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KUALA LUMPUR (Dec 3) Based on corporate announcements and news flows today, stocks in focus on Tuesday (Dec 4) may include: Cycle & Carriage Bintang Bhd, Telekom Malaysia Bhd, Reach Energy Bhd, Revenue Group Bhd, Genting Malaysia Bhd, Hap Seng Consolidated Bhd, Signature International Bhd, Hovid Bhd and D’nonce Technology Bhd.

Cycle & Carriage Bintang Bhd will cease to be a substantial shareholder of Mercedes-Benz Malaysia Sdn Bhd after disposing of 66 million or 49% Mercedes-Benz Malaysia shares to Daimler AG for RM66 million. 

“Following Daimler’s exercise of the call option, Cycle & Carriage will cease to be entitled to the annual dividend from Mercedes-Benz Malaysia of approximately RM11.2 million, even when Mercedes-Benz Malaysia declares a dividend,” Cycle & Carriage said in a filing with Bursa Malaysia.

Mercedes-Benz Malaysia said it received a notice dated Nov 30 from Daimler in relation to the latter exercising its call option on the 66 million shares currently held by Cycle & Carriage.

Telekom Malaysia Bhd has appointed Rosli Man as a non-independent and non-executive chairman of the telecommunications giant effective immediately. Rosli, 65, replaces Tan Sri Dr Sulaiman Mahbob, 70, who resigned on Nov 30 following the cessation of office.

Reach Energy Bhd announced today that initial testing of the exploration well at North Kariman-3 (NK-3) in its Emir Oil concession block onshore Kazakhstan has yielded positive results.

"The NK-3 well has been safely and successfully executed as budgeted," it said, noting that the well penetrated the target Mid-Triassic carbonate reservoirs, reaching a total depth of 4,140.66m.

Cashless payment solutions provider, Revenue Group Bhd, is expected to make inroads into Myanmar early next year.

Its group chief executive officer Eddie Ng Chee Siong said the group is now awaiting approval from the authorities before it could enter into any partnership there.

"We hope to collaborate with local companies there to strengthen out footprint," he said after the company's inaugural annual general meeting today.

Genting Malaysia Bhd has appointed former Bank Negara Malaysia executive Chong Kwai Ying as an independent and non-executive director.

Chong, 58, was at the central bank in various capacities until April 2017, where after that she had short stint at Perbadanan Insurans Deposit Dalam Malaysia (PIDM) as a consultant until earlier this year.

She is currently an independent and non-executive director of AXA Affin Life Insurance Bhd and China Construction Bank (Malaysia) Bhd, and is an economics graduate from University Malaya.

Hap Seng Consolidated Bhd is disposing of two contiguous parcels of land in Tawau, Sabah to Goldcoin Ventures Sdn Bhd for RM24.23 million.

Hap Seng said the proposed disposals are in line with the group’s strategy in disposing of parcels of land located in non-strategic locations without immediate development potential. The proceeds from the exercise would be used to reduce the group’s borrowings and/or for working capital.

It added that the proposed disposals will give rise to a net gain of RM18.14 million.

With a thinner order book of RM116 million as at September, Signature International Bhd is poised to deliver weaker results for its current financial year ending June 30, 2019 (FY19).

Group managing director Tan Kee Choong said the kitchen furniture maker has been negatively impacted by lower orders amid a subdued property market, and it does not see sentiment improving anytime soon.

“Based on the order book, FY19 revenue would be lower than in FY18 and  Signature International Bhd is poised to deliver weaker results for its current financial year ending June 30, 2019 (FY19)," Tan told reporters after the company's annual general meeting today.

The second offer by Hovid Bhd managing director David Ho Sue San and private equity firm TAEL Two Partners Ltd — via its special purpose vehicle Fajar Astoria Sdn Bhd — to take over the pharmaceutical company has turned unconditional after Bursa Malaysia approved the application for its listing withdrawal.

In a filing with Bursa today, Hovid said the exchange has approved the withdrawal in a letter dated today.

As of today, Ho's and Fajar Astoria's shareholdings in Hovid have increased to 87.43% from 79.05% on Oct 5 — the date when the group despatched the offer document to shareholders.

D’nonce Technology Bhd's substantial shareholder Blackstream Investments Pte Ltd is calling for an extraordinary general meeting (EGM) to remove the group's directors, as it disagrees with the board's move to lead the group towards a future that only focuses on and raises funds for property development.

Property development is a new venture for the group and one of three businesses it is in, according to Blackstream, which owns a 21.94% stake in the group.

D'nonce said it has received the requisition notice to convene the EGM from Blackstream, and has engaged its lawyers to provide legal opinion in respect of the notice.

The board members Blackstream wants to remove are: Ang See Ming, Kuah Choon Ching, Lim Kuan Yew, Chee Wai Hong and Lee Eng Sheng. Ang is currently D’nonce's chairman, while Kuah is the group’s chief executive officer.

Blackstream also wants to remove Datuk Ahmad Ibnihajar, Roslant Abu, Datuk Seri Lee Kah Choon, Wong Thai Sun and Lena Leong Oy Lin from D'nonce's board. However, the five are no longer directors of the company. Ahmad, who was chairman of the board, together with Roslant, Kah Choon, and Leong, resigned on Nov 30. Wong quit today.

In their place, Blackstream proposed to appoint Lim Siang Kai, Lam Kwong Fai, Tan Han Beng and Yoong Nim Chor. Siang Kai is a director in Blackstream.

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