KUALA LUMPUR (July 5): Based on corporate announcements and news flow today, stocks in focus on Monday (July 8) may include the following: GDB Holdings Bhd, London Biscuits Bhd, Seacera Group Bhd, MMC Corp Bhd, Vizione Holdings Bhd, Milux Corp Bhd, Daya Materials Bhd, Hengyuan Refining Co Bhd and AT Systematization Bhd.
GDB Holdings Bhd marked the structure topping out of Menara Hap Seng 3 in Kuala Lumpur city centre, two weeks ahead of schedule.
GDB had been appointed by Hap Seng Land Development (Puchong) Sdn Bhd as the main contractor to build the RM300 million Menara Hap Seng 3, at the intersection of Jalan Sultan Ismail and Jalan P. Ramlee here.
The entire scope of works encompass the provision of earthworks, piling, substructure and superstructure works within 26 months.
London Biscuits Bhd’s non-independent and non-executive chairman Datuk Seri Liew Kuek Hin, 80, has resigned from the post due to health reasons.
The 80-year-old Liew was made chairman of the group in December 1993.
Seacera Group Bhd has defaulted on another loan, this time to the tune of RM31.82 million owed to Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank).
SME Bank had previously stated it will commence legal action against Seacera, including winding up proceedings if it fails to settle the debt.
The money owed represents the total amount outstanding and due payable under the Bank Guarantee (Kafalah) and Commodity Murabahah Revolving Financing-i (CMRF-i), which was owed by Seacera’s 20% associate firm SPAZ Sdn Bhd to SME Bank.
MMC Corp Bhd has accepted the offer by the Ministry of Finance Inc (MoF Inc) to acquire the group’s 50% equity interest in Syarikat Mengurus Air Banjir & Terowong Sdn Bhd for RM184.5 million cash.
The takeover is part of Putrajaya’s offer to take over four tolled highway concessionaires under Gamuda Bhd and Lingkaran Trans Kota Holdings Bhd for RM6.2 billion.
Syarikat Mengurus Air Banjir & Terowong, the concession of the Stormwater Management and Road Tunnel (SMART), is a unit of Projek SMART Holdings Sdn Bhd.
Vizione Holdings Bhd has appointed Datuk Mohd Zaihan Mohd Zain as its independent non-executive chairman. The position was left vacant following the departure of Datuk Dr Raman Ismail on April 11.
Vizione said Zaihan has vast experience in infrastructure, building construction, property development, oil and gas, power, water and aviation.
Milux Corp Bhd announced a slew of new appointments today following the conclusion of the mandatory takeover offer launched by Topspike Holdings Sdn Bhd and Asia New Venture Capital Holdings Sdn Bhd.
Mohd Anuar Mohd Hanadzlah, 61, has resigned as independent and non-executive chairman of the group “due to other personal commitment”, with Datuk Dr Wong Lai Sum replacing him as the group’s chairman.
Separately, the group said Datuk Wira Ling Kah Chok, 38, has been appointed as the group’s executive vice-chairman.
Meanwhile group managing director Koh Pee Seng, 68, has resigned from his position due to “other personal commitments”, with Datuk Khoo Teck Kee, 44, taking over.
Daya Materials Bhd has defaulted on additional payments to AmBank (M) Bhd totalling RM835,483.31, bringing its total debt to the bank to RM1.11 million.
Daya Materials said its subsidiary Daya CMT Sdn Bhd had defaulted on the payment which was due today (July 5), in relation to banking facilities granted by AmBank to the company.
The group said that its failure to pay for the banking facilities was due to Daya CMT's cash flow constraints that have caused the company to not being able to pay its payment obligations to Ambank in a timely manner.
Hengyuan Refining Co Bhd's board has approved the full fund release amounting to US$26.61 million (about RM110 million) for the Euro 5 gasoil project.
Hengyuan said the project is undertaken to revamp its second hydro desulfurization unit to meet the 10 parts per million by weight (ppmw) sulphur specification by September 2020, as well as to re-instate the unit capacity to 6,300 tonnes per day.
The project, which is to be executed within its refining complex in Port Dickson, is one of the three regulatory-driven investments outlined in the company’s strategy to continue to operate as a refinery and to remain competitive in the industry, it said.
AT Systematization Bhd has signed an agreement to manufacture and supply high quality machined components to subsidiaries of Swiss company Rieter Machine Works Ltd.
The group said that the agreement, which is for a three-year period with an automatic extension for a further year, includes aluminium profiles to be used in Rieter’s textile machines.