KUALA LUMPUR (Dec 2): Based on corporate announcements and news flow today, companies that might be in focus tomorrow (Thursday, Dec 3) include the following: AirAsia, Hibiscus Petroleum, Eversendai, Carlsberg, Glomac, Wintoni, Iris, Scientex, Malakoff, See Hup, Petrol One Resources and Maxis.
AirAsia Bhd group chief executive officer Tan Sri Tony Fernandes said the budget airline "will not leave any stone unturned" in the aftermath of flight QZ8501 tragedy, which killed all 162 people on board.
The Airbus A320 crashed into the Java Sea on Dec 28 last year, while flying from Surabaya, Indonesia, to Singapore.
"There is much to be learned here for AirAsia, the manufacturer and the aviation industry. We will not leave any stone unturned to make sure the industry learns from this tragic incident.
"These are scars that are left on me forever, but I remain committed to make AirAsia the very best. We owe it to the families and my crew. My heart and deep sorrow goes out to all the families involved in QZ8501," Fernandes said via Twitter.
His comments followed the release of the incident's first public report by the Indonesian National Transportation Safety Committee yesterday (Dec 1).
Reuters, quoting Indonesian investigators, reported that problems with a glitch-prone rudder component and the way the pilots tried to respond, were major factors in the crash of the Indonesian AirAsia jet.
In their first public report, the Indonesian investigators did not pinpoint a single underlying reason as to why flight QZ8501 disappeared from radar, but laid out a sequence involving the faulty component, maintenance and crew actions.
Today, AirAsia announced it has acquired 73% stake in Tune Box Sdn Bhd — a designer, developer and seller of inflight entertainment and connectivity (IFEC) solutions — for RM876,000.
In a filing with Bursa, AirAsia said the acquisition would allow it to diversify into the design, sale, supply and provision of IFEC infrastructure solutions (wireless IFEC solution) business.
AirAsia added that the diversification of income, based on Tune Box’s sale of wireless IFEC solution to the AirAsia fleet, is expected to contribute additional revenue garnered from sales to other airlines.
The group said it bought Tune Box’ 876,000 shares at RM1 per share from UK-based Caterham Technology and Innovation Ltd and vendor Clarence Lim Kee Kiat, using internally-generated funds.
It noted that Caterham is 100%-owned by Caterham Enterprises Ltd, which is 50%-owned by AirAsia managing director and chief executive officer Tan Sri Tony Fernandes. The remaining 50% is owned by AirAsia chairman Datuk Kamarudin Meranun.
Hibiscus Petroleum Bhd announced that it secured London Stock Exchange's AIM-listed Polo Resources Ltd as a new substantial shareholder, with an 8.4% stake.
In a statement to Bursa Malaysia today, Hibiscus said it had entered into a share placement agreement with Polo. Under the deal, Hibiscus issued 90 million new shares at 23.5 sen each to Polo, which invests in mining assets.
According to Hibiscus' statement, Polo invests in oil and gas, coal, gold, iron ore, copper and phosphate projects.
The 90 million Hibiscus shares placed out to Polo, forms a portion of Hibiscus' private placement exercise.
Hibiscus had earlier proposed to place out up to 326.94 million new shares or 25% of its enlarged issued and paid-up share capital.
Eversendai Corp Bhd is buying a 70% stake in Thailand-based S-Con Engineering Co Ltd for 30 million baht (RM3.55 million), a move that will help the buyer expand into the neighbouring country's power sector.
In a statement to Bursa Malaysia today, Eversendai said it had today signed a conditional share subscription agreement with Anuchart Suphannarat and S-Con.
Anuchart is the founder and owner of S-Con, which specialises in steel fabrication and installation.
Eversendai said it financed the purchase with its internal funds.
Carlsberg Brewery Malaysia Bhd (CBMB) recorded a 98% or RM4.9 million variation in actual contracted transaction value at RM9.9 million for the beverage products purchased from related party Carlsberg Hong Kong Ltd (CHKL) for the period of Oct 1 to Nov 30, 2015.
In a filing with Bursa Malaysia today, CBMB said the estimated transaction value as disclosed in the circular to shareholders was from RM1 million to RM5 million; but it rose to RM9.9 million, due to the increase in purchase of products by CHKL.
The circular is in relation to the proposed shareholders' mandate for recurrent related party transactions (RRPT) of a revenue or trading nature and proposed new shareholders' mandate for RRPT of a revenue or trading nature dated March 23, 2015.
CBMB, which entered into RRPT of a revenue or trading nature after obtaining the mandate from shareholders on April 23, said CHKL is the subsidiary of Carlsberg Breweries AS and does not hold any direct equity interest in it.
Glomac Bhd saw its net profit rise 33.1% year-on-year (y-o-y) to RM17.53 million or 2.45 sen per share in the second quarter ended Oct 31, 2015 (2QFY16), from RM13.17 million or 1.81 sen per share a year ago, on higher revenue.
Its revenue rose 69.3% to RM146.05 million, from RM86.29 million in 2QFY15, its filing on Bursa Malaysia today showed.
For the first half ended Oct 31 (1HFY16), net profit rose 13.5% y-o-y to RM38.6 million or 5.38 sen per share, from RM34.02 million or 4.68 sen per share a year ago.
Revenue for the latest half year period was up 39.5% y-o-y at RM269.05 million, from RM192.83 million in 1HFY15.
In a press statement, Glomac said the company's higher revenues for both the latest quarter and half-yearly period were driven by progress billings in its key ongoing projects, such as Lakeside Residences, Saujana Rawang, Glomac Centro and Reflection Residences.
The quarter also saw maiden contribution from Saujana KLIA. The initial phase of Saujana KLIA, comprising terrace houses and shop offices with a total gross development value (GDV) of RM289 million, was successfully launched in FY15 and are almost all sold, said Glomac.
The trading of Wintoni Group Bhd shares will be suspended next Tuesday (Dec 8) at 9am, as the company has failed to submit its quarterly report for the period ended Sept 30, 2015 within the stipulated timeframe accorded by Bursa Malaysia.
In a filing with Bursa Malaysia, Wintoni said it had failed to submit its quarterly results by Nov 30, 2015 to Bursa Malaysia Securities Bhd for public release, pursuant to Rule 9.22(1) of Bursa Securities' Ace Market Listing Requirements.
“The suspension shall be effected on the next market day, after the suspension deadline,” the filing read, adding that the company’s securities will be suspended from 9am on Dec 8, until further notice.
The company also risks delisting, should it fail to issue the outstanding financial statements within six months from the expiry of the stipulated timeframe.
Iris Corp Bhd shares rose as much as 6.3% to 25.5 sen today, after securing a mixed development contract in Putrajaya that carries an estimated gross development cost of RM622.73 million.
The stock, which had dipped to a one-year low of 18 sen on Aug 24 ahead of its first quarter financial year 2016 (1QFY16) results, has been steadily increasing since then.
The digital identification solutions provider returned to profitability in 1QFY16, with a net profit of RM693,000; compared to a net loss of RM2.55 million in the previous corresponding quarter.
It slipped into the red in FY15 with a net loss of RM23.7 million, against a net profit of RM18.64 million in FY14.
Yesterday (Dec 1), Iris Corp announced it had been awarded the contract to undertake the proposed development of Perumahan Penjawat Awam 1Malaysia (PPA1M) and a mixed development comprising commercial and residential buildings at Precinct 19, on a tract of land measuring 16.2 acres.
It said the project was expected to contribute positively to the group in the next three financial years up to FY19.
The company, which ventured into property development just early this year, said the project involves the construction of 1,928 units of residential houses under PPA1M, with 508 residential houses and 22 units of commercial buildings for open sale.
The development is expected to be completed in two and a half years, and will be funded internally and with bank borrowings.
Scientex Bhd said its wholly-owned subsidiary Scientex Quatari Sdn Bhd (SQSB) had lodged with Securities Commission Malaysia (SC), the relevant documents to issue a 15-year sukuk murabahah programme, with a nominal value of up to RM500 million.
In a Bursa Malaysia filing, Scientex — a consumer and industrial packaging product manufacturer-cum-property developer — said the issuance of the Islamic debt paper would be used to finance the acquisition of land, property and investments. It could also be used to fund working capital requirements or refinance SQSB’s existing borrowings.
RHB Investment Bank Bhd is the principal adviser, lead arranger, lead manager, and facility agent for SQSB’s sukuk murabahah programme.
Malakoff Corporation Bhd's chief executive officer (CEO) Datuk Sri Syed Faisal Albar has resigned, just six months after the company was listed.
In a filing with Bursa Malaysia today, the company said Syed Faisal resigned to "pursue other career opportunity".
Syed Faisal, 50, was appointed as Malakoff's CEO on July 1, 2014, and helmed the company until its much-touted listing on May 14 this year.
Prior to joining Malakoff, Syed Faisal served as CEO of Gas Malaysia Bhd from January 2014.
He also served as Pos Malaysia Bhd's group managing director from 2008 to 2011.
In a statement, Malakoff's chairman Tan Sri Syed Anwar Jamalullail said Syed Faisal's resignation was appropriately tabled and deliberated by the board of directors today.
See Hup Consolidated Bhd, which is involved in general cargo transporting and freight forwarding services, is tying up with Tokyo Stock Exchange-listed Maruzen Showa Unyu Co Ltd to set up a logistics and forwarding joint venture (JV) company, which it foresees will provide it competitive edge over its competitors.
Its subsidiary SH Global Freight Sdn Bhd entered into a JV agreement with Maruzen Showa today to effect the tie-up, said See Hup in a Bursa Malaysia announcement today.
The JV company will be known as Maruzen SH Logistics Sdn Bhd, which will provide logistics, forwarding, warehousing and other related business and services, it said.
Maruzen Showa, established in 1931, is engaged in the provision of logistics, yard operations and machine stevedoring.
The initial share capital of the JV would be RM1.5 million, with a ratio of 40:60 between SH Global and Maruzen Showa, respectively.
See Hup said its investment into the JV company will be funded internally.
Petrol One Resources Bhd has appointed Moore Stephens Associates PLT to undertake a special audit on its audited financial statements for the financial year ended June 30, 2015 (FY15), following a disclaimer of opinion expressed by its external auditors Messrs KPMG on Oct 30.
Petrol One told Bursa Malaysia today that the special audit would be "on matters in relation to FY15, that formed part of the basis for the 2015 disclaimer of opinion".
According to the company's filing on Oct 30, KPMG had said it was not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion, after noting that the group's current liabilities exceeded its current assets by RM101.94 million, among other things.
Maxis Bhd and its subsidiaries' proposal to implement an internal reorganisation is expected to consolidate and integrate the businesses and undertakings of its wholly-owned subsidiaries under Maxis Broadband Sdn Bhd (MBSB).
In a filing with Bursa today, Maxis said MBSB has entered into separate sale and purchase agreements with Maxis Collections Sdn Bhd, Maxis International Sdn Bhd, Maxis Mobile Sdn Bhd and Maxis Mobile Services Sdn Bhd to purchase their businesses and undertakings, including relevant assets and liabilities.
Maxis said barring unforeseen circumstances and subject to the condition, the group expects to complete the reorganisation in the first half of 2016.
"The proposed internal reorganisation is another important step for the Maxis group's transformation. The objective is to deliver operational efficiency and provide the group with greater operational agility and flexibility to respond quickly in a fast-evolving telecommunications market," Maxis said.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)