KUALA LUMPUR (Sept 29): Based on corporate announcements and news flow today, stocks in focus on Tuesday (Oct 3) may include Lotte Chemical, Petronas Chemicals, Tenaga Nasional, Tropicana Corp, Uchi Technologies, Johan Holdings, Sime Darby, Bina Darulaman, Ranhill, Carimin Petroleum, Jaks Resources and mTouche Technology.
Lotte Chemical Titan Holding Bhd (LCT) has received a stop-work order from the Department of Environment (DOE) on its KBR Catalytic Olefins Technology catalytic cracking reactor (K-COT) within its TE3 Project for the company, to mitigate and reduce odour emission and eliminate surface oil sheen/film discharge.
LCT said the order from the DOE was issued on Oct 1, adding that the company was attending to remedial actions and will provide an update in due course.
The commissioning and the commercial startup of its TE3 Project remains on target for completion by 4Q of 2017.
Petronas Chemicals Group Bhd (PCG) is selling a 50% stake in wholly-owned unit PRPC Polymers Sdn Bhd to Saudi Arabian Oil Co's (Saudi Aramco) subsidiary under a planned estimated US$900 million (RM3.8 billion) deal to share PRPC Polymers' business risk.
PCG said it was selling the 50% stake in PRPC Polymers to Saudi Aramco's wholly-owned subsidiary Aramco Overseas Holdings Coöperatief UA (AOHC).
PCG said the estimated US$900 million deal includes the divestment of 50% of any shareholder loans held by PCG in PRPC Polymers to AOHC.
Tenaga Nasional Bhd (TNB) has proposed 13 collaborative projects under a two-year strategic collaboration to share best practices in capacity building with European transmission system operator Elia System Operator SA.
The collaborative projects are part of a MoU signed between TNB and Elia where both parties would cooperate in asset management, cross-boundary system and market operations, grid development, network studies and renewable integration.
The parties will also exchange technical information such as through annual reports and surveys, solution to problems, technical visits, study trips and the necessary training programs.
The two-year MoU is extendable for another year.
Tropicana Corp Bhd has redesignated Dion Tan, son of its founder and largest shareholder Tan Sri Tan Chee Sing who has a 30.45% stake in the company, as managing director, effective today.
CEO Datuk Yau Kok Seng, who has held the position since January 2013, is retiring on Nov 30, due to health reasons.
Uchi Technologies Bhd's (UTB) wholly-owned subsidiary Uchi Optoelectronic (M) Sdn Bhd has been granted pioneer status by the Malaysian Investment Development Authority (MIDA), which is valid for five years from the production date yet to be fixed.
Uchi Tech said the pioneer status was for the "design, development and manufacturing of real-time centralised energy measurement and control system, high precision hot fluid temperature control system, and ultra-low temperature and mass sensing control system for bio-chem equipment.
Johan Holdings Bhd plans to develop part of the 27-acre land in Puchong where the ceramics tiles manufacturing plant of its former subsidiary Prestige Ceramics Sdn Bhd is located.
The first phase will be a mixed development comprising service apartments and commercial development, with a projected GDV of RM364.4 million.
The gross development cost, inclusive of re-valued land cost, is projected at RM294.9 million, giving it a projected gross development profit of RM69.5 million.
The company has applied to the Sepang Municipal Council for a development order for the development of about six acres of the freehold land.
Sime Darby Bhd said it has novated its rights and obligations under its Islamic debt papers programmes to its property development arm, Sime Darby Property Bhd.
The Islamic programmes comprise an Islamic Medium Term Note programme of RM4.5 billion and an Islamic Commercial Paper/Islamic Medium Term Note programme of RM500 million.
Proceeds from any issuance to be made from the programmes will be used to finance working capital requirements and general corporate purposes, and to finance future investments and capital expenditure, as well as to refinance debt obligations.
Bina Darulaman Bhd (BDB) has accepted the Letter of Acceptance (LoA) of the tender award to develop an agriculture irrigation system for Muda Agricultural Development Authority (MADA) in Kedah and Perlis for RM18.21 million.
The LoA was awarded by the Ministry of Agriculture and Agro-Based Industry, for the subpackage 1 of Package A for the project, which fell under the National Key Economic Area entry point projects 10 (EPP 10).
The completion period for the project shall be 18 months from the date of site possession, and will contribute to its books for the financial years ending Dec 31, 2017 through FY19.
Ranhill Holdings Bhd, via its subsidiary Ranhill Capital Sdn Bhd, has acquired a 26.7% stake comprising 18.7 million shares in Tawau Green Energy Sdn Bhd (TGE) for RM18.7 million.
TGE has vide a provisional licence dated Aug 26, 2015 issued by the Malaysian Energy Commission, received requisite approvals to develop a 37MW geothermal power plant at Apas Kiri, Tawau, Sabah.
The plant will operate using Binary ORC Technology utilizing indigenous geothermal resources to be exploited at the Apas Geothermal Prospect.
Carimin Petroleum Bhd has won a five-year contract from Petronas Carigali Sdn Bhd to provide maintenance, construction and modification Services (Package C [Offshore] Peninsular Malaysia Oil) for an undisclosed sum.
The duration of the contract was for a primary period of five years with one year extension option effective from Sept 20 and will expire on Sept 19, 2022, at an agreed fixed schedule of rates.
The contract is expected to contribute positively to its earnings over the duration of the contract.
Jaks Resources Bhd is disposing a 1.214ha freehold industrial land housing a one-storey factory in Subang Jaya for RM25.87 million, to Hectare Square Sdn Bhd.
The disposal will result in a gain of RM13.38 million, after taking into account the estimated incidental expenses.
The group expects its earnings per share to increase from 0.18 sen to 23.07 sen.
Proceeds arising from the sale will be utilised to repay bank borrowings.
mTouche Technology Bhd has entered into an MoU with A Conceptech Sdn Bhd to explore opportunities to develop the online-to-offline International Educational Hub and its programmes for higher learning and e-learning research activities.
A Conceptech Sdn Bhd is a technology-focused higher learning facilitator company.
The MoU is valid for six months and is renewable for another six months upon mutual agreement.