Mr DIY, MyEG, Vstecs, KPower, Tafi, Bintai Kinden and Solution Group
Arjuna Chandran Shankar
KUALA LUMPUR (Nov 5): Based on corporate announcements and news flow today, the following companies are likely to be in focus tomorrow: Mr DIY Group (M) Bhd, My EG Services Bhd (MyEG), Vstecs Bhd, Kumpulan Powernet Bhd, Tafi Industries Bhd, Bintai Kinden Corp Bhd and Solution Group Bhd.
Mr DIY Group (M) Bhd’s net profit for the third quarter ended Sept 30, 2020 (3QFY20) jumped 54.11% to RM113.45 million from RM73.62 million a year earlier, on higher average monthly sales per store. Quarterly revenue increased 1.78% to RM740.23 million from RM561.72 million. The group has declared a dividend of 0.73 sen, payable on Dec 18. Net profit for the nine-month period rose 0.98% to RM228.9 million from RM226.68 million a year earlier, with revenue growing 7.99% to RM1.79 billion from RM1.66 billion.
MY EG Services Bhd (MyEG)’s JV in the Philippines, I-Pay MYEG Phillipines Inc, has teamed up with Family Vaccine Speciality Clinics Inc to develop an application for the booking and payment of COVID-19 tests, along with the issuance of a digital WR code as proof of testing.
Vstecs Bhd’s 3QFY20 net profit rose 22.26% to RM10.1 million from RM8.26 million a year prior, following higher demand for work from home products. Quarterly revenue increased 16.71% to RM536.36 million from RM459.57 million previously. The group announced an interim dividend of 2.5 sen per share, payable on Dec 16. Net profit for the nine-month period grew 26.76% to RM23.91 million from RM18.86 million a year earlier, as revenue rose 7.75% to RM1.36 billion from RM1.26 billion.
Kumpulan Powernet Bhd clinched two engineering, procurement, construction and commissioning (EPCC) contracts in Indonesia worth RM54.6 million in total — the first EPCC contracts that it has secured there. The works are for mini-hydropower plants with a capacity of 3.1 MW and 2.6MW in Sg Sipang and Sg Klaai respectively, in the province of Bengkulu. The group said the relevant parties will enter a definitive agreement within 90 days from the date of acceptance of the awards.
Tafi Industries Bhd is diversifying into property development and construction. This will be done through a conditional JV with E Prompt Sdn Bhd for the development of a 33-acre (13.35ha) parcel of freehold land in Cameron Highlands. This new venture will be spearheaded by CEO Datuk Seri Wong Sze Chien and group managing director Datuk Seri Azlan Azmi who, together with Datuk Seri Andrew Lim Eng Guan, have emerged as controlling shareholders of Tafi after acquiring a controlling stake. The gross development value and gross development cost of the project amount to about RM390 million and RM260 million respectively.
Bintai Kinden Corp’s partner Generex Biotechnology Corp has signed a framework agreement for the development and commercialisation of the Ii-Key-SARS-CoV-2 coronavirus vaccine in China with the Chinese Center for Disease Control and Prevention (China CDC), Beijing Guoxin Haixiang Equity Investment Partnership and Beijing Youfeng International Consulting Co Ltd. Generex will receive upfront development fees and back-end licensing payment under the framework agreement.
Solution Group Bhd will raise RM18.67 million via private placement for the establishment of a vaccine fill and finish facility. It said that RM10.22 million of the proceeds has been allocated for the set-up of the facility, RM5 million for purchases of machinery and equipment for the fill and finish process, while RM3 million will be used for the purchases of quality assurance and control equipment. The private placement exercise will entail the issuance of up to 30.85 million placement shares, representing not more than 10% of the group's current share base. The group has also proposed to diversify its operations to include pharmaceuticals.