AE Multi, BCorp, Daya Materials, Eastland Equity, Inix, MRCB, GKent, Mesiniaga, OSK Ventures, Scomi Group

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KUALA LUMPUR (Jan 18):  Based on corporate announcements and news flow today, companies that may be in focus on Tuesday (Jan 22) may include the following: AE Multi Holdings Bhd, Berjaya Corp Bhd (BCorp), Daya Materials Bhd, Eastland Equity Bhd, Inix Technologies Holdings Bhd, Malaysian Resources Corp Bhd, George Kent (M) Bhd, Mesiniaga Bhd, OSK Ventures International Bhd, and Scomi Group Bhd.

AE Multi Holdings Bhd proposed to raise up to RM3.29 million in a private placement to repay bank borrowings and for working capital.

The private placement will involve the issuance of up to 29.94 million new shares, representing 10% of the group's issued share capital with an indicative price of 11 sen each. 

Of the total sum raised, RM2.5 million will be used to party repay its borrowings of RM34.24 million as at end-2017, while RM663,444 will be used for working capital. 

Berjaya Corp Bhd (BCorp) wants to manufacture, assemble and sell British car marque Morris Garages (MG) in Malaysia, as well as to provide after-sale services for the brand.

BCorp has entered into a memorandum of understanding with SAIC Motor Passenger Vehicle Co (SMPV), a unit of China’s largest automaker SAIC Motor Corp Ltd, to collaborate on the proposed business. SAIC is also a seller of MG vehicles.

Practice Note 17 group Daya Materials Bhd has proposed to set off RM32.46 million of debt owed to Perfect Propel Sdn Bhd (PPSB).

This comprises issuance of 534 million new Daya shares at 2.5 sen apiece for RM13.35 million to PPSB, while another RM18.69 million will be set-off against the subscription monies payable by PPSB for its entitlement under a proposed rights issue. 

A further RM416,488 will be satisfied in cash, using the net proceeds to be raised from the rights issue, Daya said. 

Eastland Equity Bhd has aborted its 6-for-5 rights issue with warrants which sought to raise funds to fund a proposed land acquisition worth RM23.27 million in Sabah.

In a filing today, Eastland said it has aborted the cash call for two reasons — that the amount raised may not be enough for its requirements, as well as hiccups in the proposed development at the land it wanted to acquire. 

The land, measuring 2,181 square meters, had a planning approval for the development of two blocks of 28-storey hotels with a total gross development value (GDV) of RM638.97 million. That approval expired on Jan 9.

Shareholders owning 11.21% in internet domain reseller Inix Technologies Holdings Bhd — Zhang Yang, Wai Ai Loo Suncity Entertainment Ltd — has sought to remove recently-appointed directors and appoint three new ones, two of which were ex-directors in the web domain seller company. 

The three directors who may be axed are chief executive officer (CEO) Azman Hussin, Wong Jeh Syan and Norisam Bin Tukiman. Wong and Norisam were appointed in end-2018, after former executive director Datuk Zhang Li and director Lee Yueh Shien retired on the same day.

Now the shareholders want Zhang Li and Lee to be appointed directors again, alongside Edwin Silvester Das. Zhang Li owns 6.74% in Inix via Zhang Yang’s shareholding in the company as at Jan 9.

Light Rail Transit Line 3 Bandar Utama-Johan Setia (LRT3) turnkey contractor MRCB George Kent Sdn Bhd — a 50:50 joint venture between Malaysian Resources Corp Bhd and George Kent (M) Bhd — will not be seeking any compensations from either Prasarana Malaysia Bhd or the government.

This follows the "remodelling" of the project delivery partner (PDP) contract into a fixed price contract for the LRT3 project, which the consortium expects to be signed by end-January.

It also said the project's work package contractors will be paid by end of the month. There are 19 main subcontractors involved in the LRT3 project, including WCT Holdings Bhd, Sunway Construction Group Bhd, Gabungan AQRS Bhd and Mudajaya Corp Bhd.

Mesiniaga Bhd has secured a contract worth RM1.9 billion for the Malaysia International Internet Gateway (EM-IIG) project undertaken by Xiddig Cellular Communications Sdn Bhd.

The two-year contract ending March 31, 2020 is for the commissioning of the core, metro distribution and access network with related support systems for the EM-IIG project. It is Mesiniaga’s second contract in relation to the project.

The EM-IIG project, costing RM5.45 billion, involves the installation of undersea fibre-optic cable linking Hong Kong's international Internet hub to Sabah, Sarawak and Peninsular Malaysia.

OSK Ventures International Bhd (OSKVI) has invested an undisclosed amount in Singapore-based tech-driven waste management company Blue Planet Environmental Solutions, which will in turn use the investment to acquire innovative technologies.

OSKVI said the prospective technologies may include solutions to convert thin-film plastic waste into commercial-use diesel, and process municipal grade organic waste into compost and biogas.

India's Axis Bank Ltd has filed a lawsuit against Scomi Group Bhd's two subsidiaries, claiming 624.64 million rupees (RM36.15 million) for defaulting the amount due to the bank.

Scomi’s unit Scomi Engineering Bhd (SEB) had guaranteed the loan to its wholly-owned unit Urban Transit Pte Ltd (UTPL). UTPL failed to make the scheduled payment, resulting in both SEB and UTPL receiving a notice of demand on Jan 15. 

They are currently negotiating with Axis Bank, Scomi said, adding it sees no impact from the default as SEB and UTPL are not its major subsidiaries.