KUALA LUMPUR (June 6): Based on corporate announcements and news flow today, stocks in focus tomorrow (June 7) may include: FGV, XOX, Ire-Tex, CIMB, Frontken, Bintai Kinden, MRCB and Chin Hin.
Felda Global Ventures Holdings Bhd (FGV) has issued notices of indefinite leave of absence to four officials, including its CEO Datuk Zakaria Arshad and CFO Ahmad Tifli Mohd Talha.
The notices came after they were allegedly implicated with improprieties by FGV’s external auditors PwC Malaysia, in relation to dealings between its subsidiary Delima Oil Sdn Bhd and a long-time Afghan-based customer, Safitex.
FGV’s internal audit is conducting an internal investigation, and MACC said it will soon follow with a separate one.
XOX Bhd said Water Beaute World Bhd and WBW Global Sdn Bhd do not hold any shares in the company based on its latest available record of depositors as at May 24.
Concurrently, its managing director Datuk Chai Woon Chet clarified that he is not associated or involved with Water Beaute World and WBW Global, which are allegedly involved in get-rich-quick and fake online investment schemes operating in the local bourse.
Ire-Tex Corp Bhd said the High Court has ruled that the extraordinary general meeting (EGM) called by its major shareholder Elite Cosmo Group Ltd is null and void.
It dismissed the originating summons which sought the removal and restraint of directors Mak Lin Kum, Felix Chin Wui Choong, Ahmad Amryn Abd Malek and chairman Datuk Seri Mohd Shariff Omar and instead allowed the suit against Elite Cosmo, Raja Hizad Kamarulzaman and Hamdan Mohd Nor.
China Galaxy Securities Co Ltd is buying 50% stake in CIMB Group Holdings Bhd's international stockbroking business, CIMB Securities International Pte Ltd for S$167 million (RM515 million).
The price was set based on a multiple of 1.3 times of CIMB Securities International’s consolidated net asset value of S$256.9 million as at Dec 31, 2015. CIMB expects to formally welcome the new JV partner by 4Q17.
Frontken Corp Bhd plans to buy an 11.42% stake in Ares Green Tech Corp (AGTC) for RM13.3 million, raising its shareholding in the Taiwanese company to 84.6%.
Frontken would use internally-generated funds to purchase the additional stake in AGTC, which it said is poised to benefit from anticipated growth in the global semiconductor market.
Bintai Kinden Corp Bhd has bagged a US$17.5 million (RM74.5 million) deal in Myanmar to undertake air-conditioning and fire protection installation work.
The contract for the two developments in Bahan township in Yangon — Somerset Serviced Apartment and 68 Residence — is expected to be completed by July 2018.
Malaysian Resources Corp Bhd (MRCB) has submitted construction bids worth RM6 billion as part of its exercise to replenish its order book for financial year ending Dec 31, 2017 (FY17).
Currently, MRCB's order book stood at RM7.04 billion, of which RM5.36 billion has yet to be billed.
Chin Hin Group Bhd has proposed a private placement of 10% its share capital to raise some RM61.21 million to pare down bank borrowings and expand capacity.
The company — whose share price hit a record high of RM1.47 early last month — expects the proposed private placement to be completed by the third quarter of 2017.