Tuesday 19 Mar 2024
By
main news image

KUALA LUMPUR (Oct 20): Based on corporate announcements and news flow today, stocks in focus on Monday (Oct 23) may include: Comintel, Ranhill, Nova MSC, Takaful Malaysia, Icon Offshore, MyEG and Notion VTec.

Comintel Corp Bhd is planning to sell its electronic manufacturing services unit, BCM Electronics Corp Sdn Bhd, for RM123.8 million, to Aurelius Holdings Sdn Bhd, which is 50% owned by Comintel executive director Loh Hock Chiang.

Comintel is expected to realise a one-off gain of about RM76.3 million from the proposed sale having included RM11.5 million owed to BCM, based on its audited consolidated financial statements for the financial year ended Jan 31, 2017.

Ranhill Holdings Bhd has bagged a project worth 152.58 million baht (RM19.33 million) to build, operate and transfer a water treatment plant at Rayong province in Thailand.

The seven million litres per day (MLD) water treatment plant development contract — awarded by Amata Water Co Ltd — will have an operations and maintenance period of 19 years, on top of a one-year construction period.

Nova MSC Bhd has proposed to undertake a private placement of up to 88.82 million new shares — 10% of its issued share capital — to raise between RM6.15 million and RM7.99 million to fund its projects.

As at Oct 19, the company's information technology (IT) and maintenance projects tenderbook stood at approximately RM80 million, comprising mainly projects with government agencies such as Singapore's Urban Redevelopment Authority.

Syarikat Takaful Malaysia Bhd saw its net profit increase 8.27% to RM48.57 million in the third quarter ended Sept 30, 2017 (3QFY17), from RM44.86 million a year ago, thanks to higher net wakalah fee income and lower management expenses.

Quarterly revenue grew 11.5% to RM476.24 million from RM426.97 million in 3QFY16, which was mainly attributable to higher sales generated by both family takaful and general takaful businesses.

For the cumulative nine months ended Sept 30, 2017 (9MFY17), its net profit expanded 9.8% to RM150.39 million from RM137.02 million in the same period last year. Revenue rose 7% to RM1.62 billion, from RM1.52 billion in 9MFY16.

Amir Hamzah Azizan will be stepping down as managing director of Icon Offshore Bhd on Nov 30 after less than two years at the helm, as he moves to Themed Attractions Resorts & Hotel Sdn Bhd.

Icon said its chief operating officer (COO) Hassan Ali will serve as acting MD for the next few months, while the company embarks on a search for Amir’s successor.

MyEG Services Bhd executive chairman Datuk Norraesah Mohamad has emerged as a substantial shareholder with 29.67% indirect interest in the company through Asia Internet Holdings Sdn Bhd.

MyEG’s stake held by Asia Internet Holdings were previously attributed to MyEG executive director Datuk Raja Munir Raja Mustapha. Subsequent to the news, Raja Munir has ceased to be a substantial shareholder of MyEG.

A fire broke out at Notion VTec Bhd's main manufacturing plant in Klang at about 2pm today, which has affected its wholly-owned subsidiaries — Kaiten Precision Sdn Bhd, Notion Venture Sdn Bhd, and Autic Mekki Sdn Bhd.

The company has assured that all assets “are adequately covered by insurance”, and that sufficient insurance coverage has been taken for consequential business loss. The full financial and operational impact as well as consequences of the incident will be announced later, it added.

      Print
      Text Size
      Share