KUALA LUMPUR (Sept 30): Based on corporate announcements and news flow today, companies that may be in focus tomorrow include Dagang NeXchange Bhd, Inta Bina Group Bhd, Cypark Resources Bhd, Prestariang Bhd, Malaysia Airports Holdings Bhd, Sunway Construction Group Bhd, LPI Capital Bhd and FGV Holdings Bhd.
Dagang NeXchange Bhd (DNeX) has clinched a RM47.17 million contract for the MyGov Cloud @ PDSA government data centre project in Putrajaya. The contract will last 37 months, until Oct 23, 2023. The contract involves providing expertise in IT project management and consultancy, the supply of ICT hardware equipment, maintenance and asset management.
Inta Bina Group Bhd has bagged two main building works contracts worth RM496.59 million from Eco World Development Group Bhd. One is a design and build contract in Kuala Langat, and the other a civil and structural works contract in Shah Alam.
Cypark Resources Bhd's net profit for the third quarter ended July 31, 2020 fell 19.49% to RM16.15 million from RM20.06 million a year ago, as Covid-19-induced movement restrictions interrupted and delayed worksite activities. Revenue fell 36.11% to RM55.69 million from RM88.17 million. Compared with the preceding quarter, net profit was down 12.7% from RM18.5 million, and revenue was down 26.48% from RM75.75 million. For the cumulative nine months ended July 31, 2020, net profit declined 6.12% to RM49.2 million, from RM52.41 million in the previous corresponding period. Revenue fell 19.75% to RM222.31 million from RM277.04 million.
Prestariang Bhd's indirect subsidiary Prestariang Skin Sdn Bhd (PSkin) will commence meetings with creditors to restructure debts. As of June 30, total borrowings for the group stood at RM65.54 million (of which RM26.9 million was a revolving credit). The High Court granted leave for PSkin on the grounds that PSkin could preserve its going concern while it carries on with negotiations and legal action to seek compensation from the federal government for the termination of the RM3.5 billion Sistem Kawalan Imigresen Nasional (SKIN) contract. PSkin had sought RM732.86 million in damages after the government terminated the SKIN project awarded to it in 2017.
Malaysia Airports Holdings Bhd (MAHB) has appointed Datuk Azmi Murad as its new chief operating officer effective tomorrow. Azmi will take over the position which had been left vacant since January when Datuk Mohd Shukrie Mohd Salleh assumed the mantle of the group's acting chief executive officer (CEO), and subsequently the group CEO.
Sunway Construction Group Bhd (SunCon) has won two projects from major shareholder Sunway Bhd's indirect subsidiaries. The two projects, totalling RM1.983 billion, are for the Sunway Velocity Two integrated development in Cheras and the expansion of the Sunway Medical Centre in Bandar Sunway. The project at Sunway Velocity Two is worth RM253.56 million and is for the construction of two 39-storey blocks of serviced apartments, two storeys of business premises, eight floors of podium car park and one level of basement car park. The contract at Sunway Medical Centre is for the medical facility's fourth phase, which comprises two medical centres of 15 storeys and 10 storeys each, a nine-storey private medical centre, a 16-storey hotel suite, and nine floors of elevated parking.
LPI Capital Bhd's wholly-owned Lonpac Insurance Bhd has been fined by the Malaysia Competition Commission (MyCC) for infringing the Competition Act 2010. Lonpac, along with 21 other members of the General Insurance Association of Malaysia (PIAM), was hit with a fine following MyCC's investigation into the market of spare motor parts and labour charges for the PIAM Approved Repairers Scheme.
FGV Holdings Bhd will see its palm oil banned by the US Customs and Border Protection (CBP) over the alleged use of forced labour in the planter's production process. The CBP said it will issue a "withhold release order" which will allow it to detain shipments based on suspicion of forced labour involvement under long-standing US laws aimed at combating human trafficking, child labour, and other human rights abuses.