TNB, Serba Dinamik, IHH, Solarvest, Citaglobal, Pekat, Key ASIC, Theta Edge and UMediC

TNB, Serba Dinamik, IHH, Solarvest, Citaglobal, Pekat, Key ASIC, Theta Edge and UMediC

KUALA LUMPUR (March 6): Here is a brief recap of some corporate announcements that made news on Monday (March 6): Tenaga Nasional Bhd, Serba Dinamik Holdings Bhd, IHH Healthcare Bhd, Solarvest Holdings Bhd, Citaglobal Bhd, Pekat Group Bhd, Key ASIC Bhd, Theta Edge Bhd and UMediC Group Bhd.

Datuk Lau Beng Wei has resigned as an independent non-executive director of Tenaga Nasional Bhd with effect from March 6 to “pursue other interest”. He was appointed to the role starting Dec 1, 2021 for a two-year period. Lau, 57, had started his career with TNB, where he held various positions from 1990 to 2003.

The application by Serba Dinamik Holdings Bhd and its three subsidiaries for a permanent stay of the winding-up order against them was strongly objected to by their creditors at a hearing on Monday (March 6). The four companies are seeking the permanent stay pending the hearing of their appeal at the Court of Appeal against the High Court's decision in January to grant the winding-up order. The creditors — made up of syndicated lenders and bilateral lenders, comprising six financial institutions and other banks — are opposing the permanent stay.

IHH Healthcare Bhd said its proposed sale of the International Medical University for RM1.35 billion has been approved by the Higher Education Ministry. The deal has become unconditional as of March 3. In June 2022, IHH announced the proposed disposal of IMU Health Sdn Bhd to Inbound Education Holdings Sdn Bhd, a consortium led by The Rise Fund and the Hong Leong Group. The transaction also includes the sale of IMU’s hospital to Columbia Asia Sdn Bhd.

Solarvest Holdings Bhd has formed a consortium with a solar energy solutions provider based in the Philippines to provide rural electrification in Mindanao Island there. It is partnering with Edward Marcs Philippines Inc to work with Philippine government-owned National Power Corporation to construct electricity distribution systems in rural areas. Solarvest was appointed as the engineering, procurement, construction, and commissioning solutions provider for the project.

Citaglobal Bhd said it has secured a contract for the development of a jetty project in Perlis, raising its orderbook to RM933.2 million from RM733.2 million. Its wholly-owned subsidiary Citaglobal Engineering Services Sdn Bhd will undertake the Sanglang Integrated Jetty project for Mutiara Perlis Sdn Bhd. "The full development of the Sanglang project is divided into four phases. The contract sum of Phase 1A is RM200 million while the contract sum for the other phases has yet to be determined. Citaglobal will first finalise the award to execute Phase 1A of this project,” the group said.

Pekat Group Bhd said its wholly-owned unit Pekat Solar Sdn Bhd has received a writ of summons and statement of claim from Multiplex Packaging Sdn Bhd dated Feb 16, 2023. Multiplex as the plaintiff made claims against Pekat Solar over disputes on supply and installation of two solar photovoltaic (PV) systems under the net energy metering system and self-consumption system allowable by the Energy Commission. The claims include losses from the installations amounting to RM848,999, bank loan interest amounting to RM508,080, and damages of RM849,364.49 as a result of loss of income.

Key ASIC Bhd clinched four turnkey application-specific integrated circuit design service contracts worth RM16 million over a three-year period. The four contracts include two contracts from existing end customers. Another two are from new customers, including a Hong-Kong-based client. “In addition to the non-recurring engineering fees, the projects usually contribute to a multi-year revenue stream from the shipment of the wafers or chips,” it said.

Theta Edge Bhd said it has participated in the request for proposal issued by the Minister of Finance Inc to acquire a 70% stake in Transit Acquirer Sdn Bhd. Theta Edge, which is 30% owned by Lembaga Tabung Haji, however said it “has not entered into any definitive agreement” for the acquisition. The company confirmed its participation in the RFP dated Jan 5, 2022 “upon due inquiry with its board of directors, its substantial shareholders, and all such persons reasonably familiar with the matter”.

UMediC Group Bhd’s net profit stood at RM2.91 million against its revenue of RM12.52 million for its second quarter ended Jan 31, 2023. Earnings per share for the quarter was 0.78 sen. On a quarter-on-quarter basis, UMediC's net profit rose 45.38% to RM2.91 million from RM2 million, as revenue rose 10.64% to RM12.52 million from RM11.31 million. For its first half of 2023, the group recorded a net profit of RM4.9 million on the back of RM23.83 million in revenue. The better results were due to higher demand for medical devices and consumables from public and private hospitals as well as healthcare service providers, it said. This was supported by lower cost of sales and other expenses in the quarter.

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