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Singapore Investment


Pentamaster, Hextar Industries, AAX, Poh Huat, Petra Energy, Classic Scenic, Uzma, AWC, HLT, Lebtech, Country Heights, ManagePay, Sentoria and Perak Corp

KUALA LUMPUR (March 17): Here is a brief recap of some corporate announcements that made news on Friday (March 17): Pentamaster Corp Bhd, Hextar Industries Bhd, AirAsia X Bhd, Poh Huat Resources Holdings Bhd, Petra Energy Bhd, Classic Scenic Bhd, Uzma Bhd, AWC Bhd, HLT Global Bhd, Lebtech Bhd, Country Heights Holdings Bhd, ManagePay Systems Bhd, Sentoria Group Bhd and Perak Corp Bhd.

Pentamaster Corp Bhd said it is withdrawing from subscribing for a 29.9% stake in the enlarged capital of Taiwan-based Everready Precision Industrial Corp (Epic) for US$6.78 million (RM29.89 million) because approval from Taiwanese authorities “will not come soon”. Its wholly owned subsidiary Pentamaster InnoTeq Sdn Bhd (PISB) now plans to pursue strategic relevant investment into the Taiwanese market on its own or with another strategic relevant partner. “The proposed subscription is currently classified under other receivables and the withdrawal from the proposed subscription will be subject to an impairment assessment (if any).”

Hextar Industries Bhd (HIB), formerly known as SCH Group Bhd, has commenced the winding up of its wholly owned subsidiary Hextar Fertilizers Ltd (HFL), to streamline its organisation for greater efficiency. HFL — an investment holding company — holds 100% equity interest in Hextar Fertilizers Group Sdn Bhd (HFGSB), which in turn holds 100% equity interest in Hextar Fert Sdn Bhd (HFTSB), Hextar Solutions Sdn Bhd (HSOSB) and PK Fertilizers Sdn Bhd (PKF). HIB said all shares held by HFL in HFGSB shall be distributed to HIB, and HFGSB shall be the wholly owned subsidiary of HIB. HFTSB, HSOSB and PKF will then be the indirect wholly owned subsidiaries of HIB.

Bursa Malaysia Securities Bhd has issued an unusual market activity (UMA) query on AirAsia X Bhd (AAX), after a sharp rise in its share price and trading volume recently. In response to the query, AAX said that except for the ongoing development of its proposed regularisation plan to holistically restructure its business and financial condition, it is not aware of any other corporate development, rumour or report which may account for the UMA.

Poh Huat Resources Holdings Bhd saw its net profit drop by 55% to RM6.83 million or 2.58 sen a share for the first quarter ended Jan 31, 2023 amid weaker consumer spending power and business confidence in North America. This compares with RM15.35 million or 5.79 sen per share a year ago, while revenue dropped 35% to RM119.53 million, from RM182.96 million previously. Main buyers in North America have made adjustments to their procurement and inventory to reflect the weaker demand.

Petra Energy Bhd announced that its subsidiary Petra Resources Sdn Bhd has received two contracts for the provision of accommodation workboats from Petronas Carigali Sdn Bhd (PCSB). The contracts are for its accommodation workboats Petra Orbit and Petra Galaxy. These are the first vessel chartering contracts received by Petra Energy this year. The value of the contracts is based on work orders issued by PCSB throughout the contract duration of up to 255 days from the commencement date effective Feb 17, 2023, with an option to extend up to 60 days.

Classic Scenic Bhd has shelved its one-for-one bonus issue plan, and instead proposed to undertake a new bonus issuance on the basis of one bonus share for every two Classic Scenic shares held (one-for-two) to comply with Bursa Malaysia’s listing rules. It did not submit the application for its one-for-one bonus issue plan as the company would not be in compliance with the Main Market Listing Requirements (MMLR), following the recent decline in its share price. “Paragraph 6.30(1A) of the MMLR states that a listed issuer must ensure that its share price adjusted for a bonus issue is not less than 50 sen on the daily volume weighted average share price during the three-month period before the application date.”

Uzma Bhd is proposing a private placement of up to 10% of its share capital to raise an estimated RM21.79 million to partially fund the group’s development of a 50MW Large Scale Solar 4 project in Sungai Petani, Kedah. The placement will involve the issuance of up to 35.2 million shares in Uzma to external parties at a discount of not more than 10% of the group's five-day volume weighted average market price immediately before the price-fixing date. The estimated proceeds to be raised was based on an illustrative issue price of 61.9 sen.

AWC Bhd has entered into a memorandum of understanding (MOU) with Ranhill Utilities Bhd in exploring opportunities and strategic collaborations to expand into the water business in Indonesia. The duration of the MOU is for 12 months from the date of signature unless terminated by both parties.

HLT Global Bhd, the glove-dipping lines expert that was once a darling of the local stock market at the height of the Covid-19 pandemic, is proposing a capital reduction exercise as a set-off against its nearly RM100 million of accumulated losses as at end-2022. The proposed capital reduction entails the cancellation of RM120 million from its share capital, which stood at RM208.27 million comprising 775.39 million shares as at March 7. “The reduced issued share capital pursuant to the proposed capital reduction will also reflect more accurately the value of the underlying assets and the financial position of the company.”

Lebtech Bhd has secured a RM29.53 million construction contract for a project in Section U13, Shah Alam, Selangor. The group’s wholly owned subsidiary Lebtech Construction Sdn Bhd received the 20-month contract from Brighton Land Sdn Bhd on March 14. “The contract is expected to contribute positively to the earnings and net assets of the group for the financial year ending Dec 31, 2023 (FY2023), FY2024 and FY2025.”

Country Heights Holdings Bhd has failed to complete the acquisition of a 10-storey office tower, The Heritage Tower @ Mines Wellness City, for RM44.1 million after its unit failed to pay 90% of the purchase consideration on time. The group’s unit Country Heights Sea Resort Sdn Bhd (CHSR) was unable to proceed with the completion of the acquisition after it failed to pay the outstanding balance of RM39.69 million. “Maybank has rejected CHSR’s request for an extension of time to make the balance consideration payment, and the company is unable to comply with Chapter 10 of the Listing Requirements on related party transactions by the balance consideration payment deadline of March 15, 2023. Therefore, Country Heights and CHSR are exploring all available legal options in response to the situation.”

ManagePay Systems Bhd announced its online financing platform QuicKredit — the Shariah-compliant platform that enables investors to buy and trade gold with credit. Buyers can buy gold by acquiring purchasing financing from QuicKredit with interest based on Tawarruq financing. Users may also choose to receive their gold physically, store it in a secured vault or pawn their purchased gold for a fee and repurchase it later in the form of Ar Rahnu practice. The platform is expected to be launched in the early third quarter of 2023, subject to regulatory approvals.

Sentoria Group Bhd through its wholly owned subsidiary Sentoria Borneo Land Sdn Bhd has entered into a sales agreement with Pembinaan Dinasti Tias Sdn Bhd to dispose of several plots of land in Bandar Semariang, Kuching. The disposal will realise proceeds of RM8.19 million, which will be utilised to repay bank borrowings and expected to generate an estimated net gain of RM600,000. The repayment is also expected to result in interest savings of approximately RM390,000 per annum and lower gearing from 2.76 times as at March 31, 2022 to 2.69 times after the disposal.

Debt-ridden Perak Corp Bhd said one of its creditors has applied for a court order to set aside the group and its subsidiary’s court-sanctioned scheme of arrangement (SOA). The suit is filed by Mohamed Shafeii Abdul Gaffoor, a scheme creditor representing less than 0.02% of the total sum owing under the SOA, according to Perak Corp's Bursa Malaysia filing on Friday (March 17). The suit was filed at the Ipoh High Court on Feb 20. In court documents sighted by The Edge, Mohamed Shafeii said he took the legal action after new evidence surfaced during proceedings in the Ipoh Magistrate's Court, which ruled in September last year that there were elements of crime detected in the diversified group's restructuring exercise. Mohamed Shafeii is seeking the court’s leave to object to and set aside the SOA, saying it is no longer valid, and wants the court to appoint a receiver and manager to manage the company in a more equitable manner.


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