KUALA LUMPUR (July 17): Based on corporate announcements and news flow today, stocks in focus on Thursday (July 18) may include: Boustead Plantations Bhd, Freight Management Holdings Bhd, Pharmaniaga Bhd, YKGI Holdings Bhd, Lay Hong Bhd, Mulpha International Bhd, Axis Real Estate Investment Trust, Ire-tex Corp Bhd, Hua Yang Bhd and Hibiscus Petroleum Bhd.
Boustead Plantations Bhd announced today that former Federal Court judge Tan Sri Aziah Ali has been appointed its independent and non-executive director, together with four others.
The four, namely Datuk Ahmad Rizal Abdul Rahman, Datuk Seri Ghazali Mohd Ali, Datuk Chan Kong Yew and Datuk Syed Tamim Ansari Syed Mohamed have also been appointed as non-executive directors.
Freight Management Holdings Bhd said it is currently exploring plans to dispose of its 49% interest in Singapore-based TCH Marine Pte Ltd and a pair of tug and barge under a 50:50 joint venture with Scomi Energy Services Bhd but clarified that the terms and conditions have yet to be fixed.
"The company wishes to clarify that it is currently exploring plans to dispose [of] the above interests. However, at this point of time, the terms and conditions have yet to be fixed. This is in line with our objective to exit these loss-making marine-related businesses and focus our resources on our core freight-related activities," the group said
Pharmaniaga Bhd has appointed Datuk Dr Hafsah Hashim, the former chief executive of SME Corp Malaysia, as its non-executive chairman, effective today.
Besides Hafsah, Pharmaniaga also announced the appointment of several new directors to the board. They include former Health Ministry director general Tan Sri Dr Mohamed Ismail Merican, who is now MAHSA University Pro-Chancellor and chairman, Shahrom & Co Advocates & Solicitors founding and managing partner Brig Gen (R) Datuk Mohd Shahrom Mohamad, former Prasarana Malaysia Bhd group chief financial officer Datuk Mohd Zahir Zahur Hussain, and UAC Bhd director Datuk Koo Hock Fee.
YKGI Holdings Bhd is purchasing 1.43 million new shares, representing 51.41% of the enlarged share capital, from its debtor Acesteel Industries Sdn Bhd at an issue price of RM2.45 apiece to settle a debt totalling RM3.5 million.
YKGI said the debt settlement deal with Acesteel was entered into by its wholly-owned subsidiary, Star Shine Marketing Sdn Bhd (SSM).
Upon completion of the proposed debt settlement, Acesteel will become a subsidiary of SSM and SSM will assume board control of Acesteel whilst the operation will remain with the existing management of Acesteel.
Lay Hong Bhd is disposing of a piece of freehold land in Kuala Selangor for RM27.6 million to Jernih Kejora Sdn Bhd in order to monetise idle assets and at the same time pare down borrowings of the group.
Lay Hong said it bought the 34-acre piece of vacant land in March 1990 for RM887,000.
Considering the original cost of investment, Lay Hong is expected to gain RM26.71 million from the disposal. However, based on the land's net book value of RM29.04 million as at March 31, Lay Hong would be disposing it at a loss of RM1.44 million.
Mulpha International Bhd is disposing of its Rydges Esplanade Resort in Cairns, Australia to JY Cairns Esplanade Hotel Pty Ltd for A$65 million (approximately RM187.91 million) cash.
Mulpha said the 31-year-old property is a 4-star hotel with 242 guest rooms, occupying 7,444 sq m. As at Dec 31, 2018, the audited net book value of the property stood at A$35.8 million.
Based on the sale price of the property, the proposed disposal is expected to result in a net gain after tax of A$14.9 million after deducting the performance obligation, agency commission, legal and all incidental costs.
Axis Real Estate Investment Trust (Axis REIT) is acquiring a property in Bayan Lepas, Penang from Ire-tex Corp Bhd for RM20.5 million in cash.
Axis REIT said the proposed acquisition of the property would enable it to strengthen its portfolio of industrial properties and is expected to benefit the fund in the long-term as a result of economies of scale.
The property, sitting on a piece of leasehold land measuring 90,040 sq ft, comes with a double-storey factory-cum-office building. Currently, the occupancy rate of the factory is 100%.
The property has a recorded book value of RM22.6 million and Ire-tex has estimated a loss on disposal of RM2.1 million based on the disposal price of RM20.5 million.
Hua Yang Bhd's net profit more than tripled to RM3.69 million in its first quarter ended June 30, 2019 (1QFY20) from RM1.01 million recorded in the same quarter a year ago.
Revenue was also higher at RM82.17 million from RM66.5 million previously.
Currently, the group’s total undeveloped land bank stands at 191 hectares, which has a potential gross development value (GDV) of RM5.3 billion, to be developed within five to seven years.
Hibiscus Petroleum Bhd is acquiring oil and gas rights offshore in the United Kingdom sector of the North Sea worth US$5 million (approximately RM20.59 million).
Hibiscus said its indirect wholly-owned subsidiary Anasuria Hibiscus UK Ltd has entered into a conditional non-binding term sheet to acquire License P2366 from United Oil & Gas PLC and Swift Exploration Ltd.
The blocks include the Crown Discovery, which based on information provided by United, consists of 2C contingent resources of 8 million barrels of oil and 6 billion cubic feet of associated gas.