AirAsiaX, Hua Yang, Tanjung Offshore, MK Land, Kimlun, KSL, Tenaga and Integrax

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KUALA LUMPUR (Jan 30): Based on announcements and newsflow today, companies that may be in focus when market reopens next Wednesday (Feb 4) could include: AirAsia X Bhd (AAX), Hua Yang Bhd, Tanjung Offshore Bhd, MK Land Holdings Bhd, Kimlun Corporation Bhd, KSL Holdings Bhd, Tenaga Nasional Bhd and Integrax Bhd.

AirAsia X Bhd (fundamental: 0; valuation: 0.3) has appointed board member Datuk Kamarudin Meranun as Group chief executive officer (CEO) and Benyamin Ismail as acting CEO, cementing months of on-going rumours that AAX chief Azran Osman-Rani would exit the company.

In a statement today, the long-haul arm of low-cost carrier AirAsia Bhd confirmed Azran’s “cessation” as CEO, with effect from today.

No reasons were provided for Azran’s cessation as CEO. He was appointed AirAsia X CEO in July 2010.

AirAsia X only noted the new appointments of Kamarudin and Benyamin, is “part of an on-going reorganisation exercise.”

Hua Yang Bhd (fundamental: 1.7; valuation: 2.4) is acquiring 8.09 acres of leasehold land located along the Middle Ring Road 2 (MRR2), to build a high-rise mixed development project, with an estimated gross development value (GDV) of RM800 million.

The purchase cost for the land came up to RM120 million, or RM340.5 per square feet.

“This latest acquisition is in line with our aim of replenishing our current landbank, and this puts us one step closer towards our goal in achieving a total undeveloped landbank GDV of RM5 billion,” said Hua Yang CEO Ho Wen Yan, in a statement.

Tanjung Offshore Bhd (fundamental: 1.95; valuation: 2.4) saw 36 million shares, representing a 9.68% stake in the company, crossed off market today.

According to Bloomberg data, the shares were moved in three blocks — consisting two blocks of 14 million shares each, and one block of 8 million shares. The shares were traded at 35 sen per share, for a total value of RM12.6 million.

The transacted price of 35 sen represents 18% discount to Tanjung’s closing price of 43 sen today.

It is not known who the parties involved in the trades are, at press time.

Tanjung announced last Wednesday (Jan 21) that it had suspended the services of two company directors and a group advisor, after an internal review by an independent committee established within the firm.

Saujana Triangle Sdn Bhd — a wholly-owned unit of MK Land Holdings Bhd (MK Land), and Mammoth Empire Land Sdn Bhd, will jointly develop a mixed development project on a 11.78 acres plot in Damansara Perdana, Selangor.

In an announcement with Bursa Malaysia today on the joint development agreement, MK Land (fundamental: 1.6; valuation: 3) said the parcel of leasehold land is owned by Saujana Triangle, while Mammoth Empire Land will act as the developer for the project.

Under the agreement, Saujana Triangle is entitled to RM82.12 million for contributing the parcel of land (at RM160 per square foot) or 22% of the gross development value (GDV) of the development project, whichever shall be the higher.

Kimlun Corporation Bhd (fundamental: 1.3 ; valuation: 2.4) has secured two contracts worth RM80.98 million from a subsidiary of United Malayan Land Bhd, for the construction of two blocks of apartments and 57 units of houses in Johor Bahru, a filing to Bursa Malaysia revealed this evening.

KSL Holdings Bhd (fundamental: 2.6; valuation: 0.6) has started its land banking exercise for the year, by purchasing 297.2 acres of freehold agricultural land in Batu Pahat, Johor, for RM90.62 million or about RM7 per square feet.

“The objective of the proposed acquisitions is primarily to replenish the land bank of KSL, and it is in line with the expansion plan to acquire and enlarge its land bank at strategic locations for the future property development activities.”

Tenaga Nasional Bhd has not revised its offer price of RM2.75 per share for the remaining 77.88% stake it does not own in Integrax Bhd, a filing to Bursa Malaysia revealed today.

In the offer letter, Tenaga (fundamental:1.3; valuation:1) said the offer to the shareholder of Integrax (fundamental: 1.65; valuation 0.6) shall be conditional, and it will be closed at 5pm, Feb 27, 2015.

“The offer price was arrived at, after taking into consideration the market prices of the [Integrax] share and the audited consolidated net asset per share attributed to equity holders of RM1.97 as at Dec 31, 2012, and RM2.06 as at Dec 31, 2013, which represents a price to book ratio(PBR) of 1.4 times and 1.33 times respectively,” it said.

Tenaga also said the rationale for the offer is to obtain control over Intergax, to ensure the security of coal supply to its Manjung Power Plant, which currently comprises three units, whilst generating almost 10% of the nation’s power supply.