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Singapore Investment

Scientex Packaging, Konsortium Transnational, Sand Nisko, Astro, Signature International, MyNews, GIIB, Reservoir Link, MGB, Carlsberg, Mah Sing, LKL, Green Ocean Corp, Boustead, Pertama Digital, Destini

KUALA LUMPUR (June 19): Here is a brief recap of some corporate announcements that made the news on Monday (June 19) involving Scientex Packaging (Ayer Keroh) Bhd, Konsortium Transnasional Bhd, Sand Nisko Capital Bhd, Astro Malaysia Holdings Bhd, Signature International Bhd, MyNews Holding Bhd, GIIB Holdings Bhd, Reservoir Link Energy Bhd, MGB Bhd, Carlsberg Brewery Malaysia Bhd, Mah Sing Group Bhd, LKL International Bhd, Green Ocean Corp Bhd, Boustead Holdings Bhd, Pertama Digital Bhd, NetX Holdings Bhd, and Destini Bhd.

Plastic packaging producer Scientex Packaging (Ayer Keroh) Bhd, formerly known as Daibochi Bhd, saw its net profit fall by 1.64% to RM10.1 million in its third financial quarter ended April 30, 2023 (3QFY2023), against RM10.3 million posted a year ago, due to a decline in revenue and rising energy costs. Quarterly revenue fell 14.4% to RM177.4 million from RM207.4 million a year ago, due to lower product demand from both the domestic and export markets. The domestic market contributed RM96.41 million or 54.3% of the group’s 3QFY2023 revenue while exports contributed RM81.08 million or 45.7%. The group declared a single-tier interim dividend of 2.5 sen per share, payable on July 17.

Konsortium Transnasional Bhd has proposed to rebrand as Epicon Bhd, as part of plans to align its corporate identity with the substantial financial contribution from its construction business and its anticipated growth in the future. The company added that the proposed change of name, if approved by shareholders, will be effective from the date of issuance of the Notice of Registration of New Name by the Companies Commission of Malaysia.

Rubberwood furniture maker Sand Nisko Capital Bhd has officially changed its name to Mpire Global Bhd. The notice of registration of its new name was received from the Companies Commission of Malaysia on Monday.

Astro Malaysia Holdings Bhd’s net profit dropped 84% to RM15.9 million in the first quarter ended April 30, 2023 (1QFY2024), from RM100.02 million a year earlier, as earnings were impacted by a higher unrealised foreign exchange loss. This was due to transponder lease liabilities amid the strengthening of the US dollar. Revenue decreased 7.38% to RM891.13 million from RM962.09 million in 1QFY2023, mainly arising from the decrease in subscription revenue, advertising revenue and merchandise sales. Earnings per shares fell to 0.3 sen from 1.92 sen. Astro declared a first interim dividend of 0.25 sen per share, to be paid on July 18.

Kitchen cabinet maker Signature International Bhd is selling its aluminium and façade businesses for RM17.53 million amid increasing challenges in the construction market such as cost overrun and a spike in project material costs. Proceeds raised from the divestment will be utilised for working capital and repayment of bank borrowings. The group, meanwhile, also entered into a settlement agreement for Signature Façade Treatment Sdn Bhd to repay advances amounting to RM34.45 million over 12 monthly payments. The divestments, which do not require shareholders’ approval, are expected to be completed by the third quarter this year.

MyNews Holding Bhd narrowed its net loss to RM6.28 million for its second quarter ended April 30, 2023, from RM10.23 million in the same period last year, as revenue rose on contributions from new outlets. Losses per share also fell to 0.92 sen from 1.5 sen previously. Quarterly revenue climbed 23.46% to RM174.2 million from RM141 million, mainly due to the increase in the number of outlets and an improvement in overall in-store sales as business and social activities in the country normalised post-pandemic. For the cumulative six months ended April 30, MyNews halved its net loss to RM9.49 million from RM18.08 million in the same period a year earlier, as revenue grew 27.72% to RM358.29 million from RM280.53 million.

GIIB Holdings Bhd said the Malaysian Anti-Corruption Commission's (MACC) investigation involving the group concerned an invoice for the sum of RM24,000 issued by its 51%-owned subsidiary GIIB Healthcare Products Sdn Bhd over the sale of gloves. GIIB said the gloves were sold to A2 Gloves Sdn Bhd and the amount invoiced was collected by GIIB on behalf of GIIB Heathcare. On the RM24,000 transaction, the group said it has obtained legal opinion and concluded that the transaction was legal and did not breach any laws. The group is currently requesting its external auditors to review the position of GIIB Healthcare’s liability as at the balance sheet date in question.

Energy-related services provider Reservoir Link Energy Bhd's 51%-owned unit, Founder Energy Sdn Bhd, has secured three solar contracts worth RM18.1 million since May 2023. Under the first contract, Reservoir Link will supply and deliver fixed tilt solar mounting structures for a large-scale solar project, while the second contract involves the supply of labour and materials including plants and machineries. Meanwhile, under the third contract, the group has been appointed as a subcontractor for the engineering, procurement, construction and commissioning of a solar project. The three projects are located in Selangor and Perak and will have a combined output of 67.4 Megawatt alternating current (MWac) upon completion.

MGB Bhd’s wholly-owned subsidiary MGB Construction & Engineering Sdn Bhd has accepted a letter of award from Arqhitectnia on behalf of Seloka Sinaran Sdn Bhd for a proposed development project in Sepang valued at RM156.83 million. The project is to be carried out in three parcels, with the first expected to commence on September 1, 2023 and completed on Nov 30, 2024, whilst the second and third parcels have yet to be provided a timeline. With the addition of this contract, MGB’s current outstanding order book stands at approximately RM1.85 billion.

Carlsberg Brewery Malaysia Bhd announced the non-renewal of its distribution agreement with Japan's Asahi Group Holdings Ltd. The brewer said both parties have mutually agreed not to renew the said agreement and the exclusive distribution of the Asahi brand or trademark in Malaysia that will expire on Dec 31, 2023. The non-renewal of the Asahi agreement is not expected to have any material financial impact on Carlsberg for the year ending Dec 31, 2023.

Mah Sing Group Bhd announced that it has signed a sale and purchase agreement with Petaling Garden Sdn Bhd, a subsidiary of S P Setia Bhd, on Monday for the acquisition of a 500-acre freehold land in Semenyih for RM392.04 million. The land has an estimated gross development value of RM3.3 billion and will be planned as an integrated township to be named Glengowrie Estate, the group's largest township in the Klang Valley.

LKL International Bhd has signed distribution agreements with both Germany-based manufacturer SECA GmbH & Co KG (SECA) as well as local company Meditop Corp (Malaysia) Sdn Bhd to distribute their medical devices. LKL said the agreement with SECA was inked via its wholly owned LKL Advance Metaltech Sdn Bhd, while the deal with Meditop was entered into via LKL's wholly owned Medic Gen Sdn Bhd.

Loss-making Green Ocean Corp Bhd has proposed to diversify its business to include the distribution and trading of food and beverage (F&B) as well as foodservice. The proposed diversification, which needs shareholders’ approval at a general meeting to be convened, will contribute more than 25% of the group’s net profit, based on the latest audited loss after tax of RM20.84 million and audited net assets of RM117.65 million as at June 30, 2022. The F&B segment will also reduce its reliance on the glove and palm oil business.

Boustead Holdings Bhd has redesignated its non-independent non-executive chairman Datuk Ahmad Nazim Rahman as executive chairman, with immediate effect. Ahmad Nazim, 47, is also the chief executive of Lembaga Tabung Angkatan Tentera (LTAT), which controls over 97% of Boustead and is in the process of privatising the company.

Pertama Digital Bhd has appointed former chairman of Malaysian Resources Corp Bhd (MRCB) Datuk Ahmad Nazri Abdullah as its non-executive chairman. This follows the redesignation of former chief justice Tun Zaki Azmi from non-executive chairman to director of the group.

NetX Holdings Bhd has appointed former police Criminal Investigation Department director Datuk Seri Wan Ahmad Najmuddin Mohd as its chairman. Wan Najmuddin, 65, who has served in the police force for more than 40 years, will take the role as an independent and non-executive director of NetX.

Integrated engineering solutions provider Destini Bhd said former Dewan Rakyat speaker Tan Sri Azhar Azizan Harun has been redesignated from independent director to independent non-executive chairman. Azhar, 61, replaces Abdul Rahman Mohd Rejab who resigned due to personal commitments on June 16.  Destini also announced that independent non-executive director Dr Nurwahida Mohd Yaakub has resigned from her role due to personal commitments. She is replaced by Datuk Bahudin Mansour.

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