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Malaysia Investment Bloggers


PetChem, KLCCP Stapled, BFood, Sentral REIT, MHB, TH Plantations, MMC, Bumi Armada, MSM Malaysia, Gas Malaysia, Southern Score, Ecobuilt, Southern Cable, Atta Global, Euro Holdings, Censof, CAP, Anzo, Jentayu Sustainables, Bintai Kinden, Impiana Hotels

KUALA LUMPUR (Nov 10): Here is a brief recap of some corporate announcements that made news on Thursday (Nov 10), involving Petronas Chemicals Group Bhd, KLCCP Stapled Group, Berjaya Food Bhd, Sentral REIT, Malaysia Marine and Heavy Engineering Holdings Bhd, TH Plantations Bhd, MMC Corp Bhd, Bumi Armada Bhd, MSM Malaysia Holdings Bhd, Gas Malaysia Bhd, Southern Score Builders Bhd, Ecobuilt Holdings Bhd, Southern Cable Group Bhd, Atta Global Group Bhd, Euro Holdings Bhd, Censof Holdings Bhd, China Automobile Parts Holdings Ltd, Anzo Holdings Bhd, Jentayu Sustainables Bhd, Bintai Kinden Corp Bhd and Impiana Hotels Bhd.

Petronas Chemicals Group Bhd's (PetChem) wholly owned subsidiary BRB International has opened its new lube oil additives manufacturing facility in Echt, the Netherlands. The facility is equipped with higher safety and quality standards and will serve as a lube oil additives and chemicals hub for the global market. PetChem managing director and chief executive officer Mohd Yusri Mohamed Yusof said BRB's expansion is in line with PetChem's strategy of diversifying into derivatives, specialty chemicals and solutions to meet the growing and changing customer demand in the region.

KLCCP Stapled Group reported a 30.43% rise in net profit to RM176.59 million for the third quarter ended Sept 30, 2022, from RM135.39 million a year earlier, on the back of improved performances across all business segments. Quarterly revenue rose 43.65% to RM373.98 million from RM260.35 million, said the group, comprising KLCC Property Holdings Bhd (KLCCP) and KLCC Real Estate Investment Trust (KLCC REIT). KLCCP Stapled declared a dividend of eight sen per stapled security — comprising a 6.96 sen income distribution from KLCC REIT and a third interim dividend of 1.04 sen from KLCCP — to be payable on Dec 23 with a Nov 24 ex-date.

Berjaya Food Bhd (BFood) posted a net profit of RM34.7 million for the first quarter ended Sept 30, 2022, a nearly three-fold jump from RM11.63 million in the same period last year. This was in tandem with the higher revenue recorded for the quarter coupled with the turnaround of the Kenny Rogers Roasters business performance. Quarterly revenue climbed 50.78% year-on-year (y-o-y) to RM283.05 million from RM187.72 million, mainly due to higher same-store-sales growth, particularly from Starbucks cafe outlets as well as the full quarter effect of the new Starbucks cafe outlets opened during the previous financial year. The group declared a first interim dividend of 0.5 sen per share, to be payable on Dec 20.

Sentral REIT's net property income for the third quarter ended Sept 30, 2022 declined 12.5% to RM28.4 million, from RM32.47 million a year earlier. Similarly, quarterly revenue was down 11.92% to RM35.69 million from RM40.52 million, due to lower contributions generated from QB2-HSBC and Wisma Technip, but they were partially offset by the increase in revenues from Menara Shell and Plaza Mont Kiara. For the cumulative nine months ended Sept 30, 2022, Sentral REIT's net property income shrank 6.5% to RM86.85 million from RM92.92 million a year ago, while revenue dropped 6.88% to RM110.96 million from RM119.17 million during the same period.

After posting a loss of RM23.88 million for the third quarter ended Sept 30, 2021, Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) recorded a net profit of RM15.94 million for the same period this year. MHB attributed its return to the black to both its marine and heavy engineering segments, which recorded operating profits for the quarter. Revenue increased y-o-y from RM389 million to RM409 million due to contribution from the marine segment.

TH Plantations Bhd's net profit dropped 46.4% to RM14.37 million for the third quarter ended Sept 30, 2022, from RM28.81 million last year, as a result of a fair value loss on biological assets. The oil palm planter logged a fair value loss on biological assets of RM7.24 million, compared with a fair value gain of RM16.55 million last year. Revenue for the quarter rose 3.66% to RM213.39 million versus RM205.87 million on the back of higher average realised prices for crude palm oil, despite slightly lower production volume.

MARC Ratings has affirmed its rating of AA-IS of MMC Corp Bhd's RM2.5 billion sukuk murabahah programme with a stable outlook. The rating agency said total outstanding under the programme stood at RM2.1 billion as of Oct 31. MARC said MMC's significant and long-standing competitive strengths through subsidiaries and associates in the ports and logistics, engineering, and energy and utilities divisions that have translated into strong dividend-paying capabilities remain key rating drivers.

Bumi Armada Bhd has concluded its six-year legal dispute with former client, Australia-based Woodside Energy Julimar Pty Ltd (WEJ), with the offshore production and support services provider failing to obtain any of the claims it sought. The dispute relates to a terminated RM1.46 billion charter contract between Bumi Armada's unit, Armada Balnaves Pte Ltd (ABPL), and WEJ, which prompted ABPL to file a suit in 2016 at the Supreme Court of Western Australia to seek a declaration that WEJ's termination of the contract was a repudiatory breach. It also claimed US$283.51 million (RM1.33 billion) for damages in the suit. The damages that ABPL sought comprised payment that the unit claimed it would have been entitled to had the contract not been breached, and US$7.7 million for work done and materials supplied.

MSM Malaysia Holdings Bhd has filed a lawsuit against Gas Malaysia Bhd over a disputed sum of RM10.32 million relating to gas supply to its wholly owned unit, MSM Sugar Refinery (Johor) Sdn Bhd (MSM Johor). MSM Malaysia said MSM Johor was forced to stop accepting gas supply from Gas Malaysia's subsidiary, Gas Malaysia Energy and Services Sdn Bhd (GMES), following the shutdown of MSM Johor's refinery operations due to incidents of leakages in the boilers in 2020 and 2021. GMES in April 2022 demanded the RM10.32 million from MSM Johor via a take-or-pay invoice for gas supply.

Southern Score Builders Bhd has bagged a RM173 million contract from developer Dataran Pertiwi Holdings Sdn Bhd (DPHSB) to build an apartment block in Kuala Lumpur. Southern Score Builders' wholly owned Southern Score Sdn Bhd accepted a letter of award dated Nov 10 from DPHSB to act as a turnkey contractor for the proposed development. The project is expected to take 48 months to complete.

Ecobuilt Holdings Bhd has bagged a RM113.35 million contract from DMP Architects Sdn Bhd to undertake construction work for a proposed serviced apartment project in Shah Alam. Ecobuilt's wholly owned subsidiary Rexallent Construction Sdn Bhd accepted the letter of award as the contractor for the proposed development. The construction work for the proposed development of serviced apartment for phase one comprises 34-storey serviced apartment block with 370 units in total, 12 strata office suites, and eight-storey podium car park with public facilities.

Southern Cable Group Bhd's unit secured an award worth RM83.2 million from Sarawak Energy Bhd to provide power cables and conductors. The cable and wire manufacturer's wholly owned subsidiary Southern Cable Sdn Bhd will supply and deliver cables and conductors to Sarawak Energy's distribution network division for a period of 18 months starting from November 2022. Managing director of Southern Cable, Tung Eng, said the contract will lead to increased tenders in the future, and eventually higher revenue contributions from East Malaysia.

Atta Global Group Bhd (previously known as SMPC Corp Bhd) is expecting to see Datuk Lio Chee Yeong and Lim Yeow Teoh emerge as its largest shareholders following the company's plan to acquire three parcels of land in Barat Daya, Penang for RM28 million, which will be funded by a share issuance exercise. The steel product maker's wholly owned subsidiary, Park Avenue Construction Sdn Bhd, on Wednesday (Nov 9) entered into three separate conditional sale and purchase agreements to acquire the land. The exercise is to be fulfilled via the issuance of 114.29 million new shares in Atta Global, at an issue price of 24.5 sen each, comprising 69.39 million shares to Limbo Ngan Batu Maung Sdn Bhd worth RM17 million and 44.9 million shares to Utopia Span Sdn Bhd valued at RM11 million.

Furniture maker Euro Holdings Bhd is selling a plot of freehold industrial land with a two-storey detached factory and a three-storey office building built on it in Rawang, Selangor — which is being used as the group's warehouse now — for RM13.8 million cash, to bolster its cash flow to repay bank borrowings and to fund its working capital. Euro Holdings' wholly owned Euro Space Industries (M) Sdn Bhd has inked a sale and purchase agreement with Ban Hee Metal Sdn Bhd to sell the 82,602 sq ft land. Of the proceeds from the disposal, RM11 million will be used to repay borrowings while RM1.39 million will be used for working capital, and the rest will be used to defray estimated expenses relating to the exercise.

Censof Holdings Bhd has secured a hardware and software maintenance project worth RM7.93 million from the government. The company's unit, Century Software (M) Sdn Bhd, received a letter of acceptance dated Nov 8 from the Ministry of Entrepreneur and Cooperatives Development for the Business Licensing Electronic Support System project. The project is for 36 months from Nov 15, 2022 to Nov 14, 2025 with no option to extend and/or renew upon its expiry.

Trading of China Automobile Parts Holdings Ltd's (CAP) securities will be suspended with effect from Nov 18, following Bursa Securities' rejection of its request for a further extension of time to submit its regularisation plan. CAP added that it faces the risk of being delisted on Nov 22 unless it files an appeal against the delisting on or before Nov 17. Nonetheless, CAP said it will submit an appeal to the regulator against the decision to delist its securities within the appeal time frame.

Contractor and timber product manufacturer Anzo Holdings Bhd said its planned collaboration with Eco Group Holdings Sdn Bhd for Eco to participate in Anzo's proposed regularisation plan has been aborted — barely a month after the two companies signed a memorandum of understanding. The proposed regularisation plan entailed joint collaboration in undertaking civil and structural and mechanical and electrical for construction projects, as well as interior fit-out, design and decoration projects, in Malaysia. It also involved a fundraising exercise to be undertaken by Anzo.

Jentayu Sustainables Bhd has entered into a collaboration agreement with Germany-based Voith Hydro Holding GmbH & Co KG to facilitate technical and technology support for the construction, commissioning, operation and maintenance of the hydroelectric power plants develop by the company. The agreement allows technological and knowledge transfer from a global hydropower technology company that will ensure efficient structural design, operational reliability and cost savings of the power plants developed by Jentayu Sustainables. Additionally, the collaboration will further enhance and expedite the growth and presence of Jentayu Sustainables both locally and regionally.

Bintai Kinden Corp Bhd has inked a deal for the sales, marketing and installation of telecommunications services to healthcare centres and other medical sites. The mechanical and electrical engineering services provider's wholly owned sub-subsidiary Johnson Medical International Sdn Bhd (JMI) has formalised a strategic venture with MN Permai Netcom Sdn Bhd (MNP). Under the agreement, JMI will market telecommunications services to the Health Ministry or any private hospital provided by MNP, which will be involved in sales as well as the installation of the services.

Impiana Hotels Bhd's wholly owned subsidiary, Impiana Cherating Sdn Bhd, has been served a winding-up petition by Axventure Sdn Bhd over an unpaid amount relating to the redevelopment of a resort. The case management via e-review has been fixed for Dec 13. Impiana noted that Axventure on Aug 26 served Impiana Cherating a notice of demand over an outstanding sum of RM2.26 million, comprising the adjudication sum of RM2.25 million together with costs awarded by the High Court.


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