KUALA LUMPUR (Jan 7): Based on corporate announcements and news flow today, stocks in focus tomorrow (Wednesday, Jan 8) may include: Sunway Bhd, Taliworks Corp Bhd, DRB-Hicom Bhd, London Biscuits Bhd, GFM Services Bhd and AirAsia Group Bhd.
Sunway Property, the property arm of Sunway Bhd, is targeting RM2 billion in sales, while launching RM3.5 billion worth of properties this year.
The group’s property division managing director Sarena Cheah said the sales target was an increase from its 2019 target, when Sunway Property surpassed its sales targets of RM1.3 billion to reach RM1.55 billion.
Of the RM3.5 billion property launches, Cheah said RM1 billion will be in Malaysia and RM2.4 billion or 70% will be in Singapore.
Taliworks Corp Bhd today clarified that its receivables due from Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash) was sold to special purpose vehicle (SPV) Starbright Capital Bhd, for RM660 million.
Taliworks added that RM626.1 million of the total sale consideration has been paid by Starbright to its wholly-owned unit Sungai Harmoni Sdn Bhd, from the proceeds of the asset-backed medium term notes the SPV had previously issued, to purchase the receivables.
The remaining sale consideration will be paid to Sungai Harmoni annually, over the tenure of the medium term notes.
DRB-Hicom Bhd has inked two agreements which will see its involvement in the collaboration and development of automotive testing.
The group said its indirect subsidiary Perusahaan Otomobil Nasional Sdn Bhd or PONSB (owned by Proton Holdings Bhd) had inked a memorandum of understanding (MoU) with China Automotive Technology and Research Centre Co Ltd (CATARC) to collaborate in the field of automotive testing, research and development, as well as to maximize resources of China and Malaysia’s automotive industry.
DRB also inked an MoU with Malaysia Automotive, Robotics And IoT Institute (MARii), to develop academic programmes, as well as to establish an Autonomous, Automated and Connected Vehicle test bed in Cyberjaya. It will also develop a National Automotive Testing Centre in Tanjung Malim.
London Biscuits Bhd has been served with a writ of summons and a statement of claim from PAC Lease Bhd, for defaulting in payment obligations amounting to RM1.256 million.
"The suit was filed on the basis that Kinos (Kinos Food Industries (M) Sdn Bhd), the wholly-owned subsidiary of London Biscuits, has defaulted in its payment obligations to PAC Lease. Consequently, London Biscuit as the corporate guarantor of Kinos was also unable to meet its payment obligations to pay PAC Lease," it said.
PAC Lease's claim against London Biscuits and Kinos include the total sum of RM1.256 million, and interest on the said total sum of RM1.210 million at the rate of 2% per month, additional to the daily base rate from Dec 4, 2019 until the date of full settlement.
GFM Services Bhd has proposed to raise up to RM19.75 million via a private placement of up to 10% of its total issued shares to third party investors to be identified later.
The engineering and management and consultancy firm said the placement would enable it to subscribe Highbase Strategic Sdn Bhd (HSSB)’s redeemable convertible preference shares (RCPS).
GFM Services said the proposed subscription of HSSB’s RCPS will enable it to participate and be entitled to future recurring income and cash flow streams from the dividend of 6% per annum, over the tenure of the RCPS.
AirAsia Group Bhd will add special late-night flights at fixed one-way all-in fares between Peninsular Malaysia and Sabah and Sarawak from Jan 21-31, following feedback from the budget airline's guests for it to have fixed low fares for the upcoming Chinese New Year, which falls on Jan 25 and Jan 26.
In addition to the late-night flights at fixed fares to Sabah and Sarawak, AirAsia will also add flights to 20 routes across Malaysia and to Singapore. They include those from Kuala Lumpur to Langkawi, Penang, Sibu, Tawau and Singapore, as well as flights from Ipoh to Johor Baru and Singapore.
AirAsia Malaysia CEO Riad Asmat said the additional late-night flights will add 12,960 seats to selected cities in Sabah and Sarawak for the festive period, in addition to the 65,826 extra seats to popular routes across Malaysia and Singapore.