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Sime Darby, Pentamaster Corp, Perdana Petroleum, Hibiscus Petroleum, AEON Credit, Mah Sing

KUALA LUMPUR (July 4): Here is a brief look at some corporate announcements and news flow on Monday (July 4) which include Sime Darby Bhd, Pentamaster Corp Bhd, Perdana Petroleum Bhd, Hibiscus Petroleum Bhd, AEON Credit Service (M) Bhd and Mah Sing Group Bhd.

Sime Darby Bhd (SDB) entered into share sale agreements to divest Weifang Port companies in China for RM1.27 billion, with an indicative sum of RM357 million as repayment of shareholder loans. This marked SDB's full exit from the non-core ports business by the fourth quarter of 2022. SDB said the proceeds from the sale will be utilised for future investments in the group's core industrial and motors businesses, for capital expenditure and/or to repay short-term borrowings.

Pentamaster Corp Bhd has subscribed for a 29.9% stake, equivalent to 16.61 million new shares, in the enlarged capital of Taiwan-based Everready Precision Industrial Corp for US$6.78 million (RM29.89 million), in a debt-to-equity exercise. Pentamaster said the exercise is intended to expand its business into synergistic technology solutions and applications, particularly a vertical integration for its electro-optical segment.

Perdana Petroleum Bhd received a work order extension on June 14 from Petronas Carigali Sdn Bhd worth RM8.4 million for the provision of one anchor handling tug & supply vessel. This is the third contract that Perdana Petroleum has announced this year, and the second from Petronas Carigali.

Hibiscus Petroleum Bhd has inked a farmout agreement for 80% interest and operatorship in an exploration permit offshore Australia to ConocoPhillips Australia for US$3 million (RM13.24 million) upfront and well costs of US$35 million. Under the deal, ConocoPhillips Australia will drill an exploration well by February 2025. Hibiscus' 11.68%-owned associate 3D Oil Ltd will contribute 20% of costs in line with its remaining interest in the permit.

AEON Credit Service (M) Bhd's revenue dropped 5% to RM390.57 million for the first quarter ended May 31, 2022, from RM410.97 million a year earlier, mainly due to a decrease in average financing receivables. Net profit was little changed at RM163.07 million, versus RM163.09 million previously, thanks to higher bad debt recoveries. Moving forward, AEON Credit said it will continue to monitor and assess inherent credit risks in its financing portfolios.

Mah Sing Group Bhd has launched its own homeownership campaign, dubbed "H.O.M.E" (Home Ownership Made Easy), that will run from July 1 until Sept 30. There are 13 participating projects in this campaign with 10 projects in the Klang Valley, one in Johor and two in Penang. Mah Sing said H.O.M.E will provide more sales impetus for its products and put the company on track to achieve its RM2 billion new property sales target for 2022.

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