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Singapore Investment


 Hap Seng, Sunway, Pavilion REIT, VS Industry, Eco World International, Pecca, Uzma, Parkson, Trive, KYM, Theta Edge, SCIB and Menang

KUALA LUMPUR (March 22): Here is a brief recap of some corporate announcements that made news on Wednesday (March 22): Hap Seng Consolidated Bhd, Sunway Bhd, Pavilion Real Estate Investment Trust, VS Industry Bhd, Eco World International Bhd, Pecca Group Bhd, Uzma Bhd, Parkson Retail Asia Ltd, Trive Property Group Bhd, KYM Holdings Bhd, Theta Edge Bhd, Sarawak Consolidated Industries Bhd and Menang Corp (M) Bhd.

Hap Seng Consolidated Bhd has proposed to dispose of its entire stake in HS Credit (Manchester) Ltd (HCML) for £152.96 million, or approximately RM837.34 million. Hap Seng said that HSC Manchester Holding Pte Ltd, its indirect wholly-owned subsidiary, had entered into a share sale agreement with Lei Shing Hong Capital Ltd (LSHCL) for the proposed disposal. LSHCL’s ultimate shareholder is Tan Sri Lau Cho Kun, who is the largest shareholder of Hap Seng. Based on Hap Seng's audited consolidated financial statements for FY2021, the proposed disposal is expected to give rise to a proforma gain of RM558.43 million.

Sunway Bhd has set its dividend reinvestment plan issue price at RM1.38 per share in regard to its single-tier second interim dividend announced on Feb 23. The entitlement date has been fixed for April 5, while the expected date for the allotment and issuance of the new shares as well as payment of the cash dividend to shareholders is May 5.

Unitholders of Pavilion Real Estate Investment Trust (Pavilion REIT) have greenlighted the proposal to acquire Pavilion Bukit Jalil Mall (PBJ Mall) from Malton Bhd for RM2.2 billion. The REIT said the resolution was duly passed at its extraordinary general meeting on Wednesday (March 22) after 134 unitholders who collectively hold 539.15 million units in Pavilion REIT (representing 99.98% of voting units) voted for the acquisition. Consequently, the resolution for the proposed issuance of up to 600 million new units (consideration units) in Pavilion REIT — representing approximately 19.6% of total issued units — to Malton’s subsidiary Regal Path Sdn Bhd was also passed with 99.8% of voting units.

Forex losses and higher financing costs pulled VS Industry Bhd’s net profit down 31.76% to RM30.36 million in its second quarter ending Jan 31, 2023 from RM44.49 million a year ago. Earnings per share fell to 0.79 sen from 1.17 sen. Quarterly revenue, however, improved 13.86% to RM1.15 billion from RM1.01 billion on the back of higher sales orders from its key customers. The group announced a second interim dividend of 0.3 sen, payable on April 28.  

Weighed down by forex losses and lower revenue, Eco World International Bhd’s net loss for the first quarter ended Jan 31, 2023 doubled to RM30.82 million from RM14.66 million a year earlier. This translated into a higher loss per share of 1.28 sen from 0.61 sen. Quarterly revenue fell 54.58% to RM22.37 million from RM49.24 million previously, dragged by lower unit sales and handovers as the group was only selling remaining units from two projects in Australia, namely West Village and Yarra One.

Barisan Nasional component party MCA has ceased to be a substantial shareholder of car leather upholstery maker Pecca Group Bhd after its investment vehicle Huaren Holdings Sdn Bhd disposed of 12.88 million shares on March 17. Based on the closing price of 96 sen on March 17, the 12.88 million shares that were disposed of are worth RM12.36 million. Huaren emerged as a substantial shareholder on Aug 30, 2022, when it acquired 3.68 million shares, increasing its stake in Pecca to 38.37 million, or 5.1% shareholding.

Uzma Bhd has secured two contracts from Sabah Shell Petroleum Company Ltd to supply integrated production and integrity chemical and associated services to the Malikai Stage 1 and Gumusut Kakap projects, worth RM68.1 million. Uzma's subsidiary Malaysian Energy Chemical & Services Sdn Bhd received the letters of award for the three-year contracts. This is Uzma’s fourth contact win this year, after it secured a RM30 million contract from Petronas Carigali Sdn Bhd in February to provide electrical submersible pump equipment and services for the latter's wells in Malaysia.

Parkson Retail Asia Ltd (PRA) on Wednesday announced that the Court of Appeal has allowed the appeal by PKNS Andaman Development Sdn Bhd against the decision given by the High Court of Malaya on Jan 29, 2021 allowing its subsidiary Parkson Corporation Sdn Bhd’s (PCSB) application to strike out a suit brought against it by PKNS. This means that the suit brought by PKNS Andaman against PCSB in regards to the company allegedly failing to pay rent for retail space in EVO Shopping Mall in Bangi back in December 2019, will continue for trial at the High Court. “The Board wishes to update that on March 21, 2023, the Court of Appeal allowed PKNS’s appeal against the decision given by the High Court on Jan 29, 2021 allowing PCSB’s application to strike out the Suit, with costs of RM10,000 (approximately S$2,985) and had ordered for the matter to continue for trial at the High Court of Malaya.

Trive Property Group Bhd’s net profit jumped to RM24.11 million in the second quarter ended Jan 31, 2023, about 18 times the RM1.36 million it made in the same period a year earlier, thanks mainly to fair value gains of its investment properties that amounted to RM27.26 million. Revenue rose 27% to RM2.26 million from RM1.78 million on the back of higher sales under its solar division as a result of stronger demand. Earnings per share climbed to 1.91 sen from 0.12 share.

KYM Holdings Bhd posted a net loss of RM277,000 for the fourth quarter ended Jan 31, 2023 compared with a net profit of  RM2.95 million a year earlier, due to lower profit contributions by its multi-wall industrial paper sacks division and higher tax expenses. Quarterly revenue was up 7.02% to RM27.27 million from RM25.44 million previously. For the full financial year, the group’s net profit jumped 151.25% to RM8.93 million from RM3.55 million in FY2021, driven mainly by the strong performance of the multi-wall industrial paper sacks segment as a result of the increase in selling price and higher sales to export markets. Full-year revenue rose 45.31% to RM120.38 million from RM82.84 million.

Theta Edge Bhd said the purported termination of its contract to develop a hospital information system and electronic medical record for Institut Jantung Negara is “based on alleged default by the company”. “The project has made substantial progress and the company is currently seeking legal advice.” On Monday, Theta Edge announced that its wholly-owned unit Theta Technologies Sdn Bhd had received a notice of termination from Institut Jantung Negara Sdn Bhd.

Nexia SSY PLT has resigned from its role as Sarawak Consolidated Industries Bhd (SCIB)’s external auditor because of “difficulties in allocating sufficient resources requested by the company” based on the fees charged. “Upon deliberation by the audit committee and board of directors of the company held today, the board has resolved to accept the resignation with regret and shall take the necessary steps to appoint new external auditors to fill up the casual vacancy”. The largest maker of precast concrete products in Sarawak said the appointment of a new external auditor will be announced in due course.

Shareholders of Menang Corp (M) Bhd connected to Titian Hartanah (M) Sdn Bhd have ceased to be substantial shareholders of the property developer. Mariam Mohamed Eusoff, who directly held 48.11 million shares or a 9.44% stake in Menang, ceased to be a substantial shareholder of the company after offloading her entire block of shares via a direct business transaction on March 21. On Monday, Menang notified Bursa Malaysia that Datuk Shun Leong Kwong and Datuk Abdul Mokhtar Ahmad, who control Titian Hartanah together with Mariam, had ceased to be substantial shareholders of Menang after the vehicle disposed of its 54.26 million shares or 10.65% stake via a direct business transaction.


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