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TNB, TM, Boustead Plantations, United Plantations, Velesto, Datasonic, MI Technovation, Acme and Niche Capital Emas

KUALA LUMPUR (Nov 7): Here is a brief recap of some corporate announcements that made news on Monday (Nov 7) involving Tenaga Nasional Bhd, Telekom Malaysia Bhd, Boustead Plantations Bhd, United Plantations Bhd, Velesto Energy Bhd, Datasonic Group Bhd, MI Technovation Bhd, Acme Holdings Bhd and Niche Capital Emas Holdings Bhd.

Tenaga Nasional Bhd (TNB) is exploring selling a minority stake in a planned renewable energy unit to help fund its expansion into the sector, according to people with knowledge of the matter. The power firm has asked banks to submit proposals and could raise US$300 million to US$1 billion (RM4.74 billion) from potential investors, the people said. TNB hasn’t picked a financial adviser yet, said the people, who asked not to be identified as the process is private. Deliberations are ongoing and there is no guarantee that TNB will proceed with the stake sale.

The Association of Accredited Advertising Agents Malaysia (4As) has taken Telekom Malaysia Bhd (TM) to task for charging panel agencies with high non-refundable document fees as a tender requirement. 4As said TM is currently conducting three separate tenders for the appointment of panel agencies for their ‘creative partner’,‘digital partner’ and ‘below the line partner’. The association claimed that TM has imposed a non-refundable tender document fee of up to RM5,000 and a refundable tender deposit of up to RM20,000 per tender as part of its tender requirement.

Boustead Plantations Bhd has announced the resignation of its chief executive officer (CEO) Zainal Abidin Shariff effective Tuesday (Nov 8). Zainal Abidin, 53, is exiting the position that he assumed in July last year “to pursue other interests”. Prior to his stint at Boustead Plantations, Zainal Abidin had served as TDM Bhd’s group CEO, chief executive of The Incorporated Society of Planters, Felcra Bhd’s chief operating officer (COO) and chief financial officer (CFO), and Chemara Palmea Holdings Bhd’s CFO.

United Plantations Bhd's net profit for the third quarter ended Sept 30, 2022 (3QFY22) jumped 27.62% to RM196.72 million — its best quarterly net profit to date — from RM154.15 million in the same period last year, thanks to elevated crude palm oil and palm kernel prices. Revenue climbed 23.62% to RM649.62 million from RM525.5 million. For the cumulative first nine months of FY22, net profit grew 20.9% to RM441.05 million from RM364.76 million, as revenue jumped 41.7% to RM1.99 billion from RM1.41 billion, due to increases from its major segment of plantation (up 23.1%) and its refinery business (up 50.9%). The Perak-based plantation group declared an interim dividend of 40 sen per share, to be paid on Dec 5.

Offshore drilling services provider Velesto Energy Bhd has bagged a US$135 million (RM640 million) contract from Hess Exploration and Production Malaysia BV for the provision of integrated rig, drilling and completion (I-RDC) services for Hess' North Malay Basin Full Field Development Campaign. The two-year job that will be completed by 2024 was secured via wholly owned subsidiary Velesto Drilling Sdn Bhd. According to Velesto, jack-up rig NAGA 5 will be assigned for the contract to provide I-RDC services covering 14 wells, and that the expected commencement date is in the fourth quarter of this year.

Datasonic Group Bhd has clinched a contract worth RM140 million to supply foreign worker cards (i-Kads) to the Immigration Department for a period of three years. The security-based ICT solutions provider said the group’s wholly owned subsidiary Datasonic Technologies Sdn Bhd received the Letter of Award from the Ministry of Home Affairs to supply the i-Kads from Nov 1, 2022, to Oct 31, 2025.

Despite an over 21% decline in top line, MI Technovation Bhd’s net profit for the third quarter ended Sept 30, 2022 (3QFY2022) climbed 6.85% to RM20.25 million from RM18.96 million a year earlier, buoyed by favourable foreign exchange (forex) gains. This was as a result of the strengthening US dollar against the majority of Asian currencies during the quarter. The semiconductor equipment and materials manufacturer’s revenue, however, fell 21.33% to RM89.66 million compared with RM113.97 million in 3QFY2021, owing to weaker contributions from the semiconductor equipment business unit. For the nine-month period ended Sept 30, 2022, MI Technovation’s net profit grew 6.53% to RM51.75 million from RM48.58 million in the same period last year, while cumulative revenue declined 4.59% to RM272.33 million versus RM285.44 million.

Acme Holdings Bhd is teaming up with Koperasi Kampung Melayu Balik Pulau Bhd (KKMBPB) to jointly develop seven parcels of land measuring about 178.34 acres in Penang into a multi-phased integrated development, with an estimated minimum gross development value of RM1.4 billion. Under the deal, the development will be on a sharing basis of 83:17 between Acme and KKMBPB.  

Niche Capital Emas Holdings Bhd has proposed a private placement to raise up to RM37.66 million to fund its mining business and working capital. The integrated jeweller said that the exercise will see fresh capital raised from issuing 369.23 million shares at an indicative issue price of 10.2 sen per share. Niche Capital plans to utilise part of the proceeds to acquire interests in minerals and mining assets. In addition, the fund will be used to develop and construct beneficiation facilities for new mineralisation identified, as well as for exploration activities in order to identify new gold mineralisation in the Sokor north area in Kelantan.


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