Coraza, NWP Holdings, Solarvest, AirAsia X, FGV, Destini, Axis REIT and MMAG Holdings

Coraza, NWP Holdings, Solarvest, AirAsia X, FGV, Destini, Axis REIT and MMAG Holdings

KUALA LUMPUR (Jan 20): Based on corporate announcements and news flow on Thursday, companies that may be in focus on Friday include Coraza Integrated Technology Bhd, NWP Holdings Bhd, Solarvest Holdings Bhd, AirAsia X Bhd, FGV Holdings Bhd, Destini Bhd, Axis Real Estate Investment Trust and MMAG Holdings Bhd.

Coraza Integrated Technology Bhd’s share price made an impressive debut on the ACE Market, rising  as much as 42.5 sen or 152% to 70.5 sen over its Initial Public Offering price of 28 sen. The integrated engineering solution provider  closed the day at 64.5 sen, up 36.5 sen or 130.36% over the offer price.

NWP Holdings Bhd said an extraordinary general meeting (EGM) requisitioned by several shareholders of the timber company will not be held as its board of directors deems it invalid. The company said the requisitionists of the EGM — Maybank Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Datuk Tan Lik Houe and Affin Hwang Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Chang Huan Soon — are not members of the company for at least 10% of the issued share capital of the company in aggregate as on Jan 6.

Clean energy specialist Solarvest Holdings Bhd, insurers QBE Insurance (Malaysia) Bhd and Anora Agency Sdn Bhd have collaborated to provide solar photovoltaic (PV) investors a solar investment insurance product, namely the SolarPro Line-Stoppage insurance policy. The trio said they signed a tripartite Memorandum of Understanding (MoU) to enable Solarvest to be able to take up, as well as provide its solar PV investors with an all-new solar investment insurance product. The solar investment insurance product, namely the SolarPro Line-Stoppage insurance policy, is a comprehensive general liability policy with consequential loss underwritten by QBE Malaysia, through Anora.

AirAsia X Bhd (AAX) along with AAX Leasing Two Ltd has withdrawm their application to challenge the registration of a UK court judgement by its lessor BOC Aviation Ltd for the airlines to pay US$23.37 million (RM96.84 million). It is understood AAX and AAX Leasing had agreed to pay RM5,000 costs to BOC Aviation. Initially a hearing date was fixed for last October, but that did not proceed.

FGV Holdings Bhd has signed 12 collective agreements (CAs) with its workers' unions for the years 2022 to 2024. FGV's group CEO Mohd Nazrul Izam Mansor said that the successful negotiations for the 12 CAs, amidst lingering pandemic challenges, demonstrated strong commitments and commendable industrial relations among all parties.

Destini Bhd has secured two contracts from the Ministry of Defence (Mindef) worth RM89 million in total to provide its services to the military. The first
contract is an extension of an existing contract which is to provide maintenance, repair and overhaul (MRO) services and the supply of safety and survival related equipment for the Royal Malaysian Air Force.

Axis Real Estate Investment Trust's (Axis REIT) net poperty income rose 10.4% to RM53.77 million for the fourth quarter ended Dec 31, 2021 (4QFY21) from RM48.73 million a year earlier, mainly due to contributions from newly acquired properties and positive rental reversion. The commercial property REIT, in a bourse filing, announced another distribution per unit (DPU) of 0.38 sen for the quarter. Coupled with the dividend that was declared on Dec 1, total DPU declared for the quarter was 2.41 sen, up 7.1% compared with  2.25 sen for 4QFY20.

MMAG Holdings Bhd has raised its stake in ceramics and pottery products manufacturer CSH Alliance Bhd (formerly known as KTG Bhd) to 16.61% by subscribing for new shares in a rights issue. MMAG emerged as a substantial shareholder in CSH last May after acquiring 35 million shares or a 5.07% stake in the company on the open market. The group also received 194.5 million free detachable warrants on the basis of one warrant for every one rights share subscribed.

https://www.theedgemarkets.com/article/coraza-nwp-holdings-solarvest-airasia-x-fgv-destini-axis-reit-and-mmag-holdings