Star Media Group, Malakoff Corp, Gas Malaysia, Lotte Chemical, GDB, Revenue Group, Classita, Poh Kong, Dayang Enterprise and Scientex

Star Media Group, Malakoff Corp, Gas Malaysia, Lotte Chemical, GDB, Revenue Group, Classita, Poh Kong, Dayang Enterprise and Scientex

KUALA LUMPUR (March 21): Here is a brief recap of some corporate announcements that made the news on Tuesday (March 21) involving Star Media Group Bhd, Malakoff Corporation Bhd, Gas Malaysia Bhd, Lotte Chemical Titan Holding Bhd, GDB Holdings Bhd, Revenue Group Bhd, Classita Holdings Bhd, Poh Kong Holdings Bhd, Dayang Enterprise Holdings Bhd, and Scientex Bhd.

After returning to the black in the financial year ended Dec 31, 2022, Star Media Group Bhd has proposed to pay a first and final dividend of one sen per share for the year, subject to shareholders' approval in the upcoming annual general meeting, with details of entitlement and payment dates to be fixed and announced in due course. The group did not pay any dividends for the previous two years when it was loss-making. Its last dividend payout was two sen per share for 2019.

Malakoff Corporation Bhd has proposed to buy a 70% stake in a company that is developing three small hydroelectric renewable energy plants in Kuala Kerai, Kelantan with a collective capacity of 84 megawatts. The group said it has, under its strategic transformation initiatives, identified small-hydro as a key growth area within its renewable energy portfolio which is aligned with Malaysia’s Renewable Energy Roadmap to leverage hydro’s full potential as one of the technology-specific pillars towards achieving a low carbon energy  industry.

Gas Malaysia Bhd has declared a final dividend of 8.62 sen per share for its financial year ended Dec 31, 2022 (FY2022). The dividend, amounting to RM110.68 million, with an ex-date of May 31, will be payable on June 15. This raises the group’s total payout for FY2022 to 22.76 sen per share or RM292.24 million, from 17.67 sen per share or RM226.88 million for FY2021.

Lotte Chemical Titan Holding Bhd’s (LCT) subsidiary PT LOTTE Chemical Indonesia (LCI) has entered into a 12-year loan facility of US$2.4 billion (RM10.58 billion) with the Export-Import Bank of Korea, Korea Trade Insurance Corporation and other commercial banks to fund the development works of an integrated petrochemical facility in Indonesia, known as the Lotte Indonesia New Ethylene (LINE) project. LCT holds an effective equity interest of 51% in LCI, the owner of the LINE project, while LOTTE Chemical Corp holds the remaining 49% and is also the guarantor of the loan facility.

GDB Holdings Bhd, via its wholly owned subsidiary Grand Dynamic Builders Sdn Bhd (GDBSB), has withdrawn its legal suit against KSK Land Sdn Bhd, the holding company of Damai City Sdn Bhd, over unpaid monies in relation to the construction of a building here. However, the construction outfit will have the liberty to file afresh should KSK Land fail to comply with any demand made by GDBSB based on the corporate guarantee. GDBSB sued KSK Land to recover RM120.69 million that the builder claims is the sum owed by Damai City in connection to the breach of the corporate guarantee.

Revenue Group Bhd's Danny Leong Kah Chern will be stepping down as group chief executive officer effective May 23, some five months after assuming the position. However, the e-payment solutions provider’s board has asked Leong to reconsider his decision, adding that it understands Leong is reconsidering his resignation.

Five shareholders of Classita Holdings Bhd, formerly known as Caely Holdings Bhd, are seeking an injunction to block the lingerie maker from convening an extraordinary general meeting (EGM) on March 27 to vote on the group's proposed rights issue, pending the disposal of their lawsuit in which they are seeking to take legal action on behalf of the group against its board members and a vendor. Additionally, the injunction application also seeks to restrain Classita from holding any other EGM aimed at disposing of, changing, or diluting the composition of interest of the group’s shareholders.

Meanwhile, Classita’s executive chairman Ng Keok Chai has resigned from the boards of CSH Alliance Bhd, Hong Seng Consolidated Bhd, Ingenieur Gudang Bhd and Green Packet Bhd, effective Tuesday.

Dragged by a marginal decrease in revenue as well as gold price fluctuation, Poh Kong Holdings Bhd’s net profit for the second quarter ended Jan 31, 2023 (2QFY2023) fell 12.49% to RM25.68 million from RM29.35 million a year earlier. Revenue for the quarter slipped 0.64% to RM403.84 million from RM406.46 million, mainly due to a decrease in demand for gold investment products.

Dayang Enterprise Holdings Bhd's wholly owned subsidiary DESB Marine Services Sdn Bhd has won a contract from Petronas Carigali Sdn Bhd for the provision of accommodation work boat. The value of the contract is based on work orders issued by Petronas Carigali during the contract duration.

Scientex Bhd’s unit Scientex Quatari Sdn Bhd (STX) has inked a joint venture (JV) with Indonesia’s Mustika Land and Japan’s Creed Group to make its maiden foray into building affordable homes in Indonesia. The JV company, which will develop the 40-acre Graha Mustika Tamansari township in Bekasi, Greater Jakarta, will be 60% owned by PT Graha Mustika Tamansari, while STX and Creed Property PH-1 Pte Ltd will hold 20% each. The JV company will acquire land from PT GMT for the township's Phase 1, which involves developing 400 affordable landed homes with an estimated gross development value of US$19 million (RM85.5 million).

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