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AmBank, Protasco, LBS Bina, Gabungan AQRS, Iskandar Waterfront, Thong Guan, MyNews, Ireka, CapitaLand Malaysia, HPP, Econframe, Hextar Industries, UMediC, Artroniq, Tanco and Focus Point

KUALA LUMPUR (July 22): Here is a brief look at some corporate announcements and news flow on Friday (July 22), which include AMMB Holdings Bhd, Protasco Bhd, LBS Bina Group Bhd, Gabungan AQRS Bhd, Iskandar Waterfront City Bhd, Thong Guan Industries Bhd, MyNews Holdings Bhd, Ireka Corp Bhd, CapitaLand Malaysia Trust, HPP Holdings Bhd, Econframe Bhd, Hextar Industries Bhd, UMediC Group Bhd, Artroniq Bhd, Tanco Holdings Bhd and Focus Point Holdings Bhd.

AMMB Holdings Bhd (AmBank) has denied that it is weighing a sale of its asset management unit that could be valued at as much as RM1.3 billion. Bloomberg News had reported that Ambank was apparently approached by other industry players and private equity firms which have expressed interest in AmInvest.

Protasco Bhd said a civil servant housing project with a gross development cost of RM442.68 million awarded by Perbadanan Putrajaya five years ago has been revised to affordable housing for low-income earners.

LBS Bina Group Bhd has proposed to purchase two pieces of land in Bentong, Pahang for a total consideration of RM97.85 million. Its subsidiary Casa Inspirasi Sdn Bhd has signed the sale and purchase agreement with Pejabat Setiausaha Kerajaan Pahang.

Gabungan AQRS Bhd’s wholly-owned unit Gabungan Strategik Sdn Bhd has secured an RM66.59 million contract from the Public Works Department to build 24 classrooms for Sekolah Menengah Kebangsaan Pendidikan Khas Bandar Enstek in Negeri Sembilan. The project is scheduled to commence on Aug 2, 2022 and be completed by July 28, 2025.

Iskandar Waterfront City Bhd (IWC) has firmed up an agreement to dispose of 5.58 acres of vacant land in Johor Bahru for RM53.24 million to Knusford Bhd.

Thong Guan Industries Bhd has embarked on 100% renewable energy for its electricity supply at its polyethylene packaging production plants.

MyNews Holdings Bhd saw the Employees Provident Fund (EPF) cease to be its substantial shareholder after EPF offloaded 1.75 million shares in MyNews to reduce its stake to 4.93% or 33.65 million shares.

Ireka Corp Bhd's wholly-owned subsidiary Ireka Engineering & Construction Sdn Bhd has terminated the RM45.77 million construction contract — awarded by Wanland Metro Sdn Bhd — in Bukit China, Besut, Terengganu, after both parties were unable to agree on various commercial terms.

CapitaLand Malaysia Trust (CLMT) logged a 41.63% rise in net property income to RM37.43 million for the second quarter ended June 30, 2022, from RM26.43 million in the corresponding quarter last year, underpinned by retail sentiment recovery as tenants' businesses gradually normalised. Distributable income more than doubled to RM21.58 million from RM10.57 million in 2QFY21.

HPP Holdings Bhd saw its earnings decline 30% year-on-year to RM3.5 million in the fourth quarter ended May 31, 2022, down from RM5 million a year ago, due to higher effective tax rate and lower revenue.

Econframe Bhd’s net profit for the third quarter ended May 31, 2022 increased by 74.3% to RM3 million, up from RM1.74 million a year ago, driven by higher billings and improvement in gross profit margin contributed by its manufacturing segment.

Hextar Industries Bhd’s net profit for the third quarter ended May 31, 2022 rose 93.4% to RM1.82 million from RM940,000 a year earlier, driven by higher demand for fertilisers.

UMediC Group Bhd posted a net profit of RM1.29 million for its third financial quarter ended April 30, 2022 on revenue of RM6.47 million. UMediC attributed its performance to higher demand for medical devices and consumables from both public and private hospitals, as well as healthcare service providers.

Artroniq Bhd has proposed for full acquisition of Paklin Venture Capital Sdn Bhd for RM1.6 million in cash as it eyes growth prospects of the lending market in Malaysia, particularly on the alternative lending market, due to strict lending requirements imposed by licensed financial institutions.

Tanco Holdings Bhd has proposed a retirement gratuity of RM450,000 to Datuk Tan Lee Sing, who will be retiring as executive director on July 31, in recognition of her past services and contribution.

Focus Point Holdings Bhd has appointed Datuk Suriani Ahmad, secretary general in the Ministry of Entrepreneur Development and Cooperatives, as its new non-independent and non-executive chairman.

https://www.theedgemarkets.com/article/ambank-protasco-lbs-bina-gabungan-aqrs-iskandar-waterfront-thong-guan-mynews-ireka

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