Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 2): Based on corporate announcements and news flow today, companies in focus on Wednesday (Oct 3) may include: Key ASIC Bhd, GD Express Carrier Bhd, Malakoff Corp Bhd, DRB-Hicom Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Malton Bhd, Matrix Concepts Holdings Bhd, Mega First Corp Bhd, Sanbumi Holdings Bhd and Sapura Industrial Bhd.

Key ASIC Bhd plans to undertake a share capital reduction by the first quarter of 2019, which entails the reduction of RM46 million, largely to eliminate the company’s accumulated losses of RM45.71 million.

GD Express Carrier Bhd (GDex) today firmed up its Indonesian venture with a subscription of 44.5% in the initial public offering (IPO) of PT Satria Antaran Prima Tbk (SAP Express) for 92.71 million rupiah (RM25.77 million) or 250 rupiah per share.

Malakoff Corp Bhd has received shareholders’ nod to acquire 97.37% in waste management company Alam Flora Sdn Bhd from DRB-Hicom Bhd for RM944.61 million as part of its push into the renewable energy segment in the waste-to-energy (WTE) category.

Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) will “rigorously defend” the claims made by EA Technique (M) Bhd for US$21.74 million (RM90 million) over a dispute concerning a contract to convert a vessel into a floating storage and offloading (FSO) facility.

It said it will make counter claims for the additional work orders (AWOs) issued to EA Technique in relation to the contract and the costs incurred as a result of the extension of time.

Malton Bhd is planning a 20:80 partnership with Hong Kong-listed Nan Hai Corp Ltd in a bid for a property project in Taipei, Taiwan.

It involves the development of a high-rise multipurpose complex comprising hotel, retail and prime office space with base area of approximately 31,700 square meters; with direct access to an express rail service to the Taoyuan International Airport.

Matrix Concepts Holdings Bhd has entered into a joint venture (JV) agreement with an Indonesian consortium comprising PT Bangun Kosambi Sukses (BKS) and PT Nikko Sekuritas Indonesia (NSI) to develop an Islamic financial district in Jakarta.

A joint venture company called PT Fin Centerindo Satu (FCS) was set up for the joint development dubbed PIK 2 Sendayu Indo City, where Matrix and NSI will hold 30% stake each whereas BKS will hold 40%. Matrix’s participation amounted to RM124 million, it said in a statement.

Mega First Corp Bhd (MFCB) said the Arbitral Tribunal had on Friday (Sept 28) ordered Sabah Electricity Sdn Bhd to pay RM28.79 million to its 51%-owned Serudong Power Sdn Bhd.

The payment comprises principal shortfall in energy and capacity payments (EP and CP) totalling RM19.24 million for the period from November 2007 to December 2016, RM9.14 million for interest on the shortfall calculated up until May 2018, and RM420,000 representation costs.

Sanbumi Holdings Bhd has proposed to place out new shares to Penang-based property developer Iconic Group Sdn Bhd founder and chairman Datuk Tan Kean Tet to raise about RM3.92 million.

The company has entered into a conditional share subscription agreement with Tan for the proposed placement of 22.64 million new shares in Sanbumi, representing 10% of the issued shares at 17.3 sen per placement share.

This will bring Tan as a “strategic investor” in Sanbumi with 10.35% stake, it added. The proposed exercise is expected to be completed by December.

Sapura Industrial Bhd has entered into a Memorandum of Understanding (MoU) with Wada Aircraft Technology Co Ltd and Aero Inc in with the purpose of establishing a joint venture to manufacture aerospace components in Malaysia.

Both Wada and Aero have experience in aerospace parts manufacturing, said the Sapura Industrial – which is itself engaged in manufacturing of automotive parts, among others.

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