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PetGas, Samchem, GuocoLand, Axis REIT, Ranhill, Swift Haulage, Hextar Technologies, Kejuruteraan Asastera, G Capital, Hextar Industries, Signature International and Artroniq

KUALA LUMPUR (Nov 14): Here is a brief recap of some corporate announcements that made news on Monday (Nov 14): Petronas Gas Bhd (PetGas), Samchem Holdings Bhd, GuocoLand (Malaysia) Bhd, Axis Real Estate Investment Trust (Axis REIT), Ranhill Utilities Bhd, Swift Haulage Bhd, Hextar Technologies Solutions Bhd, Kejuruteraan Asastera Bhd (KAB), G Capital Bhd, Hextar Industries Bhd, Signature International Bhd and Artroniq Bhd.

Petronas Gas Bhd’s (PetGas) net profit for the third quarter ended Sept 30, 2022 (3QFY22) fell 27% to RM425.82 million from RM580.84 million for the same period last year, amid higher operating cost — mainly relating to fuel gas and internal gas consumption costs, and the impact of unfavourable foreign exchange movements. The decline in 3QFY22 profit came despite revenue climbing 9% to RM1.56 billion from RM1.43 billion, mainly lifted by a stronger utilities segment’s contribution as a result of higher product prices, in line with higher fuel gas prices. The group declared a third interim single-tier dividend of 18 sen, payable on Dec 12, with the stock to trade ex-dividend on Nov 29.

Samchem Holdings Bhd achieved a 16% growth in revenue to RM317.3 million for the third quarter ended Sept 30, 2022 (3QFY22), against RM272.8 million a year ago. However, the chemical product distributor’s net profit nearly halved to RM6.49 million for the quarter under review, compared to RM12.6 million for the previous corresponding quarter. Samchem attributed the lower profit to higher cost and loitering business activities faced by customers due to uncertainties.

GuocoLand (Malaysia) Bhd, the property arm of Hong Leong Group, began its financial year ending June 30, 2023 (FY23) on a strong note, after swinging back to profitability with a net profit of RM1.57 million in the first quarter ended Sept 30, 2022 (1QFY23), compared to a net loss of RM7.98 million in the same period last year. This was mainly attributable to higher contribution from the property development division and lower loss incurred by the hospitality division. Quarterly revenue almost tripled to RM102.5 million, from RM35.13 million in the same period a year earlier.

Axis Real Estate Investment Trust (Axis REIT) has proposed to raise up to RM178 million via a private placement to repay bank financing. This is the REIT’s second cash call in less than a year after it completed a private placement on Dec 20, 2021, which raised gross proceeds of RM334.72 million, also for repayment of bank financing. Axis REIT said the latest placement involves issuing up to 100 million new units, representing up to 6.09% of the REIT’s total issued units, to be placed out to investors to be identified later.

Ranhill Utilities Bhd has bagged a US$27 million (RM124 million) contract to perform detail design engineering services for a new floating, production, storage and offloading (FPSO) vessel for Brazil’s state-owned oil and gas company Petrobras. Ranhill said the project was secured by its 51%-owned subsidiary Ranhill Worley Sdn Bhd from Singapore-based Semcorp Marine Integrated Yard Pte Ltd. Ranhill said the vessel to be built would be one of the largest vessels to be deployed in the Buzios field, an ultra-deep-water O&G field covering an area of 853 square kilometres (km) in the pre-salt Santos Basin, about 180km off the coast of Rio de Janeiro in Brazil.

Swift Haulage Bhd’s net profit for the third quarter ended Sept 30, 2022 rose 3.15% to RM11.72 million, from RM11.36 million a year earlier, on higher revenues from its container haulage and land transportation segments. Revenue climbed 19.25% to RM159.25 million from RM133.54 million. For the cumulative nine months, Swift Haulage’s net profit increased 16.58% to RM39.22 million from RM33.64 million in the same period of FY21, as revenue grew 11.33% to RM479.67 million from RM430.86 million.

Bursa Malaysia Securities Bhd has advised investors to exercise caution, and to make informed decisions in trading Hextar Technologies Solutions Bhd shares. In an announcement, Bursa drew attention to the recent sharp rise in the price of Hextar shares, and the unusual market activity queries issued to the company on Oct 19 and Oct 31. Hextar, in response to the queries, said it was not aware of any corporate development or explanation that could have given rise to the unusual trading activities.

Kejuruteraan Asastera Bhd (KAB) has inked 20-year solar power purchase agreements (PPAs) with Nextgreen Pulp and Paper Sdn Bhd, a subsidiary of Nextgreen Global Bhd. The engineering and energy solution provider said it had signed two PPAs with Nextgreen to design, construct, install, own, operate and maintain solar PV systems with total combined capacity of 3,387-kilowatt peak (kWp) on rooftops of multiple production plants and buildings at Nextgreen’s Green Technology Park in Pekan, Pahang. KAB said Nextgreen will also purchase the solar PV energy generated.

G Capital Bhd has entered into a 21-year renewable energy power purchase agreement (Reppa) with Tenaga Nasional Bhd (TNB). The Reppa was inked via G Capital’s 74.64%-owned subsidiary Hydro R E Sdn Bhd (KHRE). Under the deal, TNB will buy electricity from KHRE at a feed-in-tariff (FiT) rate of 24.61 sen per kilowatt hour.The Reppa’s tenure will start from the commercial operation date, which is scheduled to be May 11, 2027.

Minority shareholders of ACE Market-listed Hextar Industries Bhd have been told to reject the takeover bid by its major shareholder Hextar Holdings Sdn Bhd, as its independent adviser deems the offer price of 38.175 sen per share as “not fair” and “not reasonable”. The mandatory takeover offer by Hextar Holdings was triggered after the share sale agreement signed on Aug 8 between Hextar Holdings and Hextar Industries — for Hextar Industries to acquire the entire equity interest in Hextar Fertilizers Ltd, a manufacturer of a wide range of fertilisers, from Hextar Holdings for RM480 million — became unconditional on Oct 12. The acquisition was to be satisfied via the issuance of new shares in Hextar Industries.

Signature International Bhd has proposed a one-for-one bonus issue, with the kitchen cabinet manufacturer saying the entitlement date will be determined later. Signature International said the bonus issue of up to 295.25 million shares would result in the group’s share base doubling to up to 590.5 million shares. Based on the five-day volume-weighted average price (VWAP) of the group’s shares up to Nov 11, and the lowest daily VWAP of the shares during the past three months, the theoretical ex-bonus price for the shares is expected to be between RM1.2387 and 72.12 sen.

Artroniq Bhd is looking to collaborate with Cambodian digital bank Panda Commercial Bank PLC to provide services and consultations in research and development of blockchain-based financial services for the bank. Artroniq’s wholly-owned subsidiary EA Global Integrated Sdn Bhd (EAISB) has entered into a letter of intent with Panda Commercial Bank to form a strategic partnership, which would see the appointment of EAISB to provide the services and consultations. It added that the proposed collaboration is to further strengthen and expand its market penetration in Cambodia, as well as provide a new source of business income to the group.

Additionally, Heng Kear Huat, who previously held 30.55 million shares or a 9.61% stake in Artroniq, has ceased to be a substantial shareholder in the ICT provider. Artroniq said Heng disposed of 14.7 million shares in the open market on Friday (Nov 11). Heng first emerged as a substantial shareholder in the company, which was previously known as Plastrade Technology Bhd, in March 2020, via the indirect acquisition of 76.27 million shares or a 29.04% stake.


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