KUALA LUMPUR (May 2): Based on corporate announcements and news flow today, companies that may be in focus on Friday (May 3) may include the following: YTL Corp Bhd, Lafarge Malaysia Bhd, Destini Bhd, GHL Systems Bhd, YFG Bhd, Pasdec Holdings Bhd, KUB Malaysia Bhd and Sunway Real Estate Investment Trust
YTL Corp Bhd said its unit has proposed the acquisition of a 51% stake in Lafarge Malaysia Bhd for RM1.63 billion or RM3.75 per share.
The group said YTL Cement Bhd plans to buy the stake, comprising 433.24 million shares, from Associated International Cement Ltd.
YTL Corp said following the increase in shareholding, YTL Cement will be obliged to extend a mandatory offer (MO) to acquire the remaining shares in Lafarge.
The acquisition, it said, represents an opportunity for YTL Cement and its subsidiaries to pursue its expansion strategy.
Destini Bhd is working together with two railway contractor companies to collectively bid for rail projects in Malaysia and the region.
Destini said its wholly-owned subsidiary Destini Rail Sdn Bhd had entered into a joint venture and shareholders agreement with Lion Pacific Sdn Bhd and SVPR Consulting Services Sdn Bhd to transfer shares in its newly incorporated wholly-owned subsidiary DLP Rail Sdn Bhd.
Upon completion of the agreement, Destini, which is involved in aviation maintenance, shipbuilding, as well as the oil and gas industry, will be left with a 40% stake in DLP Rail.
GHL Systems Bhd is adding GrabPay's payment channel to its existing credit and debit cards schemes, local e-Wallets, as well as crossborder e-Wallets for its merchant base in Malaysia.
GHL said it has enabled GrabPay at its merchant payment touch-points to accept Grab’s mobile QR payment.
Through this tie-up, Grab will have a quicker access to GHL’s 70,000 transaction payment acquisition merchant payment touch-points throughout Malaysia.
YFG Bhd said its engineering unit has terminated an RM127 million contract for the proposed construction of over 600 units of PR1MA homes along with 74 units of shoplots in Kuantan, Pahang.
The Practice Note 17 (PN17) company said that the termination was due to project funding issue on the developer’s part.
It said the notice of termination was served to the developer, Seri Ceka Sdn Bhd, as the required contract was not formalised within the stipulated three-month time period due to project funding issues on the developer’s part.
Pasdec Holdings Bhd has failed to submit its 2018 annual report for public release within the deadline of April 30, which could see Bursa Malaysia suspending trading of the company’s shares, if it does not submit the report by May 8.
The exchange said if a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the relevant timeframe, also known as the suspension deadline, the exchange will suspend trading in the issuer’s shares on the following market day.
KUB Malaysia Bhd said its joint development agreement (JDA) with Mabanaft Pte Ltd to develop, own and operate a refrigerated liquefied petroleum gas (LPG) terminal at Westports in Port Klang, Selangor, has lapsed with no extension agreed.
KUB said the JDA lapsed on April 30 — which was the date the agreement was in effect until — with no extension agreed by both parties.
KUB did not elaborate on the rationale for the lapse of the agreement but said “the parties are in discussions on the next course of action”.
In October 2018, KUB Malaysia announced that it has, together with its subsidiary KUB Gaz Sdn Bhd, signed the JDA with Singapore-based Mabanaft, which is an affiliate of Germany-based energy player Marquard & Bahls Group. This followed the Memorandum of Understanding which was inked in May 2017.
Sunway Real Estate Investment Trust’s (Sunway REIT) net property income rose by 8% year-on-year (y-o-y) to RM113.8 million for the third quarter ended March 31, 2019 (3QFY19) from RM105.3 million previously thanks to higher contributions across its retail, hotel, office and services segment.
Net realised income also rose 8.5% y-o-y to RM75.76 million versus RM69.85 million previously.
The group declared a distribution per unit (DPU) of 2.58 sen for the quarter, to be paid on May 30.
The group said revenue increased by 7.1% y-o-y to RM151.5 million, primarily contributed by firmer financial performance from the retail and office segments which was further boosted by higher income contribution from Sunway Clio Property.