Gas Malaysia, Integrated Logistics, Iris Corp, Cycle & Carriage Bintang, Plastrade Technology, Petronas Gas, Gamuda, Seacera Group, PNE PCB, Dolomite Corp and Naim Indah

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KUALA LUMPUR (April 21): Based on corporate announcements and news flow today, companies that will be in focus on Tuesday April 25 when the market resumes trading after the public holiday on Monday may include: Gas Malaysia Bhd, Integrated Logistics Bhd, Iris Corp Bhd, Cycle & Carriage Bintang Bhd, Plastrade Technology Bhd, Petronas Gas Bhd, Gamuda Bhd, Seacera Group Bhd, PNE PCB Bhd, Dolomite Corp Bhd and Naim Indah Corp Bhd

Gas Malaysia Bhd through its subsidiary Gas Malaysia IEV Sdn Bhd (GMIEV) has formally commenced its virtual pipeline business following the officiation of its compressed natural gas mother station in Gebeng, Pahang.

GMIEV is a joint venture company incorporated in 2014 between Gas Malaysia — a member of MMC Corp Bhd — and IEV Energy Sdn Bhd. It was created to supply compressed natural gas to customers that are currently not served by Gas Malaysia's natural gas distribution system network.

The group has commenced supply to its first customer in Pekan, Pahang.

Integrated Logistics Bhd (ILB) announced it has signed a share sale agreement with Bee Sun Sdn Bhd to dispose of its 100% stake in Feel Solar Sdn Bhd, which was held via IL Energy Sdn Bhd, for RM2.98 million.

The group said it has has decided to focus on investments in large-scale solar photovoltaic (LSSPV) plants introduced by the Energy Commission (EC) in 2016.

ILB first invested in Feel Solar in July 2015, after it acquired 100,000 shares — equivalent to a 100% stake — for RM115,388 from three individuals: Leow Woon Sheng, Ang Yok Chin and Khaw Cheow Heem.

Trusted identification (ID) company Iris Corp Bhd will be partnering Norwegian biometrics company Zwipe to look into the potential for biometric smartcard applications in Malaysia.

Iris co-founder and technical adviser Chas Yap said the two parties will look at possible ways the two companies can work together to promote the technology in Malaysia.

He said there are some similarities between the manufacturing of the biometric cards and the manufacturing of the components for ID cards and passports, which Iris currently does, but added that Iris will need further investments to upgrade its manufacturing capabilities.

Cycle & Carriage Bintang Bhd (CCB)’s net profit tumbled to below the million ringgit mark in its first financial quarter ended March 31, 2017 (1QFY17) amid intensified price competition among premium car suppliers.

The group said the quarterly net profit stood at RM312,000 or 0.31 sen per share, down 96.72 from RM9.5 million or 9.43 sen for 1QFY16.  

Revenue increased 11.93% to RM352.73 million from RM315.14 million, as the group’s 2% decline in unit sales was offset by a bigger portion of higher-priced models sold during the quarter.

It also said it is banking on higher car sales to drive its earnings growth this year, as automotive sector margins remain under pressure.

Polyethylene compounds maker Plastrade Technology Bhd proposes to undertake a 10% private placement of its total issued shares to potentially raise RM5.56 million for working capital.

Plastrade said the placement would involve 15.04 million shares to investors to be identified later and at an issue price to be determined later.

Petronas Gas Bhd has named Kamal Bahrin Ahmad as its new managing director (MD) effective June 1, 2017. He will replace Yusa Hassan who has resigned.

Kamal, 53, joined Petronas as a project engineer in the refining sector and was involved in the commissioning of the Kerteh Refinery Reformer Project, according to the group's filing with the stock exchange today.

Meanwhile, the group said Yusa's resignation was due to an inter group transfer within Petronas.

The High Court has struck out a RM303.53 million claim against mass rapid  transit (MRT) project delivery partner MMC Gamuda KVMRT (PDP) Sdn Bhd (KVMRT PDP).
 
The suit was filed last July by Accolade Land Sdn Bhd, which claimed KVMRT PDP — jointly owned by MMC Corp Bhd and Gamuda Bhd — had breached a contract relating to the acquisition of land from Accolade.

Gamuda said the High Court found Accolade’s suit to be “totally unsustainable”, because “the alleged oral agreement was not supported by any contemporaneous evidence”.

Seacera Group Bhd has proposed to issue between 70 million and 80 million new shares to raise at least RM70 million.

Seacera said it entered into conditional subscription agreements with 12 subscribers today for the subscription of 70.78 million new shares, representing 30% of its enlarged share capital.

The issue price of RM1 per share is concluded based on the volume weighted average market price (VWAP) of its shares, which stood at between 95 sen and RM1.08.

The issuance will be implemented in several tranches in six months from the date of approval by Bursa Malaysia, it added. Subsequent tranches will be placed to third party investors at a price to be announced later.

Printed circuit board maker PNE PCB Bhd saw eight million of its shares, representing a 6.08% stake, crossed off-market today.

According to Bloomberg data, the shares changed hands via two transactions, both at the price of 50 sen per share, giving a total value of RM4 million.

Parties involved in the transaction were not immediately known.

Dolomite Corp Bhd's (DCB) unit Dolomite Power-Shandong (HK) Ltd has defaulted in instalment payments of principal sums of about RM30 million.
 
It was unable repay the instalment due to a delay in the completion of thermal power plant construction resulting from the main contractor’s inability to deliver within the agreed time, prolonged severe winters, and longer-than-expected time required to stabilise the plant.
 
DCB added that time taken to negotiate with potential steam users on the terms to purchase steam generated, and certification delay by the authorities for the thermal power plant, also caused a default in repayment.
 
This led to the delay of issuance of the power generation certificate, which was only issued on March 3, ultimately derailing the schedule for full commercial production.
 
Naim Indah Corp Bhd disclosed that its financial year ended Dec 31, 2016 (FY16) audited net profit is actually 64.8% lower than the group’s unaudited quarterly disclosure to Bursa Malaysia.

Naim Indah revealed that its audited net profit for FY16 was RM10.33 million compared with RM29.37 million it reported on Feb 27 this year, adding that the deviation was mainly due to lower gain on fair value adjustment in its investment property Centerpoint Seremban Mall.

The group explained that the initial valuation on Sept 30 last year gave the property a gain on fair value adjustment of RM31.55 million, following the completion of a major refurbishment on the mall, but prior to its re-opening on Sept 28, 2016.