp, Kronologi Asia, CIMB Group, E&O, TNB, Padini, Palette Multimedia, Hwang Capital, Ire-Tex, Xian Leng and Bumi Armada

KUALA LUMPUR (Aug 7): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Aug 8) may include the following: PIE Industrial, Malaysia Smelting, IOI Corp, Kronologi Asia, CIMB Group, E&O, TNB, Padini, Palette Multimedia, Hwang Capital, Ire-Tex, Xian Leng and Bumi Armada.

PIE Industrial Bhd posted a 74.48% increase in net profit for the second quarter ended June 30, 2017 to RM10.7 million or 2.79 sen per share, from RM6.13 million or 1.6 sen a year on higher revenue, lower operating expenses and reversal of slow moving inventory.

Revenue was up 29.57% to RM176.07 million from RM135.89 million, mainly attributable to higher demand from existing customers for electronics manufacturing activities, raw wire and cable products and trading activities.

Malaysia Smelting Corp Bhd’s second financial quarter ended June 30, 2017 saw it return into the black, registering a net profit of RM9 million, compared with losses of RM10.3 million last year on the back of better associates and joint ventures' contribution.

Revenue fell 22.3% down to RM307.9 million from RM396.3 million due mainly to lower sales volume of tin metal.

IOI Corp Bhd has announced a second interim single tier dividend of five sen per share for the year ended June 30, 2017. The dividend is payable on Sept 15 with the ex-date fixed for Aug 24.

Kronologi Asia Bhd has fixed the price of the shares to be issued under its private placement exercise at 79 sen apiece, which represents a discount of about 2.98% to the five-day volume weighted average market price of Kronologi Asia shares up till Aug 4,

At 79 sen each, the company is expected to raise gross proceeds of RM21.36 million if all the placement shares are placed out and it will be used to pay its transnational infrastructure equipment, future business expansion, working capital and estimated expenses in relation to the proposed private placement.

CIMB Group Holdings Bhd today launched its business solutions platform Biz123, a one-stop platform offering a range of solutions for businesses, from sole proprietorships and enterprises to small and medium enterprises.

CIMB said the platform has three value propositions, including convenient online account opening, e-alerts on account activities via BizAlert, simpler documentation, and faster loan disbursement upon receiving complete documentation.

Eastern & Oriental Bhd's (E&O) shareholders have approved the disposal of development land measuring 1.445 million sq ft at the Seri Tanjung Pinang Phase 2 project in Penang for RM766 million.

The land — sold by its subsidiary Tanjung Pinang Development Sdn Bhd (TPD) to Kumpulan Wang Persaraaan (Diperbadankan) (KWAP) — covers 20% of the net development land on Phase 2A (STP2A) of the reclamation project on the northeast coast of Penang island, for which TPD has been granted the concession rights to reclaim and develop.

The proceeds from the land disposal will be used to meet the funding requirements for STP2A reclamation and infrastructure works.

Underground cable faults at the main substations of Tenaga Nasional Bhd (TNB) in Pagoh, Johor, have resulted in disruption in electricity supply in some parts of Klang Valley and Muar earlier today, according to a source with knowledge of the matter.

It is learnt that some 80% of the supply has been restored so far, using mobile generators, while the balance will be restored soon.

TNB is currently undertaking repair works on the faulty cable, according to the source, with repair works expected to be completed within the day.

Padini Holdings Bhd has completed the registration of wholly-owned Padini (Cambodia) Co Ltd in Cambodia for 20 million riels (equivalent to US$5,000).

Padini Cambodia, a private limited company incorporated in Cambodia on July 14, 2017, intends to be involved in the trading of apparel, shoes and accessories.

Palette Multimedia Bhd has bagged a contract from Trade House Atlantis Ltd to provide hardware platform for US$450,000 (about RM1.92 million) and is to be delivered by Jan 15, 2018.

Hwang Capital (M) Bhd has received undertakings from two shareholders — DBS Vickers Securities Pte Ltd and DBS Bank Ltd — to vote in favour of its proposed selective capital reduction and repayment (SCR) exercise aimed at taking the company private.

Under the proposal, Hwang Capital’s largest shareholder Hwang Enterprises Sdn Bhd and persons acting in concert will pay entitled shareholders RM260.68 million or RM2.94 per share.

The SCR will be executed by the cancellation of 88.67 million shares, representing a 34.75% stake in Hwang Capital held by the minority shareholders.

Corrugated packaging services provider Ire-Tex Corp Bhd has appointed Saharun Nizam Saharan as its new chief executive officer, effective today.

Xian Leng Holdings Bhd said its executive director Datuk Ng Jet Heong is now a substantial shareholder in the company after acquiring 6.98 million shares off-market, representing a 9.65% stake in the group,

Bumi Armada Bhd has incorporated three new subsidiaries in Netherlands to establish commercial presence close to its offshore services target clientele and major oil and gas companies.