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Southern Steel, MAHB, FGV, Solarvest, YKGI, United Plantations, Axis REIT, Tex Cycle Technologies, PetGas, MGRC, UCrest, Catcha Digital, PRG, Sapura Resources and Eonmetall

KUALA LUMPUR (July 20): Here is a brief look at some corporate announcements and news flow on Wednesday (July 20), which include Southern Steel Bhd, Malaysia Airports Holdings Bhd, FGV Holdings Bhd, Solarvest Holdings Bhd, YKGI Holdings Bhd, United Plantations Bhd, Axis Real Estate Investment Trust, Tex Cycle Technology (M) Bhd, Petronas Gas Bhd, Malaysian Genomics Resource Centre Bhd, UCrest Bhd, Catcha Digital Bhd, PRG Holdings Bhd, Sapura Resources Bhd and Eonmetall Group Bhd.

Southern Steel Bhd (SSB) has been affirmed by the Singapore Court of Appeal (COA) to receive RM82.57 million from Italian plant maker Danieli & C Officine Meccaniche, but the COA set aside the RM176.25 million in damages awarded by a Singapore Tribunal.

Malaysia Airports Holdings Bhd (MAHB) saw its total domestic passenger movements increase by over six times year-on-year (y-o-y) to 20.25 million passengers in the first half of this year (1H2022). The group’s Turkish operations, meanwhile, remained consistent with a total of 2.68 million passenger movements in June, up 3% from May.

FGV Holdings Bhd said it will proceed with the recruitment of 1,210 workers from Indonesia as part of the company's earlier arrangement, despite Indonesia imposing a temporary freeze on sending migrant workers to Malaysia.

Solarvest Holdings Bhd has inked a Memorandum of Understanding (MoU) with property developer NCT Land Sdn Bhd to jointly develop 1,000 units of solar-ready factories and warehouses in Selangor Smart Industrial Park to reduce industrial and commercial carbon footprints.

YKGI Holdings Bhd plans to raise up to RM5.53 million in a proposed private placement of up to 48.12 million shares or 10% of the total number of issued shares, at an issue price to be determined later. It hopes to use the proceeds for working capital, with an estimated 70% of proceeds to be spent on raw materials and payment to suppliers, while the balance 30% will be for general operating and other administrative expenses.

United Plantations Bhd net profit for the second quarter ended June 30 grew 36% to RM184.63 million from RM135.79 million a year ago, amid elevated crude palm oil (CPO) prices. Revenue for the quarter under review rose 46% year-on-year to RM701.26 million from RM481.87 million. Moving forward, the group said labour shortages remain the primary risk for the remainder of 2022, and that if the government does not provide an urgent yet safe avenue to recruit guest workers, it will become impossible to avoid further crop losses in 2022, as the acute labour shortages have gone beyond the breaking point for many plantation companies.

Axis Real Estate Investment Trust's (Axis REIT) net property income rose 18.34% to RM63.24 million for the second quarter ended June 30, 2022 from RM53.44 million a year earlier, owing mainly to higher property and profit income. It announced a second interim income distribution of 2.55 sen per unit.

Tex Cycle Technology (M) Bhd's joint venture unit EFS MySolar (Thailand) Co Ltd has inked a 20-year solar power purchase agreement with Thailand-based Bothong Rubber Fund Cooperative Ltd. EFS MySolar will design, construct, install, own, operate and maintain a solar photovoltaic energy generating system with the capacity of 999.24 kilowatts of electricity at the premises of Bothong Rubber Fund.

Petronas Gas Bhd's (PetGas) 100%-owned subsidiary Regas Terminal (Sg Udang) Sdn Bhd (RGTSUSB) is seeking expressions of interest from shipping licensees for regasification capacity at RGTSUSB's Melaka regasification facility, to gauge potential demand in 2023 for regasification, which converts liquefied natural gas to natural gas.

Malaysian Genomics Resource Centre Bhd (MGRC) and UCrest Bhd have signed a collaborative agreement to integrate genomic testing services into digital health platform iMedic. Under the agreement, a virtual genome service centre will be developed on iMedic, enabling the genomic testing services of MGRC to be made available to hospitals and clinics, widening its market access in both Malaysia and globally.

Catcha Digital Bhd has received approval from shareholders for its long-awaited regularisation plan. Upon the completion of the regularisation plan, the group will have its Guidance Note 2 status lifted and will begin to execute its strategic plan in the digital and technology industry in Southeast Asia.

PRG Holdings Bhd’s 54.19%-owned subsidiary Furniweb Holdings Ltd has entered into an MoU with NCT Land Sdn Bhd to explore the viability of a smart energy efficiency solution for the latter’s development project in Kuala Langat, Selangor.

Sapura Resources Bhd's independent director Ahmad Jauhari Yahaya, 68, has been redesignated as its new chairman effective July 20, replacing Tan Sri Datuk Amar Dr Hamid Bugo who has helmed the group since April 2016 and has been redesignated as non-independent and non-executive director.

Eonmetall Group Bhd sees demand for steel racking systems to be robust on the back of soaring e-commerce growth propelled by the Covid-19 pandemic as such businesses would need to set up more warehouses. The Penang-based company’s principal activity is in the manufacture of steel storage and racking systems, metalwork and industrial process machinery and equipment.


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