FGV, AQRS, Lien Hoe, Wintoni, Perak Transit, MyEG and MMC Corp

KUALA LUMPUR (Sept 8): Based on corporate announcements and news flow today, stocks in focus on Monday (Sept 11) may include: FGV, AQRS, Wintoni, Lien Hoe, Perak Transit, MyEG and MMC Corp

Prime Minister Datuk Sri Najib Razak has appointed ex-Malakoff Corp Bhd managing director Datuk Wira Azhar Abdul Hamid as the new chairman of Felda Global Ventures Holdings Bhd (FGV) effective today, taking over from acting chairman Tan Sri Sulaiman Mahbob.

However, FGV said in a separate statement that it has yet to receive notification in writing from its special shareholder, Minister of Finance (Inc), on the appointment. Until then, Sulaiman will stay as acting chairman, said the plantation giant.

Gabungan AQRS Bhd said that the letter of demand by Lien Hoe Corp Bhd’s unit for an outstanding payment of RM50.46 million on a joint development in Johor Bahru is premature, “expressively excessive” and “misleading”.

The developer said the project was inked in 2011, prior to its listing on Bursa Malaysia and involved a senior management team that has since left the group. A legal firm has also been appointed to deal with the letter of demand, it added.

Wintoni Group Bhd said its new board members — elected at its extraordinary meeting on June 20 — has submitted  plans and new direction on how to improve its financial performance, to Bursa Malaysia.

Additionally, Wintoni said that it has approached M&A Securities Sdn Bhd for re-appointment as its regularisation sponsor, after the firm resigned from the role earlier this year.

Perak Transit Bhd is purchasing a parcel of leasehold land together with a nine-storey office building in Ipoh’s SOHO Ipoh Commercial Centre (Phase II), for RM10 million.

The purchase — at an 11.27% discount to the building’s market value of RM11.27 million — will be satisfied via internal fundings and borrowings at a 30:70 ratio.

My E.G. Services Bhd (MyEG) said it will offer life insurance products by Hong Leong Assurance (HLA) via its website and digital platform.

The partnership will allow MyEG to increase the number of products offered via the platform, it said. For HLA, the move is part of its strategy to move away from conventional platforms and venture deeper into the wider digital market.

Northport (M) Bhd, a unit of MMC Corp Bhd, has inked a strategic alliance with two Sarawak-based shipping companies, Shin Yang Shipping Sdn Bhd and Harbour-Link Group Bhd, to increase shipping service frequencies in East Malaysia.

The alliance, coined The East Malaysia Network or TEAM Network, aims to do so through scheduled alignment between Shin Yang and Harbour-Link while Northport is tasked with improving its port services and terminal productivity.