Sapura Energy, Toyo Ventures, Uni Wall APS, Hibiscus Petroleum, Muhibbah Engineering and Cuscapi

Sapura Energy, Toyo Ventures, Uni Wall APS, Hibiscus Petroleum, Muhibbah Engineering and Cuscapi

KUALA LUMPUR (Feb 4): Based on corporate announcements and news flow on Friday (Feb 4), companies that may be in focus on Monday (Feb 7) include Sapura Energy Bhd, Toyo Ventures Holdings Bhd, Uni Wall APS Holdings Bhd, Hibiscus Petroleum Bhd, Muhibbah Engineering and Cuscapi Bhd.

Loss-making Sapura Energy Bhd has decided to withdraw from the Yunlin offshore wind farm installation project in Taiwan, following a "material breach of contract". The oil and gas group said it has issued a notice to Yunneng Wind Power Co Ltd to terminate the contract for the transportation and installation of monopiles at the farm. The group has an immediate right to legally and contractually terminate the contract, it said, as advised by its external international lawyers.

Trading in the securities of Toyo Ventures Holdings Bhd (TVHB) will not be suspended on Feb 10, as the company managed to submit its annual report for the financial period ended Sept 30, 2021 (FY21) to Bursa Malaysia on Monday (Jan 31). Last Wednesday (Jan 26), TVHB said it had failed to meet the earlier Jan 31 deadline, and needed additional time to resolve outstanding issues. However, TVHB did not provide details on what these issues were.

Uni Wall APS Holdings Bhd has signed a memorandum of collaboration (MoC) with Singapore-based Sun Solutino Pte Ltd to jointly develop certain parts of Malaysia Vision Valley 2.0 (MVV 2.0). The group signed the MoU via its 80%-owned NS Aero City Sdn Bhd. Sun Solutino is principally involved in the generation of electricity by other sources (such as solar power and biofuels), with transmission, distribution and sale of electricity as its secondary activity.

Hibiscus Petroleum Bhd's associate company in Australia, 3D Oil Ltd (TDO), has been awarded a VIC/P79 exploration permit in Australia. Hibiscus said the permit in offshore Otway Basin was awarded by the National Offshore Petroleum Titles Administrator. It said the permit covers an area of 2,576 square km that is next to the largest gas fields in the offshore Otway Basin, Thylacine and Geographe, and contains the highly prospective Vanguard Prospect.

The Federal Court has given its nod for Muhibbah Engineering (M) Bhd to proceed with a judicial review of the notice of additional tax assessments for a sum of RM23 million that was issued by the Inland Revenue Board of Malaysia (IRB) in May last year. In a filing with the exchange, Muhibbah said the court unanimously granted affirmation to the Court of Appeal's decision on July 19, 2021 in respect of granting leave and proceeding with the judicial review hearing, and the issuance of a stay order in favour of the company until the substantive judicial review hearing is concluded.

Cuscapi Bhd has acquired 15.98 million shares representing a 0.215% stake in e-government service provider MYEG Services Bhd, for an aggregate sum of RM15.01 million in the last 12 months. According to the group, the acquisitions were partly funded by internal funds and proceeds from a private placement.

http://www.theedgemarkets.com/article/sapura-energy-toyo-ventures-uni-wall-aps-hibiscus-petroleum-muhibbah-engineering-and-cuscapi