KUALA LUMPUR (Dec 4): Based on corporate announcements and news flow today, companies that might be in focus next Monday (Dec 7) include: Hua Yang, OSK Ventures, Wah Seong, MPCorp, CB Industrial, Datasonic and TRC Synergy.
Property developer Hua Yang Bhd is proposing a mixed development with an estimated gross development value (GDV) of RM311 million in Seberang Prai, Penang, which will comprise 480 units of serviced apartments, 148 units of condominium, and 16 units of two-storey shops.
In a filing with Bursa Malaysia today, it was revealed that the plan will first involve Hua Yang acquiring G Land Development Sdn Bhd, a company based in Bukit Mertajam, Penang, for RM16.55 million.
On completion of the acquisition, G Land, as a wholly-owned unit of Hua Yang, will then acquire from GIM Standard Development Sdn Bhd, also based in Penang, six parcels of freehold land measuring 8.59 acres for RM25 million, cash. The net book value of the land is RM7.98 million.
OSK Ventures International Bhd (OSKVI) has disposed of its entire 15.92% stake in Green Packet Bhd for a total cash consideration of RM32.97 million or 30 sen per shares.
The disposal is expected to result in a loss on disposal at the OSK Ventures level of approximately RM1.1 million, which will translate into a decrease in earnings per share of approximately 1 sen for the group, its Bursa filing today showed.
OSK Ventures said its wholly-owned subsidiary OSK Technology Ventures Sdn Bhd (OSKTV) had on Dec 4, disposed of the 109.9 million shares or 15.92% of the issued and paid-up share capital of Green Packet via an off-market business transaction.
The estimated gross cash proceeds of RM32.97 million are expected to be utilised for its day-to-day operations, including investment activities and general operating expenses.
Wah Seong Corp Bhd has secured a contract valued at about US$39.5 million (equivalent to RM167.24 million; US$1=RM4.2338) from Statoil ASA Norway, for the entire coating work of the Johan Sverdrup Export Pipeline Project (JoSEPP).
Wah Seong said its pipe coating business unit has been awarded the above contract, and that the scope of works include anti-corrosion coating, internal flow coating and concrete weight coating.
The job involves the coating of approximately 430km of pipes (18-inch and 36-inch), the filing read, which is expected to commence in the last quarter of 2016 and be completed by mid-2017.
The contract is for the provision of pipe coating services, which is the core business of the Wah Seong Corp Group.
Malaysia Pacific Corp Bhd (MPCorp) has aborted its collaboration with Black Sea Horizon Investment Holdings Ltd to promote Malaysia as Asia's 'Economic Corridor', following four extensions, after the deal was first announced in October 2013.
In a filing with Bursa today, the Practice Note 1 (PN1) and PN17 company said the period of its memorandum of understanding (MoU) with Black Sea would not be extended, and as such, has lapsed.
Black Sea is a Chinese State-Owned Enterprise and is principally involved in consumer trade, property development, hospitality, oil refineries and oil trade.
Originally, under the MOU, MPCorp and Black Sea Horizon would jointly promote Malaysia as the Asia 'Economic Corridor' of trade and services with links to Asean, China, India and The Middle East, via the establishment of an Asia Pacific Trade and Expo City (APTEC) in Iskandar Malaysia, Johor.
CB Industrial Product Holding Bhd’s (CBIPH) wholly-owned subsidiary Modpalm Engineering Sdn Bhd has bagged a contract worth RM60 million to build a continuous sterilisation palm oil mill in Papua New Guinea.
BIPH said that it received the letter of award (LoA) from Glory Jade Investments Limited, a subsidiary of East New Britain Palm Oil Limited.
The palm oil mill will have a capacity of 60 tonnes per hour, which will be utilised for the Narangit palm oil mill at the Rabaul District of the East New Britain Province in Papua New Guinea.
“The LoA is expected to contribute positively to the earnings of CB Industrial Product Group for the financial years ending Dec 31, 2016 (FY16) and FY17,” it said.
Datasonic Group Bhd has bagged a RM12.9 million contract for the installation of closed-circuit television (CCTV) cameras on Phase 4 of Penang Island.
The information, communications and technology (ICT) solutions provider said that its wholly-owned subsidiary Datasonic Technologies Sdn Bhd had accepted a letter of award (LoA) dated Dec 3, 2015 from Majlis Bandaraya Pulau Pinang (MBPP) for a period commencing from Dec 10, 2015 to July 22, 2021 for a contract sum of RM12.9 million.
TRC Synergy Bhd will develop residential and commercial properties at Putrajaya's Precinct 18, under the 1Malaysia Civil Servant Housing Development scheme.
In a filing with Bursa Malaysia today, TRC said Putrajaya Corp appointed TRC as the developer for the project, comprising 500 residential units and 316 public residential entities, besides 20 commercial properties, which will involve a gross development cost of RM292.74 million.
(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.)