Tuesday 19 Mar 2024
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KUALA LUMPUR (Oct 16): Based on corporate announcements and news flow today, stocks in focus tomorrow (Oct 17) may include: AZRB, Bintai Kinden, EITA Resources, MyEG, Nationwide Express, Nova MSC, Perisai, Rohas Tecnic, Amalgamated Industrial, AbleGroup and Iris.

Ahmad Zaki Resources Bhd has secured an additional work package contract worth RM288.5 million to construct three elevated stations and associated works for the upcoming second mass rapid transit (MRT 2) line: Serdang Raya (South), Seri Kembangan and Universiti Putra Malaysia.

Following the latest MRT 2 job — AZRB’s second — its year-to-date contract wins have increased to RM502.5 million, pushing its current unbilled orderbook to RM4 billion.

Bintai Kinden Corp Bhd has won a sub-contract from WZR Property Sdn Bhd to develop an air traffic surveillance and management system at the Kuala Lumpur International Airport (KLIA) for RM11 million.

The non-renewable contract for the Communication, Navigation, Surveillance/Air Traffic Management (CNS/ATM) System for the Kuala Lumpur Flight Information Region’s (KL FIR) New Traffic Control Centre (KL NTCC), is expected to be completed by Nov 2018.

EITA Resources Bhd has won a RM69.83 million contract from Mass Rapid Transit Corp Sdn Bhd to install 30 lifts and 77 escalators at four MRT sites.

The construction — to be completed by April 2022 — will involve part of Package V203 (Jinjang-Jalan Ipoh North Portal viaduct guideway), Packages V204 (Bandar Malaysia South Portal-Kampung Muhibbah viaduct gateway), V205 (Kampung Muhibbah-Serdang Raya viaduct gateway) and V206 (Serdang Raya-UPM viaduct gateway).

My E.G. Services Bhd has received a Letter of Appointment from the Malaysian Ministry of Home Affairs to undertake the voluntary repatriation of illegal foreign workers for the Immigration Department of Malaysia from Oct 10 to Dec 31, 2017.

“The project has no fixed value as it is dependent on the number of foreign workers successfully repatriated,” it said. MyEG did not disclose the value per worker, nor the number of workers it has targeted for the repatriation process.

Nationwide Express Courier Services Bhd is acquiring Airpak’s rights, title and interest in and to its courier service business, including certain assets and liabilities, for RM15 million cash and issuance of 3.01 million new National Express shares, at an illustrative price of 73 sen apiece or RM2.19 million.

The two parties entered into an agreement for the second time after both decided not to extend the deadline of the first agreement — which entails Nationwide Express to fully acquire Airpak for RM33.2 million.

Nova MSC Bhd’s 51%-owned subsidiary CNA Development Pte Ltd (CNAD) has secured Japan Asia Group Ltd as the subscriber of its S$4 million worth of redeemable convertible bonds.

The bonds will be issued in order to cover CNAD’s capex purposes. Post-issuance, Nova MSC’s net gearing will increase to 0.43 times, compared with 0.04 times as at March 31, 2017.

Bursa Securities has agreed to delay the share suspension and delisting of Perisai Petroleum Teknologi Bhd pending a decision on the company’s application to extend the deadline of its regularisation plan, which was due on Oct 11.

"The application is subject to Bursa Securities' consideration and an announcement in relation to the outcome will be released in due course," said Perisai, which gained PN17 status in 2016 after its wholly-owned subsidiary defaulted in payment of the principal and interest on a S$125 million bond.

Rohas Tecnic Bhd has received its shareholders’ nod to acquire a 75% stake in HG Power Transmission Sdn Bhd for RM91.66 million.

Its chief executive officer Leong Wai Yuan highlighted that HG Power has exposure outside Malaysia, and is in the business which Rohas Tecnic is familiar with. “We think at some point very soon that it (HG Power) will contribute 50% of our profit,” Leong said.

Amalgamated Industrial Steel Bhd (AISB)’s proposal to acquire two parcels of land in Kayu Ara at Petaling Jaya, for RM19.6 million was deemed “fair, reasonable and not detrimental” to minority shareholders, said independent adviser Sierac Corporate Advisers Sdn Bhd.

The acquisition will enable the loss-making company to diversify its business into property development, said the adviser, which in turn will reduce its reliance on the business of trading of steel-related products.

Public Investment Bank Bhd has told shareholders of AbleGroup Bhd to reject the takeover bid by Parallel Pinnacle Sdn Bhd, saying the offer is “not fair and not reasonable.”

This came considering Parallel Pinnacle’s offer price of 13 sen is at a nine sen or 40.91% discount to its estimate of AbleGroup’s revalued net asset value of 22 sen per share, and that AbleGroup shares are relatively liquid at 12.35% average monthly trading volume compared with 10.81% seen at the KL Industrial Production Index.

Iris Corp Bhd has announced the appointment of former Astro customer division vice president Shaiful Zahrin Subhan as its group chief executive officer (CEO), effective today.

Meanwhile, Iris managing director Datuk Tan Say Jim has retired from the post in conjunction with his mandatory retirement at age 60. Concurrently, chief operating officer Choong Choo Hock, 51, has been re-designated as CEO of IRIS Trusted Identification and Information Technology division.

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