Advancecon, AirAsia, Eden, MMC and MyEG

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KUALA LUMPUR (Dec 29): Based on corporate announcements and news flow today, stocks in focus on Tuesday (Jan 2) may include: Advancecon, AirAsia, Eden Inc, MMC Corp and MyEG.

Advancecon Holdings Bhd has bagged a RM45.83 million contract to provide earthworks and ancillary works for a development on a piece of 439-acre land in Ijok, Selangor.

The contract, awarded by Worldwide Property Management Sdn Bhd to Advancecon’s wholly-owned unit Advancecon Infra Sdn Bhd, spans 18 months from Jan 15, 2018 to July 14, 2019.

AirAsia Bhd said it has completed the listing of its Indonesian arm, Indonesia AirAsia (IAA) following PT AirAsia Indonesia Tbk’s (AAID’s) acquisition of a 57.25% stake in IAA.

Separately, AirAsia group chief executive Tan Sri Tony Fernandes reiterated the low-cost carrier's plan to combine all its airline businesses under one listed vehicle, with its operations in the Philippines next in the growth pipeline after AirAsia Indonesia.

Entrepreneur Datuk Fakhri Yassin Mahiaddin will relinquish his board position as non-independent and non-executive director of Eden Inc Bhd on Dec 31.
Eden said in a filing with Bursa Malaysia today that Fakhri, 42, who is the son of former deputy prime minister Tan Sri Muhyiddin Yassin, has resigned to focus on other business commitments.

MMC Corp Bhd has been slapped by Inland Revenue Board (IRB) with RM45.91 million in additional income tax with penalties for the years of assessment of 2011 to 2013.

MMC, however, said there are reasonable grounds to challenge the notices of assessment raised by the IRB, and voiced intention to file notices of appeal and challenge the notices of assessment by IRB.

The Malaysia Competition Commission (MyCC) revealed it penalised MY E.G. Services Bhd (MyEG) for infringing the Competition Act 2010 because MyEG had imposed additional steps to any customers that want to purchase mandatory insurances for the renewal of temporary employment permits for foreign workers  (PLKS) without going through its agent, RHB Insurance Bhd.

It also said that MyEG’s penalties totalled RM6.14 million — with risks of increase if the e-services group does not adhere to instruction to immediately stop the practice, and provide an efficient gateway for competitors to provide the services within 60 days beginning Dec 28, 2017.