WCT, Tenaga, KAB, GDEX, Zhulian, Sand Nisko Capital, IHH Healthcare, LKL, Hibiscus, Nestcon and Sime Darby Plantations
KUALA LUMPUR (July 14): Based on corporate announcements and news flow today, companies in focus tomorrow (July 15) may include: WCT Holdings Bhd, Tenaga Nasional Bhd, Kejuruteraan Asastera Bhd, GDEX Bhd, Zhulian Corporation Bhd, Sand Nisko Capital Bhd, IHH Healthcare Bhd, LKL International Bhd, Hibiscus Petroleum Bhd, Nestcon Bhd and Sime Darby Plantations Bhd.
WCT Holdings Bhd said its wholly-owned subsidiary WCT Bhd (WCTB) and Meydan Group LLC have entered into a settlement agreement under which Meydan will pay WCTB 726.57 million United Arab Emirates dirham (RM828.25 million) in a full settlement linked to the Nad Al Sheba Dubai Racecourse contract dispute between both parties. The group said the settlement amount is equivalent to 65% of the principal sum of 1.15 billion dirham awarded to WCTB earlier by Dubai’s Arbitral Tribunal under the final award in relation to the dispute.
Tenaga Nasional Bhd (TNB) is reported to have made the largest strides in renewable energy (RE) among Malaysian electricity producers on the back of the government-controlled TNB’s aggressive green ambitions, according to TA Securities Holdings Bhd today. In a report today, TA Securities analyst Kylie Chan Sze Zan wrote that time is, nevertheless, on the side of fossil-fuel-based power producers, as it is still early days for RE proliferation.
Kejuruteraan Asastera Bhd (KAB) is partnering with the Philippines-based LCS Holdings Inc and ATS Venture Group Sdn Bhd to build and operate a telecommunication tower project in the Philippines. KAB has entered into a tripartite Memorandum of Understanding with LCS and ATS.
GDEX Bhd (formerly GD Express Carrier Bhd) said today there has been a recent cybersecurity breach to its financial server, and that it has activated its Data Recovery and Security Mitigation Plan. GDEX said investigations so far have shown there is no indication of leakage of confidential information, including customers' data.
Zhulian Corporation Bhd’s net profit fell 9.36% to RM10.3 million for the second quarter ended May 31, 2021, from RM11.36 million a year ago. Revenue slipped 3.93% to RM37.94 million, from RM39.5 million, as Covid-19 caused severe social and economic disruptions and uncertainties, including in markets where the group operates. The group declared a second interim dividend of 3 sen per share, totalling RM13.8 million, to be paid on Sept 1.
Sand Nisko Capital Bhd (SNC) has secured RM34.52 million worth of construction projects from related party DPS Resources Bhd (DPS). Its wholly-owned subsidiary Len Cheong Industries Sdn Bhd has accepted seven letters of awards (LOAs) on various property development projects in Melaka from Shantawood Sdn Bhd, a wholly-owned subsidiary of DPS.
IHH Healthcare Bhd has signed new long-term master lease agreements for three hospitals in Singapore with Parkway Life Real Estate Investment Trust (PLife REIT).The 20-year extension to end-2042, with a 10-year option, involves Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital, the two companies said in a joint statement. The deal also comes with a commitment from PLife REIT to invest S$150 million in capital expenditure to revamp the hospitals over three years, the companies said.
LKL International Bhd posted a net loss of RM3.79 million in the fourth quarter ended April 30, 2021 (4QFY21), from a net profit of RM3.18 million a year earlier, underpinned by a less favourable product mix and higher administrative expenses. The group said revenue declined 56.04% to RM9.43 million from RM21.45 million in 4QFY20, due to lower contributions from its manufacturing and trading segments.
One of the conditions precedent in Hibiscus Petroleum Bhd's acquisition of upstream oil and gas assets from Spanish oil major Repsol has been fulfilled, which brings the oil explorer one step closer to concluding its acquisition of the latter's upstream assets in Malaysia and Vietnam. In a statement, Hibiscus said that it has been informed by Repsol Exploración SA that the waiver and/or expiry of pre-exemption rights held by Petronas Carigali Sdn Bhd and PetroVietnam Exploration Production Corp under each of the relevant joint operation agreement for the assets had been satisfied.
Nestcon Bhd has bagged a RM31.34 million contract to carry out rock stabilisation works at a mixed development on a 61-acre site in Damansara Perdana. The group said the development includes construction of 20 blocks of office towers, five blocks of serviced apartments and SoHo, six blocks of serviced apartments and affordable homes business spaces, hotel and private school.
Two experts on Sime Darby Plantation Bhd's human rights commission said they had resigned from the panel due to lack of transparency, in a potential setback for the company's efforts to overturn a US import ban. The palm oil giant established the commission in March, after the United States imposed a ban on imports from the firm over accusations of forced labour. Migrant rights activist Andy Hall and human rights lawyer Justine Nolan, who joined just six weeks ago, told Reuters their resignation was effective Thursday.