KUALA LUMPUR (Sept 21): Based on corporate announcements and news flow today, stocks in focus on Monday (Sept 25) may include: UEM Edgenta, Oldtown, Mega First, Poh Kong, NTPM, AsiaBio, Spritzer, Yee Lee, Lien Hoe, Sentoria and FoundPac.
UEM Edgenta Bhd has bagged an engineering services contract from Malaysia Airlines Bhd worth RM6.75 million.
The contract, awarded to its 80%-owned unit KFM Holdings Sdn Bhd, covers rectification works, making good defects for mechanical and electrical systems, and civil and structure services over a period of six months.
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OldTown Bhd has been forced to temporarily shut its central food processing centre at Subang Jaya after an explosion there this morning.
The explosion affected the production floor of the centre and injured several employees, though Oldtown said it did not impact its coffee and beverage manufacturing and warehousing facilities.
Old Town believes insurance should adequately cover damages pending assessment.
Mega First Corp Bhd’s 65%-owned subsidiary, Idaman Harmoni Sdn Bhd, has been sued by the Inland Revenue Board to claim for RM26.33 million in owed tax.
The company said it may challenge the suit on the grounds that the assessments for 2009 and 2010 cited by the board are statute-barred and erroneous in law.
Mega First said the additional taxes were related to a joint-venture project between Idaman Harmoni and IJM Corp Bhd’s unit IJM Properties Sdn Bhd to build PJ8, an office tower that was reported to have an estimated gross sales value of RM210 million.
Poh Kong Holdings Bhd's net profit leapt over five times in its fourth quarter ended July 31, 2017 (4QFY17) to RM14.32 million from RM2.84 million previously, thanks to brisk sales.
Quarterly revenue grew 31% to RM259.98 million from RM198.35 million a year ago, mainly due higher demand for gold jewellery and gold investment products, higher retail gold prices, and contribution from new outlets.
For FY17, its net profit more than doubled to RM29.57 million from RM11 million in FY16, while revenue grew 13% to RM876.99 million from RM776.53 million.
NTPM Holdings Bhd's net profit grew 29% in its first quarter ended July 31, 2017 (1QFY18) to RM12.12 million from RM9.38 million a year ago, thanks to higher contribution from both its paper products and personal care products segments.
Quarterly revenue rose 16% year-on-year to RM176.15 million from RM151.43 million, due to higher sales of tissue and personal care products, locally.
The group said it is eyeing new ventures if the expansion synergizes with the group’s current business model.
Asia Bioenergy Technologies Bhd (ABT) has disposed of its entire 8.88 million shares, representing a 2.33% stake, in T7 Global Bhd for RM3.65 million.
The group said the shares were originally acquired for RM3.24 million.
Proceeds from the disposal will be channelled back to its technology incubator funds, which will be used for future investments in a three-year timeframe.
Spritzer Bhd is planning a private placement to raise about RM64 million to build an automated warehouse in Taiping, Ipoh, an exercise which will dilute its largest shareholder Yee Lee Corp Bhd's stake in the company.
Spritzer intends to place out some 27.39 million new shares — representing some 15% of its current issued shares — to Tasik Puncak Holdings Bhd.
On completion of the placement, Tasik Puncak will emerge as its second largest shareholder with a 13.04% stake, while Yee Lee's stake will be trimmed to 27.89% from 32.07%.
The placement, at an issue price of RM2.33 per share, is expected to raise gross proceeds of RM63.81 million for Spritzer, and expand Spritzer's total issued shares to 209.97 million from 182.58 million.
Lien Hoe Corp Bhd said it has withdrawn its Letter of Demand (LoD) issued on Sept 7 to claim for some RM50.46 million in outstanding instalment payments and accrued interest from Gabungan AQRS Bhd.
Lien Hoe's wholly-owned unit Pro-Meridian Sdn Bhd withdrew the LoD after receiving payment from Gabungan AQRS’ unit, AQRS The Building Company Sdn Bhd, though the exact sum was not revealed.
Sentoria Group Bhd is proposing a 1-for-10 bonus issue of up to 52.8 million new shares, and a rights issue of up to 211.2 million warrants at 25 sen each on the basis of four warrants for every 10 shares held.
The group is seeking to raise up to RM52.8 million from the rights issue to be used mainly as working capital for its property development projects in Kuantan, Kuching and Morib.
The exercise price of the warrants has been fixed at 60 sen.
Sentoria expects the exercises to be completed by December.
FoundPac Group Bhd is proposing a 2-for-5 bonus issue and a share buy-back exercise that will involve the purchase of up to 10% of its total issued shares.
The proposed bonus issue of up to 148 million new ordinary shares will be offered on the basis of two bonus shares for every five existing FoundPac shares held.
As for its proposed share buy-back, the group is looking to buy up to 10% of its total number of issued shares, to be financed via internal funds and/or external bank borrowings.
The group is also proposing the establishment of an ESOS involving up to 10% of its total number of issued shares.
FoundPac said the proposed bonus issue and ESOS are expected to be completed by the first quarter of 2018.
http://www.theedgemarkets.com/article/uem-edgenta-oldtown-mega-first-poh-kong-ntpm-asiabio-spritzer-yee-lee-lien-hoe-sentoria-and
