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IJM, KLK, Serba Dinamik, BHIC, Uzma, Yong Tai, Reservoir Link and Sern Kou

KUALA LUMPUR (June 11): Based on corporate announcements and news flow today, companies in focus on Monday (June 14) may include: IJM Corp Bhd, Kuala Lumpur Kepong Bhd (KLK), Serba Dinamik Holdings Bhd, Boustead Heavy Industries Corp Bhd (BHIC), Uzma Bhd, Yong Tai Bhd, Reservoir Link Energy Bhd and Sern Kou Resources Bhd.

IJM Corp Bhd has agreed to sell its entire 56.2% stake in subsidiary IJM Plantation to Kuala Lumpur Kepong Bhd (KLK) for RM1.53 billion cash, or RM3.10 per share. The disposal is expected to reap the group a disposal gain of RM700 million, IJM said in a statement today. On completion of the transaction – which is still subject to approval of shareholders and lenders at an extraordinary general meeting to be convened at a date that has yet to be determined – IJM Plantation will cease to be its subsidiary. But IJM will continue to be entitled to the dividend of 10 sen per share in July that was declared by IJM Plantations.

Serba Dinamik Holdings Bhd co-founder Datuk Awang Daud Awang Putera, who stressed he is confident in the company’s prospects, has sold more of its shares. Awang Daud on Thursday (June 10) sold 4.3 million more shares in Serba Dinamik, which was in the limelight after its external auditor KPMG raised audit discrepancies to the tune of RM4.54 billion in late May. With the latest disposal, Awang Daud is left with 62.49 million shares or 1.67% in the company, from 2.24% or 75.29 million shares prior to the audit issue revelation. Meanwhile, Employees Provident Fund (EPF) also sold 617,800 shares on the same day. EPF is the second institutional fund that has sold shares after the audit issues. Kumpulan Wang Persaraan (KWAP) has trimmed its stake to 4.53%, after selling 26.18 million shares between May 31 and June 1.

Tan Sri Ramlan Mohamed Ali has resigned as non independent and non executive chairman of Boustead Heavy Industries Corp Bhd (BHIC), effective today. Ramlan, 68, resigned to focus on doing his filial duties towards his 95-year-old father who is hospitalised in Singapore, according to BHIC.

Oil and gas contractor Uzma Bhd has bagged its first overseas chemical supply contract in Thailand, through its wholly-owned subsidiary MMSVS Group Holding Co Ltd. In a statement today, Uzma said the US$3 million valued contract from Medco Energi Thailand (Bualuang) Ltd is for the provision of chemical supply and service for three years, from May 20, 2021 to June 1, 2024.

Property developer Yong Tai Bhd has announced that its subsidiary YTB Healthcare Sdn Bhd (YTBH) today received the first batch of an inactivated Covid-19 vaccine developed by China-based Shenzhen Kangtai Biological Products Co Ltd (SZKT). The arrival of the vaccine followed the National Pharmaceutical Regulatory Agency granting its approval for the Clinical Trial Import License (CTIL) on June 3. This also enables YTBH to roll out the phase 3 clinical trial in Malaysia.

Reservoir Link Energy Bhd is looking to diversify its business and enter the solar energy business. The group said it has signed a share sale agreement with Lee Seng Chi to acquire a 51% stake in Founder Synergy Sdn Bhd (FESB) for RM21.17 million. This purchase consideration will be funded via RM8.46 million in cash, and the allotment of 18.15 million new shares in Reservoir Link at 70 sen a piece to Lee.

Sern Kou Resources Bhd has announced that 90 employees in its wholly-owned subsidiary Sern Kou Furniture Industries Sdn Bhd have been tested as Covid-19 positive. All foreign employees are currently placed under quarantine and isolation. The group is expected to resume its operations in stages, after the end of the Full Movement Control Order period. The group has halted its operations since the Full Movement Control Order started.

https://www.theedgemarkets.com/article/ijm-klk-serba-dinamik-bhic-uzma-yong-tai-reservoir-link-and-sern-kou

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