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Revenue, F&N, MCT, SunCon, Dialog, DNeX, Kitacon, Econframe, G3, Binasat Comms, Sunview, Reservoir Link Energy, Solarvest, Comintel, Ancom Nylex, KIP REIT and Astro Malaysia

KUALA LUMPUR (Jan 17): Here is a brief recap of some corporate announcements that made the news on Tuesday. They involve Revenue Group Bhd, Fraser & Neave Holdings Bhd (F&N), MCT Bhd, Sunway Construction Group Bhd, Dialog Group Bhd, Dagang NeXchange Bhd (DNeX), Kumpulan Kitacon Bhd, Econframe Bhd, G3 Global Bhd, Binasat Communications Bhd, Sunview Group Bhd, Reservoir Link Energy Bhd, Solarvest Holdings Bhd, Comintel Corp Bhd, Ancom Nylex Bhd, KIP Real Estate Investment Trust (KIP REIT) and Astro Malaysia Holdings Bhd.

The brothers and suspended directors of Revenue Group Bhd, Brian Ng Shih Chiow and Dino Ng Shih Fang, claimed they were unaware as to why they were suspended. They said they have asked the company's board to explain the situation, but there has been no response. The siblings, who hold a combined stake of 23.077% in the e-payment solution company, complained about the company's lack of due process before suspending their executive director functions.

Meanwhile, Revenue has appointed Leong Seng Wui as a new executive director. Leong, 43, is also an executive director at Green Packet Bhd and Classita Holdings Bhd (formerly known as Caely Holdings Bhd).

Fraser & Neave Holdings Bhd (F&N) is likely to face another challenging year in 2023 with increasing prices for raw materials on the horizon, potential instability in global supply chains, and the risk of recession is expected to have repercussions across the entire commodity landscape. F&N chief executive officer Lim Yew Hoe said the group will continue strengthening the company’s cost management measures amidst expected inflation for both commodity goods and raw materials, as well as lingering effects from the Covid-19 pandemic, such as supply chain disruptions and heightened freight costs.

MCT Bhd is eyeing a higher sales target of RM848 million for 2023 and aims to return to the black this year with more product launches. The group said it has planned three launches with a total gross development value of RM954 million across the Klang Valley. The first launch of 2023 was Casa Embun — the first high-rise residential project in Cybersouth, which is an integrated township development launched by MCT in 2015.

Sunway Construction Group Bhd (SunCon) has won a RM218.76 million contract to build a 50 MW photovoltaic plant in Kampar district in Perak. The group's wholly-owned unit, Sunway Construction Sdn Bhd, received the letter of award from Gopeng Bhd's subsidiary GBS Suria Sdn Bhd.

Dialog Group Bhd’s unit signed the Baram Junior Cluster Small Field Asset production sharing contract (PSC) with Petroliam Nasional Bhd (Petronas) and a unit of Sarawak state-owned Petroleum Sarawak Bhd (Petros). Dialog’s wholly-owned unit Dialog Resources Sdn Bhd will take up a 70% participating interest in the PSC, including the operatorship of the contract, while Petros’s wholly-owned subsidiary Petroleum Sarawak Exploration and Production will take up the remaining 30% stake.

Meanwhile, Ping Petroleum Sdn Bhd, a unit of Dagang NeXchange Bhd (DNeX), has signed two production sharing contracts with Petronas for the development and production of oil and gas resources in Terengganu and Sarawak.

Kumpulan Kitacon Bhd made its debut on the Main Market of Bursa Malaysia and closed at 75 sen, up seven sen or 10.29% from its initial public offering price of 68 sen. The group said it is unlikely to be affected by the challenging property market outlook whereby demand could be further depressed by a possible hike in the overnight policy rate in 2023. Its client base consists of Sime Darby Bhd, S P Setia Bhd, Tropicana Corp Bhd, and Eco World Development Group Bhd.

Econframe Bhd plans to expand its operations into the business of aluminium glazing, glass products and facade systems by acquiring a 65% equity interest in Lee & Yong Aluminium Sdn Bhd for RM17.2 million. The company also proposed to fully acquire the factory complex of Lee & Yong from Trans United Sdn Bhd for RM1 million.

Less than seven months after G3 Global Bhd completed its 20% private placement that raised RM18.18 million, the group has proposed another cash call to raise up to RM18.29 million. The loss-making group plans to place out up to 870.83 million new shares or 30% of its share capital in the latest private placement. The group wants to amend its utilisation plan for gross proceeds raised from the previous private placement, the bulk of which was originally earmarked for the group's diversification into the healthcare business, including the distribution of Covid-19 test kits.

Binasat Communications Bhd’s unit has secured an RM18.36 million subcontract work to build a large scale solar photovoltaic facility in Selangor for Fabulous Sunview Sdn Bhd, a wholly-owned unit of newly-listed Sunview Group Bhd.

Reservoir Link Energy Bhd said its unit has clinched an engineering, procurement, construction and commissioning (EPCC) project from Solarvest Holdings Bhd for an expected value of RM16.6 million upon completion. The contract awarded to Reservoir Link's 51%-owned subsidiary, Founder Energy Sdn Bhd, is for the EPCC of the interconnection facility for the development of a large-scale solar photovoltaic plant of 50 MWac at Bukit Selambau, Kedah.

Comintel Corp Bhd managing director Lim Chee Hock has resigned to pursue other interests following his recent divestment of shareholdings in the group to his successor Datuk Jackson Tan Kak Seng. Tan, through his private investment vehicle JT Conglomerate Sdn Bhd, had emerged as a substantial shareholder of Comintel in December last year with a 37.91% stake, after subscribing to 145 million new shares issuance at eight sen apiece in the group via private placement. Tan subsequently acquired another 18.58% stake from Lim and Lim’s elder brother Leng Keng Hok @ Lim Keng Hock for RM10.66 million or 15 sen each, raising his shareholdings in Comintel to 56.5% as at Dec 6 last year.

Ancom Nylex Bhd (formerly known as Ancom Bhd) posted a 70.23% rise in net profit to RM20.56 million for the second quarter ended Nov 30, 2022 from RM12.08 million a year earlier.

KIP Real Estate Investment Trust’s (KIP REIT) net property income rose 5.35% to RM15.15 million for the second quarter ended Dec 31, 2022, from RM14.38 million a year earlier, contributed by 18 days of lease income from its three newly acquired industrial properties in Pulau Indah.

The Employees Provident Fund ceased to be Astro Malaysia Holdings Bhd's substantial shareholder as of Jan 12 after its stake fell to 4.98% after a series of disposals made since early October 2022.

http://www.theedgemarkets.com/node/652153

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