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AAX, Sunway, Eco World International, Scientex, LYC Healthcare, Tan Chong, JF Technology, Elsoft and Alam Maritim

KUALA LUMPUR (March 16): Here is a brief look at some of the corporate announcements and news flow on Wednesday (March 16), which involve AirAsia X Bhd (AAX), Sunway Bhd, Eco World International Bhd, Scientex Bhd, LYC Healthcare Bhd, Tan Chong Motor Holdings Bhd, JF Technology Bhd, Elsoft Research Bhd and Alam Maritim Resources Bhd.

AirAsia X Bhd (AAX) said it had completed its debt restructuring, and will write RM33 billion back to profits in the next quarter. Under the airline's restructuring proposal, it would pay just 0.5% of debt owed and end its existing contracts. It was approved by its creditors and the High Court last year. The restructuring was proposed to avoid liquidation after the long-haul low-cost airline posted a record quarterly loss last September.

Sunway Bhd announced it has secured a surety bond facility of S$200 million (approximately RM616.66 million) in aggregate from Berkshire Hathaway Specialty Insurance Company in relationto a residential development housing project in Singapore. Sunway said Berkshire, through its branch in Singapore, will issue a qualifying certificate bond of S$37.1 million (approximately RM114.39 million) that is 10% of the price of the land in Yew Siang Road, Singapore acquired by Hoi Hup Sunway Kent Ridge Pte Ltd (HHSKR), an associate company of Sunway, in favour of Singapore Land Authority (LDAU).

EcoWorld International Bhd (EWI) narrowed its net loss to RM14.66 million in the first quarter ended Jan 31, 2022 (1QFY22) from RM56.26 million in 4QFY21, mainly due to lower share of losses in its joint venture. The group also attributed the lower net loss to higher contributions from West Village and Yarra One, which were partially offset by lower realised and unrealised gain on foreign exchange and other income. Quarterly revenue climbed 41.7% quarter-on-quarter to RM49.24 million from RM34.75 million.

On a year-on-year basis, the group sank into the red compared with a net profit of RM56.03 million in 1QFY21, mainly due to lower revenue and profit recognition from Yarra One and West Village, as fewer sold units were handed over during the period. Meanwhile, the company’s revenue tumbled 83.76% from RM303.28 million previously.

Scientex Bhd’s net profit for the second quarter ended Jan 31, 2022 (2QFY22) fell 16.5% to RM93.69 million, from RM112.17 million a year prior. This was despite a 5.01% rise in its topline to RM952 million from RM906.55 million in 2QFY21, thanks to its packaging division, which saw a revenue growth of nearly 12% to RM692.8 million arising from stronger demand for its industrial and consumer packaging products from the export markets.

For the first half ended Jan 31, 2022 (1HFY22), Scientex’s net profit fell 4% to RM196.56 million from RM204.7 million a year ago, due to higher raw material prices and freight costs for its consumer packaging business. Meanwhile, revenue rose 10% to RM1.88 billion from RM1.71 billion in 1HFY21, largely supported by its packaging division, which contributed RM1.4 billion or 72.9% of overall revenue.

LYC Healthcare Bhd's Singapore unit LYC Medicare (Singapore) Pte Ltd (LYC SG) is buying the remaining 49% stakes it does not hold in two Singapore-based healthcare companies via cash and share deals, ahead of the unit's proposed listing on the Singapore Exchange (SGX). The two companies are T&T Medical Group Pte Ltd (T&T) and HC Orthopaedic Surgery Pte Ltd (HCOS). It is buying the stake in T&T from Dr Ting Choon Meng for S$8.1 million (RM24.95 million) and the stake in HCOS from Dr Chan Ying Ho (Dr Henry) for S$9.163 million (RM28.22 million).

Tan Chong Motor Holdings Bhd has completed the inaugural issuance of RM300 million sukuk murabahah under its RM1.5 billion sukuk murabahah programme.  Proceeds from the issuance shall be utilised by the group's subsidiaries for working capital requirements.

JF Technology Bhd has set up its Test Contacting Centre of Excellence in Kota Damansara, Selangor with an investment of RM40 million, in a bid to further expand its business and capture immense opportunities in the semiconductor industry. The Centre of Excellence will be established at JF Technology's expanded facility and will house state-of-the-art labs and equipment for the development of new intellectual properties (IPs) and products to serve its customers globally.

Elsoft Research Bhd is selling a property in Barat Daya, Penang for RM38 million, proceeds of which will be used for business expansion, a production facility, general working capital, and a special dividend. The group, via its wholly-owned unit Siangtronics Technology Sdn Bhd, entered into an agreement with manufacturer of industrial equipment SRM Integration (Malaysia) Sdn Bhd for the sale of the two-storey factory-cum-office building.

Alam Maritim Resources Bhd announced it has received a notice from Messrs. Al Jafree Salihin Kuzaimi PLT (Salihin) to voluntarily resign as auditors of the company. Salihin gave notice in writing to the board of the group on March 11. Alam Maritim added that it is in the midst of identifying new auditors.


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