Friday 29 Mar 2024
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KUALA LUMPUR (Oct 6): Based on corporate announcements and news flow today, companies that will draw attention on Monday (Oct 9) may include: Lotte Chemical Titan Holding Bhd, Supermax Corp Bhd, SYF Resources Bhd, Muhibbah Engineering (M) Bhd, Watta Holding Bhd, Karyon Industries Bhd, Yinson Holdings Bhd, Boustead Plantations Bhd, DutaLand Bhd, Econpile Holdings Bhd and Malaysian Resources Corp Bhd.

The Department of Environment (DOE) has lifted its stop-work order on Lotte Chemical Titan Holding Bhd's (LCT) KBR Catalytic Olefins Technology catalytic cracking reactor (K-COT) within LCT's TE3 Project.

LCT said the stop-work order issued by the DOE on Oct 1 was lifted on Thursday upon the company satisfactorily completing the requested remedial actions.

To recap, LCT had on Oct 1 received the stop-work order from the DOE on its K-COT to mitigate and reduce odour emission and eliminate surface oil sheen/film discharge.

LCT had said the commissioning and the commercial start-up of its TE3 Project remains on target for completion by the fourth quarter of 2017.

Supermax Corp Bhd plans to pay a single-tier final dividend of three sen a share to reward shareholders. The rubber glove manufacturer also intends to seek a renewal of shareholders' mandate for the company to buy back its own shares.

"The proposed entitlement and payment dates for the final dividend shall be determined at a later date and announced accordingly," Supermax said. The company said the dividend is for the financial year ended June 30, 2017.

On its share buy-back, Supermax said it plans to purchase up to 10% of the company's issued share capital.

SYF Resources Bhd said its wholly-owned subsidiary, SYF Development Sdn Bhd, has paid RM1.07 million to settle outstanding tax claimed by the Inland Revenue Board (IRB).

"The company will follow up with IRB to obtain their clearance and withdrawal of their legal proceedings against SYF Development," the wood-based furniture producer said.

On Thursday, the subsidiary was served with a winding-up petition by IRB over alleged failure to settle outstanding amounts totalling RM2.41 million (including interest and penalty) for the years of assessment 2014 and 2015.

However, SYF Resources has clarified that the total amount outstanding to date is actually RM1.07 million as several payments had previously been made to IRB.

Muhibbah Engineering (M) Bhd's 49%-owned unit has secured additional design and construction work worth 105.8 million Qatari riyal or RM120.5 million, at the Um Alhoul Economic Zone.

Muhibbah said that the additional work order Muhibbah Engineering Middle East LLC secured is associated with a contract it announced in January to build road and infrastructure at the economic zone for 356.7 million Qatari riyal or RM438.1 million, which is currently underway.

The new work order involves designing and building complementary utilities and pavements for synchrolift, travel lift and the north side of the canal areas in the economic zone.

The additional work will begin immediately and is expected to be completed by the second quarter of 2018.

Loss-making Watta Holding Bhd will cease its automotive battery trading business by year-end to reduce operating costs, amid an increasingly competitive environment where foreign brands flood the market.

The business is operated via its wholly-owned units, Watta Battery Industries Sdn Bhd and Syarikat Leko Sdn Bhd. The cessation of the business will result in the termination, in stages, of 29 employees, while the service of six contract staff will be discontinued.

It expects to incur a one-off cessation cost of RM1.95 million, which will affect its current year ending Dec 31, 2017, together with an impairment loss on assets.

Watta said it will continue its business of servicing and trading of telecommunication products, which contributed 69.83% of the group's revenue as at June 30, 2017, and a profit after tax of RM171,000.

Karyon Industries Bhd is selling a piece of vacant freehold industrial land to Parit Yusof Oil Mill Sdn Bhd for about RM4.72 million.

Its wholly-owned subsidiary Hsing Lung Sdn Bhd, had entered into a sale and purchase agreement with Parit Yusof for the disposal of the property.

The proposed disposal represents an opportunity for the company to unlock the value of assets that do not contribute towards the core business of Karyon and its subsidiaries, as the land is currently not in use.

The gross proceeds of RM4.4 million will be used for working capital and for the estimated expenses in relation to the proposed disposal.

Yinson Holdings Bhd’s wholly-owned unit has completed an issuance of US$100 million perpetual securities on Thursday under its US$500 million multi-currency perpetual securities programme by way of book building.

Yinson Holdings said the perpetual securities were issued by Yinson Juniper Ltd at par with a coupon rate of 7.85%, and was officially listed on the Singapore Exchange Securities Trading Ltd (SGX-ST).

Yinson said the securities have a perpetual tenor, with a call option on the fifth anniversary of their issuance.

Yinson intends to use proceeds raised from the issuance for its general corporate purposes, and, in particular, future capital investments.

Boustead Plantations Bhd's proposed acquisition of 42 parcels of plantation land in Sabah for RM750 million has been accepted by vendor Pertama Land & Development Sdn Bhd, a subsidiary of DutaLand Bhd.

Both said their boards had via a letter dated Oct 6 agreed to the sale and purchase of the plantation asset subject to the terms and conditions to be mutually agreed upon.

"The said letter is not intended to be legally binding until and unless the sale and purchase agreement (SPA) is entered into by all parties relevant to the plantation asset," it said.

The SPA shall be executed no later than 30 days from Oct 6.

Piling and foundation specialist Econpile Holdings Bhd has bagged a RM48 million contract from Malaysian Resources Corp Bhd (MRCB) for its 9 Seputeh mixed development project at Old Klang Road.

The contract entails piling and basement works for three residential blocks, a commercial area, and a two-storey basement car park, and represents the group's first job to be done for MRCB.

With this new contract, Econpile's current orderbook stands at RM1.2 billion, this is estimated to be recognised over the next two years.

Econpile expects the project to be completed in about 18 months and to contribute to the group in the financial year ending June 30, 2018 (FY2018) and FY2019.

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