KUALA LUMPUR (July 26): Based on corporate announcements and newsflow today, stocks on focus for July 29 (Monday) might be as follows: AHB Holdings Bhd, Tan Chong Motor Holdings Bhd, FGV Holdings Bhd, MSM Malaysia Holdings Bhd, Boustead Plantations Bhd, Boustead Holdings Bhd, Pharmaniaga Bhd, Kejuruteraan Asastera Bhd (KAB), Hibiscus Petroleum Bhd, Westports Holdings Bhd and Asia Media Group Bhd.
AHB Holdings Bhd is to raise RM9.86 from two private placements — one comprising 10% of the group’s share capital of 176.04 million shares and another 30% of the share capital — in order to fund working capital, capex purposes, marketing expenses and defray costs associated with the exercise.
The 10% private placement is expected to raise RM2.47 million, and the 30% private placement RM7.39 million — based on an indicative placement price of 14 sen apiece.
Tan Chong Motor Holdings Bhd’s wholly-owned Vietnamese unit signed an MoU with Chinese company SAIC Motor Corp Ltd’s wholly-owned subsidiary to assemble, sell, and distribute complete knockdown (CKD) vehicles, and import and sell selected complete built-up (CBU) vehicles of SAIC’s stable of brands.
The two are aiming to sign a cooperation agreement further down the line to cement the partnership.
FGV Holdings Bhd, responding to a report in The Edge Financial Daily today, said discussions are still at the preliminary stage for the sale of its 51% strategic stake in sugar refiner MSM Malaysia Holdings Bhd.
The group added that is working on its transformation plan, which includes a review of all underperforming and non-performing businesses, especially its legacy investments.
Boustead Plantations Bhd’s non-executive chairman Tan Sri Panglima Mohd Ghazali Che Mat is to be replaced by Datuk Syed Tamim Ansari Syed, effective Aug 1. At the same time independent and non-executive director Dr Raja Abdul Malek Raja Jallaludin will be retiring from his position.
Mohd Ghazali will also be retiring as chairman and non-independent non-executive director of Boustead Holdings Bhd. Non-independent and non-executive director Datuk Azzat Kamauludin and independent non-executive director Datuk Francis Tan Leh Kiah will also be retiring.
Boustead Holdings chief operating officer Fahmy Ismail resigned from his non-independent and non-executive directorship at Pharmaniaga Bhd, effective July 31. Izzat Othman will also be resigning from his independent and non-executive directorship at Pharmaniaga.
Kejuruteraan Asastera Bhd (KAB) expects revenue growth in the year ending Dec 31, 2019 as it looks to include mechanical engineering and energy efficiency (EE) solutions as new revenue streams. The group added that it would look to expand its operations beyond the Klang Valley such as in Johor, Penang and Melaka.
In addition, the group is looking to enter the EE solutions market and is currently in talks with a company that operates a chain of food and beverage outlets.
Hibiscus Petroleum Bhd’s listed Australian associate company 3D Oil Ltd has been awarded a permit in the offshore Gippsland Basin by the National Offshore Petroleum Titles Administrator. The 1,006km2 permit is located in the southern side of the Gippsland Basin, adjacent to the Kingfish oilfield.
Westports Holdings Bhd’s second quarter ended June 30, 2019 net profit jumped 36.5% to RM166.32 million, from RM121.81 million a year ago — with revenue increasing 15.3% to RM454.5 million from RM394.04 million.
The group attributed the higher revenue to double-digit growth in container volume and the implementation of the container tariff hike (which was implemented on March 1, 2019).
PN-17 company Asia Media Group Bhd’s shareholders voted to remove five directors, including CEO Datuk Wong Shee Kai via an extraordinary meeting.
Non-independent and non-executive director Chow Zee Neng, non-independent executive director Ong Kar Kian, independent and non-executive director Paul Jong Jun Hian and independent and non-executive director Ong Chooi Lee were also removed.