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KUALA LUMPUR (Aug 6): Based on corporate announcements and news flow today, companies that might be in focus tomorrow are as follows: AEON Co (M) Bhd, Advancecon Holdings Bhd, Anzo Holdings Bhd, Hock Seng Lee Bhd, Gas Malaysia Bhd, JAG Bhd, Oversea Enterprise Bhd and Serba Dinamik Holdings Bhd.

AEON Co (M) Bhd's RM142 million court case levied by Mega Continental Sdn Bhd has been set aside. The Alor Setar High Court has set aside the judgement in default of RM142 million against AEON, with judgement in relation to its alleged failure to perform an obligation under a lease agreement with Mega Continental in Alor Setar. The company has instructed its legal representation to file an application to strike out the suit filed by Mega Continental. It will be undertaking legal actions against Mega Continental for the loss of income, reputation and unnecessary inconvenience caused to its customers, people and partners.

Advancecon Holdings Bhd inked a memorandum of understanding (MoU) with hypermarket operator Mydin Mohamed Holdings Bhd to develop a 2,344.32kWp rooftop solar power system to be installed at the latter's outlet in Bandar Seremban Utama, Negeri Sembilan. Advancecon will develop the solar photovoltaic system throughout the terms of a supply agreement with renewable energy (SARE) among Mydin, Advancecon Solar and Tenaga Nasional Bhd, with ownership, operation and maintenance of the system to be transferred to Mydin after the expiration of the SARE terms. Advancecon will also undertake a feasibility study on five other Mydin hypermarkets as well.

Anzo Holdings Bhd managing director cum substantial shareholder Datuk Chai Woon Chet is offering a takeover offer for Oversea Enterprise Bhd for 30 sen per share. Chai intends to maintain the restaurant operator's listing status on the ACE Market. His offer is a 4.76% discount to the 31.5 sen closing price or volume weighted average market price (VWAM) prior to the notice. However, it is a 24.07% premium to the three-month closing price or VWAM of Oversea shares.

Hock Seng Lee Bhd's second quarter ended June 30, 2020 (2QFY20) net profit dropped by 76% year-on-year to RM3.95 million, from RM16.43 million a year prior. Revenue shrank to RM83.05 million, from RM175.41 million. The declines in its top and bottom lines were attributed to its 2QFY20 starting at the height of the Movement Control Order. For the cumulative six months ended June 30, 2020, its net profit narrowed to RM11.51 million, from RM30.52 million a year prior. Half-year revenue narrowed to RM195.45 million, from RM332.13 million. It is not declaring an interim dividend so that it can conserve cash.

Gas Malaysia Bhd's unit has established Islamic medium-term note (IMTN) and Islamic Commercial Paper (ICP) programmes. Both programmes have a nominal value of RM1 billion each and have a combined issuance limit of up to RM1 billion under the Shariah principle of Muharabah. The unsecured programmes will not be listed on any stock exchanges, with the IMTN having a tenure of 15 years and ICP lasting seven years. The first issuance of RM281 million under the IMTN programme was made today, and exchanged with parent company Gas Malaysia's RM281 million worth of outstanding IMTN notes — Gas Malaysia noted that its RM281 million IMTN notes were cancelled concurrently.

JAG Bhd inked a lease agreement with RH Silver Sdn Bhd to lease 45.32ha of land in Manjung in order to bid for the LSS@MEnTARI programme (Large Scale Solar) for a proposed capacity of up to 29MWac. The power plants under the scheme are expected to be operational by end-2023, with the development of each plant taking up to 18 months. JAG is to lease the land for 23 years, including a renewal term of 10 years or a period it agrees upon with RH Silver.

Serba Dinamik Holdings Bhd has bagged a US$350 million (RM1.47 billion) contract to build a data centre in Abu Dhabi. The contract, awarded by Future Digital Data Systems LLC (FDDS), is part of FDDS' plan to develop a series of data centres across the Middle East and North Africa region. Work on the project will start on Sept 1, 2020 and is expected to be completed 1,460 days (four years) from then.

https://www.theedgemarkets.com/article/aeon-advancecon-anzo-hock-seng-lee-gas-malaysia-jag-oversea-and-serba-dinamik
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