KUALA LUMPUR (July 2): Based on corporate announcements and news flow today, companies in focus on Tuesday (July 3) may include: Maybank, Petaling Tin, KPS, UMW, Computer Forms, Parlo, Selangor Dredging, Pasdec, Tropicana and MyEG.
Malayan Banking Bhd's board of directors has resolved to exercise its right not to proceed with the implementation of the 16th Dividend Reinvestment Plan given the current softer equities market, which has also affected its share price.
Following this decision, shareholders will now receive an all-cash final single-tier dividend of 32 sen per share for the financial year ended Dec 31, 2017.
The unconditional voluntary takeover offer for Petaling Tin Bhd shares by largest shareholder Tan Sri Dr Chen Lip Keong is not fair but reasonable to minority shareholders, says Inter-Pacific Securities Sdn Bhd (InterPac), who is recommending that shareholders accept the offer.
Gaming tycoon Chen is offering to buy the 34.58 million shares (9.98% stake) in Petaling Tin that he does not own at 40 sen per share or a total of RM13.83 million.
Petaling Tin said its independent directors have concurred with InterPac's assessment of the takeover price, and equally recommend that the minority shareholders accept Chen's offer.
Kumpulan Perangsang Selangor Bhd (KPS) has secured a contract worth RM20 million from Pengurusan Air Selangor Sdn Bhd, via a 60%-owned subsidiary, to replace existing pipeworks in Hulu Langat and Kuala Lumpur.
UMW Corporation Sdn Bhd (UMWC), a wholly-owned subsidiary of UMW Holdings Bhd, has agreed to form a joint venture (JV) with Japan's Komatsu Ltd under its heavy equipment business.
Under the proposed JV, UMW and Komatsu expect to further strengthen and expand market penetration of Komatsu's products in Malaysia, Brunei, Singapore, Myanmar and Papua New Guinea. UMWC will hold a 74% stake in the JV, while Komatsu will hold 26%.
Computer Forms Malaysia Bhd (CFM) said its wholly-owned unit CFM Printing & Stationery Sdn Bhd will cease to print and produce exercise books, as it seeks to mitigate the negative impact of the losses in the printing and production segment.
Based on the existing market demand, CFM said the printing and production segment had sustained consecutive losses in the past few years, and is expected to continue incurring losses if it maintains the operations.
Parlo Bhd, formerly known as Cybertowers Bhd, said its wholly-owned unit Parlo Tours Sdn Bhd's profit guarantee for the financial year ended Dec 31, 2017 (FY17) fell short of RM1.26 million due to increased expenses.
A profit guarantee of RM4.8 million for FY17, according to the group's regularisation plan and as set out in its circular to shareholders dated Aug 3, 2017, was provided by Yap Fu Fah, the co-beneficiary owner of Thirty Keystone Sdn Bhd, a major shareholder of Parlo.
Parlo said the shortfall, due to higher expenses, was a result of staff cost, advertisement programmes and marketing, as well as trade fair expenses incurred specifically as part of Parlo Tours' efforts to promote new travel destinations in the People's Republic of China and Europe.
Selangor Dredging Bhd (SDB) announced today its associate company Tiara Land Pte Ltd plans to buy 17 parcels of adjacent properties in the prime District 13 in Singapore for S$60.26 million (RM180.06 million), where the latter intends to develop exclusive mid-rise apartments.
SDB said Tiara Land has accepted options to acquire the properties, which are close to Potong Pasir MRT, Woodleigh MRT and Boon Keng MRT.
Pasdec Holdings Bhd, a 26.57%-owned unit of Pahang State Development Corp, said trading in its shares will be suspended tomorrow (July 3) pending the release of a material announcement.
The Kuantan-based property developer said the stock exchange regulator has approved its request for the 9am-5pm suspension.
Tropicana Corp Bhd executive director Dillon Tan Yong Chin has resigned from his post with immediate effect, citing personal commitment.
He is the son of tycoon Tan Sri Danny Tan Chee Sing, the founder and major shareholder of Tropicana. His brothers, Datuk Dickson Tan Yong Loong and Dion Tan Yong Chien, are the deputy group chief executive officer and group managing director of Tropicana, respectively.
My EG Services Bhd (MyEG) will market CIMB Bank Philippines Inc's (CIMBPH) financial products on its associate I-Pay MYEG Philippines Inc's (IPMPI) digital services and platforms to eligible individuals in the Philippines soon.
MyEG said IPMPI has entered into a memorandum of agreement (MoA) with CIMBPH for the purpose. The MoA will be effective for three years from the date CIMBPH commences its banking operations, which is expected to be in the near future.