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Velesto, Boustead Plantations, UEM Sunrise, RHB, S P Setia, Yong Tai, Berjaya Corp, Three-A Resources, Gamuda, EcoWorld, Bintai Kinden, Euro Holdings

KUALA LUMPUR (March 24): Based on corporate announcements and news flow today, companies in focus tomorrow (March 25) may include Velesto Energy Bhd, Boustead Plantations Bhd, UEM Sunrise Bhd, RHB Bank Bhd, S P Setia Bhd, Yong Tai Bhd, Berjaya Corp Bhd, Three-A Resources Bhd, Gamuda Bhd, Eco World Development Group Bhd, Bintai Kinden Corp Bhd and Euro Holdings Bhd.

Oil rig operator Velesto Energy Bhd sank into the red in the fourth quarter of financial year 2020 (4QFY20) ended Dec 31, 2020, reporting a net loss of RM493.29 million from a net profit of RM10.2 million a year earlier. Quarterly revenue shrank 44.38% to RM99.06 million from RM178.1 million, mainly due to lower activities in both drilling and oilfield services segments. For the full FY20, Velesto reported a net loss of RM491.73 million from a net profit of RM33.22 million. Annual revenue fell 18.5% to RM546.94 million from RM670.76 million a year ago.

Boustead Plantations Bhd reported a net profit of RM27.46 million for 4QFY20 ended Dec 31, 2020, compared with a net loss of RM172.73 million a year earlier, on higher palm product prices. The higher palm product prices also lifted quarterly revenue by 27.09% to RM227.63 million, from RM179.1 million a year ago. The group declared a second interim dividend of 0.5 sen, to be paid on April 28. For the full FY20, the group's net profit surged 70.17% to RM42.95 million, from a net loss of RM144.01 million in the previous year, while revenue increased 32.2% to RM763.05 million from RM577.2 million.

UEM Sunrise Bhd saw its net loss for 4QFY20 ended Dec 31, 2020 widen to RM134.66 million, from RM28.87 million in the preceding quarter, on lower contributions from joint ventures and associates, as well as additional impairment of assets due to Covid-19. Revenue, however, surged 181% to RM611.64 million, from RM217.44 million in 3QFY20, mainly due to settlement of the sale of the en bloc serviced apartment to Scape Australia Management Pty Ltd. For the full FY20, the property developer recorded a net loss of RM277.28 million versus a net profit of RM221.6 million in the previous year. Full-year revenue plunged 60.92% to RM1.14 billion, from RM2.91 billion.

Chairman of the Employees Provident Fund Tan Sri Ahmad Badri Mohd Zahir has taken over the chairmanship of RHB Bank Bhd, effective today. Ahmad Badri will remain as the chairman of EPF. RHB said Ahmad Badri succeeds Tan Sri Azlan Zainol, who retired on Feb 28 after being with the group since 2005.

Property developer S P Setia Bhd said it has identified several potential areas for business diversification. It said logistics, e-commerce, healthcare and assisted senior living are among the markets to be explored by the group.

Property developer Yong Tai Bhd's subsidiary has been appointed the exclusive mining operator to undertake exploration works on a 100ha site in Bukit Kenderak in Pahang's Lipis district. Yong Tai said wholly-owned subsidiary YTB Land Sdn Bhd has signed an agreement with the registered holder of the mining lease of the land, Tengku Fahad Mua'adzam Shah ibni Almarhum Sultan Haji Ahmad Shah, and Amazing Logic Sdn Bhd.

Berjaya Corp Bhd's newly minted chief executive officer Abdul Jalil Abdul Rasheed has acquired 70 million Berjaya Corp shares at 28 sen a share, giving him a 1.4% stake in the diversified conglomerate. The acquisition of equity interest by Jalil signifies good corporate governance, Berjaya Corp said.

Former executive director of Three-A Resources Bhd, Fang Siew Yee, has been convicted and sentenced for two offences related to insider trading by the Kuala Lumpur Sessions Court. The Securities Commission Malaysia said Fang was sentenced to one-day jail and a fine of RM5 million after she pleaded guilty to two separate charges of communicating inside information and acquiring shares when in possession of the said information.

Construction giant Gamuda Bhd has requested the trading of its shares to be suspended tomorrow, to make way for a material announcement. The group said its structured warrants will also be suspended.

Eco World Development Group Bhd (EcoWorld) said its wholly-owned subsidiary Eco World Capital Services Bhd has established a sukuk wakalah programme of RM500 million in nominal value. The subsidiary today issued RM180 million worth of sukuk wakalah with a tenure of five years under the programme. Proceeds from the sukuk issuance will be used for repayment of several identified existing borrowings and working capital requirements.

Bintai Kinden Corp Bhd has signed a third distribution agreement with Korean cold chain equipment manufacturer firm SLAB Asia Co Ltd to supply its cold chain boxes for the storage and distribution of Covid-19 vaccines in Indonesia. Bintai Kinden's subsidiary Bintai Healthcare Sdn Bhd was appointed the exclusive distributor for the cold chain boxes in Indonesia after the parties signed a separate distribution agreement dated March 15.

Office furniture maker Euro Holdings Bhd has proposed a bonus issue of up to 3.21 billion shares, on the basis of four bonus shares for every one share held of which the entitlement date will be announced later. It said the bonus issue is expected to be completed by the second quarter of 2021.


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