IJM, Sunway, Ikhmas Jaya, FGV, Ibraco, Green Packet, Pentamaster, ML Global, Stone Master, I-Bhd, Yong Tai, PRG and Pasdec

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KUALA LUMPUR (July 17): Based on corporate announcements and news flow today, companies that will be in focus tomorrow (Tuesday, July 18) may include: IJM, Sunway, Ikhmas Jaya, FGV, Ibraco, Green Packet, Pentamaster, ML Global, Stone Master, I-Bhd, Yong Tai, PRG and Pasdec.

IJM Corp Bhd clinched a RM450.9 million contract from UOB Properties (KL) to design and construct the planned UOB Tower 2 office building along Jalan Raja Laut here.

Construction of the building will commence in August and is expected to be completed 40 months from the commencement date.

Sunway Bhd today made its first issuance of RM10 million worth of notes under its RM10 billion Islamic medium term note (IMTN) programme.

Sunway said the proceeds raised from the sukuk will be used to finance its investment activities and working capital requirements, and for general corporate purposes.

Ikhmas Jaya Group Bhd plans to raise some RM33.8 million via private placement to be used as general working capital, including payment to suppliers and sub-contractors.

The construction firm said the private placement will involve the issuance of up to 52 million new shares — equivalent to 10% of its share capital — to identified investors at an issue price to be fixed later.

Felda Global Venture Holdings Bhd (FGV) is targeting to resolve its domestic inquiry on both its group CEO and CFO by Aug 14 this year, according to its acting chairman Tan Sri Dr Sulaiman Mahbob.

Sulaiman said the domestic inquiry on CEO Datuk Zakaria Arshad and CFO Ahmad Tifli Mohd Talha, over allegations of improprieties against them, will be conducted fairly and that the board will not comment or interfere with the process.

Ibraco Bhd has bagged a RM302.64 million contract in the construction of the new airport in Mukah, Sarawak, from the Sarawak Public Works Department.

The contract relates to final formation, airfield pavement, access road, landside infrastructure and building works.

Green Packet Bhd announced the proposed acquisition of a 100% stake in Mobiduu Solutions Sdn Bhd for RM4 million.

The purchase, it said, would facilitate and enhance its growth potential and business efficiency and would also allow the group to expand its existing technology platform, solutions and services to its customers, thus enabling it to provide an end-to-end solution for its services.

Pentamaster Corp Bhd plans to inject three automated solution subsidiaries into Pentamaster International Ltd (PIL), which it intends to list on the Hong Kong Stock Exchange.

The three units will be injected into PIL for a collective RM86.78 million, which will be satisfied via the issuance of 999 PIL shares to Pentamaster.

Following the internal reorganisation, Pentamaster will dispose of a 7.4% stake in PIL to Singapore-based private equity fund GEMS Opportunities Limited Partnership RM25.5 million.

ML Global Bhd is partnering Sany Construction Industry Development (M) Sdn Bhd, a subsidiary of China's Sany Group Co Ltd, to set up a precast concrete panel manufacturing plant in Nilai, Negeri Sembilan, which will cost up to RM40 million in initial investment.

The two parties had signed a Memorandum of Understanding for the joint venture (JV) today, in which ML Global will hold a 51% stake while Sany Construction will hold the remaining 49%.

The partnership comes ahead of the Construction Industry Development Board (CIDB)'s aim to enforce 50% industrial building system (IBS) usage in the private sector and 70% for the public sector by 2018, as outlined in the Construction Industry Transformation Programme (CITP).

Stone Master Corp Bhd has withdrawn its lawsuit against its new board of directors and shareholders after the Kuala Lumpur High Court set aside an ex parte injunction to the group’s extraordinary general meeting (EGM) on June 14 this year.

Stone Master said it filed a notice of discontinuance last Thursday for the withdrawal of the legal suit with no order as to costs.

I-Bhd's net profit for the second quarter ended June 30, 2017 rose 33% to RM19.63 million or 1.85 sen per share from RM14.68 million or 1.38 sen per share a year earlier, driven mainly by the property development segment.

Revenue for the quarter rose 47% year-on-year to RM127.82 million from RM86.68 million, according to its Bursa Malaysia filing.

Property developer Yong Tai Bhd is set to launch its latest project, a condominium-hotel (condotel) called The Dawn at Impression City in Kota Laksamana, Melaka, this weekend.

Yong Tai said The Dawn @ Impression City will be built on a five-acre site comprising one 28-storey block and one 29-storey block. It is the first series of hotels in the 138-acre Impression City.

PRG Holdings Bhd has entered into a strategic cooperation agreement with China's Jiangsu Provincial Construction Group Co Ltd (JPC) to jointly undertake infrastructure, property, and construction activities in Malaysia and internationally.

To date, PRG said JPC has completed more than 10,000 construction projects, with an estimated 100 million sq m of construction and 10 million sq m of real estate development.

Pasdec Holdings Bhd, a 51.08%-owned subsidiary of the Pahang State Development Corp, has appointed Datuk Zuber Haji Shamsuri as its chief executive officer effective today, filling a post left vacant since May 1.