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Singapore Investment Bloggers


MAHB, Kejuruteraan Asastera, Petronas Gas, MyEG, QL Resources, Kobay, Ivory Properties, Iqzan Holding, KNM, Ta Win, Khee San and Cypark

KUALA LUMPUR (Feb 9): Here is a brief recap of some corporate announcements that made the news on Thursday (Feb 9) involving Malaysia Airports Holdings Bhd, Kejuruteraan Asastera Bhd, Petronas Gas Bhd, MyEG Services Bhd, QL Resources Bhd, Kobay Technology Bhd, Ivory Properties Group Bhd, Iqzan Holding Bhd, KNM Group Bhd, Ta Win Holdings Bhd, Khee San Bhd and Cypark Resources Bhd.

The Ministry of Transport said the government intends to set up an Airport Development Fund (ADF) to help finance airport developments. The ADF will be partly funded by airport taxes — the passenger service charge or PSC that is paid by departing passengers. Transport Minister Anthony Loke said 50% of the PSC component that is taken into account in the calculation of the user fee that Malaysia Airports Holdings Bhd (MAHB) pays to the government to operate the airports will be channelled into the ADF trust account. Loke also said the material terms of the two operating agreements between the government and MAHB — one for the operation, management, maintenance and development of Kuala Lumpur International Airport KLIA1 and klia2, and another on the same for the other 37 airports and airfields (short take-off and landing airports (Stolports)) in the country until 2069 — have received in-principle approval from the Cabinet.

Kejuruteraan Asastera Bhd has acquired a 10% stake in a unit of Petronas Gas Bhd (Petgas) which is responsible for a power plant project in Sabah, and will be the sole energy supplier to Petronas’ near-shore floating liquefied natural gas facility that is to be completed in 2026. KAB’s wholly-owned subsidiary KAB Energy Holdings Sdn Bhd signed the share purchase agreement with Petgas to acquire a 10% stake in PetGas’ subsidiary Regas Terminal (Lahad Datu) Sdn Bhd. The parties on Thursday entered into the joint venture to co-own and undertake the RM230 million power plant located in the Sipitang Oil and Gas Industrial Park.

MyEG Services Bhd bought back an additional two million shares at 72 sen each. The block of shares cost a total of RM1.45 million. This is its second block of shares it bought back on the open market this week. The e-government service provider mopped up two million shares on Tuesday (Feb 7) at 71.5 sen per share. Cumulatively, it has now spent RM2.89 million to buy back its four million shares so far this week. Investors shorted 28.8 million shares in MyEG over the past two days when heavy selldown wiped off RM1.79 billion in its market capitalisation.

QL Resources Bhd has declared an interim dividend of 3.5 sen per share for its financial year ending March 31, 2023. The integrated agro-based business company said the dividend will be paid on March 29. The ex-date is March 14.

Kobay Technology Bhd’s net profit tumbled 37.8% to RM9.03 million in its second quarter ended December 31, 2022 (2QFY2023) against RM14.52 million in last year’s corresponding quarter, due to the slowdown in the semiconductor market. Similarly, quarterly revenue also decreased 11.5% to RM82.15 million from RM92.83 million previously. For 1HFY2023, Kobay’s net profit decreased 19.4% to RM19.55 million from RM24.24 million in the same period a year ago, with revenue improving 7.9% to RM171.59 million from RM158.97 million.

Penang-based property developer Ivory Properties Group Bhd has appointed UHY as the company’s new auditor following the resignation of KPMG PLT. The Practice Note 17 (PN17) company said it has received UHY's letter of consent dated Jan 25 to act as the company's auditor.

Iqzan Holding Bhd said Bursa Malaysia Securities has granted the PN17 company a further extension of four months, up to March 31, to submit its regularisation plan to the relevant authorities. Iqzan, formerly known as Ire-Tex Corp Bhd, was given the initial extention when it applied for it on Nov 29, 2022. The company slipped into PN17 status after its external auditor Nexia SSY PLT expressed a disclaimer of opinion on the group’s financial statements for the financial year ended June 30, 2019  in its annual report issued on Oct 31, 2019.

KNM Group Bhd, which recently defaulted on debts of about RM417 million, said its director Tunku Datuk Yaacob Khyra will serve as its non-executive chairman from Thursday. This comes after the group announced on Tuesday the redesignation of Tan Sri Zulhasnan Rafique from non-executive chairman to non-independent and non-executive director of the group.

Ta Win Holdings Bhd’s managing director Datuk Seri Ngu Tieng Ung has emerged as Khee San Bhd’s largest substantial shareholder. This came after Khee San director Datuk Mohamad Razali Mohamad Rahim ceased to be the candy maker’s major shareholder on Thursday, having offloaded all 22.8 million shares, or a 16.667% stake, by way of a direct business transaction at 13 sen apiece, or RM2.97 million in total. Ngu bought that block of shares through Timur Enterprise Sdn Bhd, raising his stake in Khee San to 16.754%. This makes Ngu the single largest shareholder of Khee San, while founder of security seal manufacturer Mega Fortris Malaysia Sdn Bhd, Datuk Dr Ng Meng Kee, holds a 12.42% stake.

The Social Security Organisation (Socso) has increased its stake in Cypark Resources Bhd from 5.494% to 6.216%. Socso bought three blocks of shares worth 9.11 million on the open market at an undisclosed price, raising its direct stake to 47.58 million from 42.05 million.


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