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Sapura Energy, Cycle & Carriage Bintang, Pavilion REIT, Malton, Chin Hin, Metronic, Fitters Diversified, Boustead Heavy Industries, PTT Synergy and KESM Industries

KUALA LUMPUR (July 14): Here is a brief look at some corporate announcements and news flow on Thursday (July 14), which include Sapura Energy Bhd, Cycle & Carriage Bintang Bhd, Pavilion Real Estate Investment Trust, Malton Bhd, Chin Hin Group Bhd, Metronic Global Bhd, Fitters Diversified Bhd, Boustead Heavy Industries Corp Bhd, PTT Synergy Group Bhd and KESM Industries Bhd.

Two more of debt-ridden Sapura Energy Bhd’s units, Sapura Pinewell Sdn Bhd (SPSB) and Sapura Fabrication Sdn Bhd (SFSB), have been served with winding-up petitions for failing to settle RM906,194 in outstanding amounts. SPSB and SFSB were served the petitions last Friday (July 8) due to the non-payment of invoices from Plomo Group Sdn Bhd and Marine Creation Sdn Bhd respectively.

Jardine Cycle & Carriage Ltd (Jardine CCL) is making a third attempt to privatise Cycle & Carriage Bintang Bhd (CCB) at a higher offer price of RM2.70 a share, compared with RM2.40 under its previous offer last year. CCB said it has received a notice for an unconditional voluntary take-over offer from Jardine CCL — which already owned 90.66 million shares or a 89.994% stake in CCB as at July 12 — to buy the remaining 10.08 million shares in the company. This values the offer at RM27.22 million based on the price of RM2.70 per share.

Pavilion Real Estate Investment Trust (REIT) said discussions to buy the Pavilion Bukit Jalil mall from Malton Bhd are still ongoing. Malton's executive chairman and major shareholder Tan Sri Desmond Lim is also the chairman and non-independent executive director of Pavilion REIT Management Sdn Bhd, the manager of Pavilion REIT.

Shareholders of Chin Hin Group Bhd have been recommended to vote in favour of the group’s proposed disposal of its stake in Solarvest Holdings Bhd as the exercise is fair and reasonable, according to adviser M&A Securities Sdn Bhd. The group has proposed to dispose of its remaining 19.34% stake in Solarvest for RM103.28 million cash or 80 sen per share to Divine Inventions Sdn Bhd in a related party transaction.

Former Attorney General Tan Sri Mohamed Apandi Ali has resigned from the board of loss-making Metronic Global Bhd effective Thursday. The group also announced the resignation of its deputy independent non-executive chairman Datuk Seri Tan Choon Wa. The resignation of Tan followed his appointment as an adviser to the group.

In another development, Fitters Diversified Bhd has emerged as a new substantial shareholder of Metronic after its unit, Fitters Property Development Sdn Bhd, subscribed to rights shares and excess rights shares recently. Fitters Diversified now holds a 13.255% indirect stake in Metronic.

Boustead Heavy Industries Corp Bhd (BHIC) has accepted a nine-month contract extension worth RM79.32 million from the Ministry of Defence (Mindef) in relation to the provision of in-service support for Prime Minister’s Class Submarines for the Royal Malaysian Navy. BHIC said Boustead DCNS Naval Corp Sdn Bhd has accepted an additional letter of acceptance from Mindef for the extension, which is effective from Jan 1 to Sept 30 this year.  

PTT Synergy Group Bhd (formerly known as Grand Hoover Bhd) has secured an RM53.8 million contract from Tropicana Corp Bhd to undertake construction work in Pontian, Johor. Its wholly-owned subsidiary PTT Infra Sdn Bhd accepted the Letter of Award from Tropicana's unit Tropicana Development (Johor Bahru) Sdn Bhd.

KESM Industries Bhd has declared an interim dividend of 1.5 sen per share for the financial year ending July 31, 2022. The dividend, totalling RM645,217 will be paid on Aug 23.

https://www.theedgemarkets.com/article/sapura-energy-cycle-carriage-bintang-pavilion-reit-malton-chin-hin-metronic-fitters

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