KUALA LUMPUR (Jan 14): Based on corporate announcements and news flow today, companies that may be in focus on Tuesday (Jan 15) may include the following: Cahya Mata Sarawak Bhd, D’Nonce Technology Bhd, FGV Holdings Bhd, PBA Holdings Bhd, Ranhill Holdings Bhd, Spring Gallery Bhd and TSR Capital Bhd.
Cahya Mata Sarawak Bhd (CMSB) is taking majority control in associate company Malaysian Phosphate Additives (Sarawak) Sdn Bhd (MPAS), raising its stake from 49.94% to 60% for RM64.24 million cash.
The move was conducted in order to bring MPAS’ earnings into the consolidated statements of CMSB to bolster the group’s future earnings, the latter said in a filing today. MPAS will utilise the proceeds to finance the ongoing construction of an integrated phosphate plant in Samalaju, Sarawak.
D’Nonce Technology Bhd has redesignated its newly-appointed executive director Lim Teck Seng as group CEO, following the resignation of Kuah Choon Ching on Jan 10.
Lim, 49, had joined the industrial packaging company’s board of directors on Jan 8. Presently, he also sits on the board of Asia Poly Holdings Bhd, OCR Group Bhd, Pegasus Heights Bhd, Lay Hong Bhd and European Credit Investment Bank Ltd.
FGV Holdings Bhd has identified RM350 million worth of non-core assets for disposal, as well as several areas for partnerships to capitalise its strengths and plug capacity gaps, said chairman Datuk Wira Azhar Abdul Hamid.
The troubled plantation group could save at least RM150 million in 2019 alone from plugging leaks, Azhar said in a letter to shareholders.
He also noted several headwinds for the moving forward, including the resolution of its land lease agreement with Felda and a public sanction from the Roundtable on Sustainable Palm Oil (RSPO).
A new management team, including a new chief executive officer, should be announced in the next few days, noted Azhar.
PBA Holdings Bhd’s wholly-owned unit Perbadanan Bekalan Air Pulau Pinang Sdn Bhd is seeking a water tariff revision to raise RM501 million to invest in five water supply projects in the State between 2019 and 2021.
This takes into consideration that water demand in the State is projected to rise 128% to 1,884 million litres per day from 826 MLD in 2017, said PBA chairman-cum-Penang Chief Minister Chow Kon Yeow.
Ranhill Holdings Bhd’s 26.7%-owned associate, Tawau Green Energy Sdn Bhd (TGE), has failed in its appeal against a revocation of its feed-in approval for the development of Malaysia’s first geothermal power plant with a capacity of 37MW in Tawau, Sabah.
Ranhill said in a filing today that on Jan 11, TGE received a letter from energy minister Yeo Bee Yin upholding the decision by Sustainable Energy Development Authority’s (Seda) to revoke the approval. Ranhill acquired the stake in TGE for RM18.7 million back in Sept 29, 2018.
Spring Gallery Bhd has appointed new substantial shareholder Wan Khalik Wan Muhammad as an executive director effective immediately. However, the loss-making firm has not introduced a new chief executive officer as of yet.
The two positions were left vacant by Datuk Lim Chaing Cheah after he resigned on Jan 4 to focus on ceramic business at subsidiary level. Khalik had bought a 10% stake in the ceramic products manufacturer on Jan 11 via private vehicle Total Sejati Sdn Bhd.
TSR Capital Bhd has secured an RM307 million earthwork sub-contract for the Gemas-Johor Bahru electrified double-track project from yarikat Pembenaan Yeoh Tiong Lay Sdn Bhd.
It said its wholly-owned unit TSR Bina Sdn Bhd — which has done earthworks for MRT and MRT2 projects — will be undertaking site clearance and embankment earthwork for the project, with work expected to be completed by March 2020.