Eco World, Hibiscus, Sasbadi, VS Industry, Kumpulan Perangsang, mTouche and TM

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KUALA LUMPUR (Apr 16): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Friday, April 17) could include: Eco World Development Group Bhd, Hibiscus Petroleum Bhd, Sasbadi Holdings Bhd, VS Industry Bhd, Kumpulan Perangsang Selangor Bhd, mTouche Technology Bhd and Telekom Malaysia Bhd.

Eco World Development Group Bhd has received a letter of award (LOA) from the Penang Development Corp (PDC) for the development of the proposed Eco Marina development in Penang.

In a filing with Bursa Malaysia today, Eco World (fundamental: 0.5; valuation: 0) said the development will be carried out on 470 acres of land at Bandar Cassia in Batu Kawan, Seberang Perai Selatan.

Under the LOA, Eco World will be acquiring 299.64 acres of leasehold land for RM730.93 million for the development of residential and commercial properties.

It will also be leasing 150 acres of land for a 30-year period with an option for renewal for another 30 years, for RM65.34 million for the development of an international standard 18-hole golf course with a club house.

The development parcel and the lease parcel are collectively referred to as the land parcels which excludes a total area of 20.36 acres identified by PDC for other purposes,

Eco World said, adding that the estimated total consideration for the land parcels is RM796.3 million.

Hibiscus Petroleum Bhd said its 35%-owned entity, Lime Petroleum Norway AS (Lime Norway) has executed an agreement with Lundin Norway AS to acquire a 30% interest in PL544, which is operated by Lundin.

Following the acquisition of the stake, parties in the licence will be Lundin with 40%, Bayerngas Norge AS with 30%, and Lime Norway with the remaining 30%.

“The licence is located south of the Edvard Grieg field on the Utsira High in the North Sea, in water depth of around 100m. The Fosen prospect is under evaluation for possible drilling in 2015.

“The reservoir target is Upper/Middle Jurassic and the gross unrisked prospective resources is estimated at 192 million barrels of oil equivalent,” said Hibiscus (fundamental: 1.65; valuation: 0.3) in a statement today.

Sasbadi Holdings Bhd's unit Sasbadi Sdn Bhd (SSB) has bagged a RM2.3 million contract from the Ministry of Education to publish, print and supply textbooks to all national schools in the country.

Sasbadi said it received a letter of acceptance dated April 15, appointing SSB to publish, print and supply textbooks for the literature component for the Bahasa Malaysia subject for Form 5 (KOMSAS BM Textbook for Form 5) to all national schools.

"The contract is for the period from April 15, 2015, to Dec 31, 2017," it said in a filing with Bursa Malaysia today.

Sasbadi said the contract will not have any material effect on the earnings and net assets of the group for the financial year ending Aug 31, 2015 (FY15), as it is expected to deliver the first tranche of the textbooks worth RM1.95 million to the schools in the first quarter of 2016.

It noted that the contract is only expected to contribute positively to the earnings and net assets of the group from FY16 onwards, during the duration of contract.

VS Industry Bhd said its Hong Kong-listed subsidiary VS International Group Ltd has entered into an agreement with Energy Ally Global Ltd to acquire Zhuhai Deyuan Energy Conservation Technology Co Ltd for RMB20 million (RM11.8 million).

VS (fundamental: 1.3; valuation: 2.4) has agreed to inject a capital of RMB40 million into Zhuhai Deyuan, following the completion of the acquisition.

According to a filing with the exchange today, Zhuhai Deyuan is currently involved in the construction and development of a rooftop solar power plant, mounted on the rooftop of a factory owned by a unit of VS in Zhuhai, People’s Republic of China, with power generating capacity of 10-megawatt (MW).

Besides that, Zhuhai Deyuan is also involved in two other rooftop solar projects, entailing the development of a 3.5MW and 0.7MW rooftop solar power plants.

Kumpulan Perangsang Selangor Bhd (KPS) said a five-month extension has been granted for the fulfilment of conditions precedent in the agreement signed between its unit Cash Band (M) Bhd and Setia Eco Templer Sdn Bhd for the joint-development of a RM1.24 billion high-end mixed project in Templer Park.

Setia Eco, formerly known as Rockbay Streams Sdn Bhd, is a 100%-owned subsidiary of SP Setia Bhd.

In a filing with Bursa Malaysia today, KPS said the extension was given for the approval period for the fulfillment of conditions precedent in the development agreement that was signed between Cash Band and Setia Eco on Feb 6, 2013.

The approval period has been extended until June 5 this year, it added.

mTouche Technology Bhd has teamed up with Celcom Axiata Bhd to provide the latter's mobile subscribers with mTouche's fully Malaysian developed encrypted and secured mobile communication application, with a range of features such as Chat, E-Mail and Voice Calls.

In a filing with Bursa Malaysia today, mTouche (fundamental: 1.35; valuation: 0) said its wholly-owned subsidiary MTB Securenet Sdn Bhd has signed a master application and content provider agreement with Celcom's unit Celcom Mobile Sdn Bhd for the purpose.

"The mobile application allows subscribers to communicate safely and confidentially, preventing data from security breach," the ACE Market-listed company said.

Telekom Malaysia Bhd (TM) today announced two new broadband packages in support of the government's move towards boosting broadband take-up rate in the country.

TM (fundamental: 1; valuation: 1.1) said in a statement today that the first package is a new streamyx broadband package priced at RM38 a month (excluding GST) for 1Mbps with data usage of up to 1GB — which will be made available from June 16 — and is 57% lower than the current offering at RM88.

The second package is a new UniFi 10Mbps triple play package at RM179 a month (excluding GST), which targets heavy data bandwidth users, and will be introduced on July 15. The package is 10% lower than the existing UniFi 10Mbps package of RM199 per month.

“The new UniFi 10Mbps package will include unlimited broadband Internet access, free fixed telephone calls nationwide and 22 basic HyppTV channels,” said TM.

(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.)