Friday 29 Mar 2024
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KUALA LUMPUR (Oct 3): Based on corporate announcements and news flow today, stocks in focus on Wednesday (Oct 4) may include Mudajaya, Cloudaron, AirAsia, Al-Salam REIT, FGV, Ivory Properties and Wintoni Group.

Mudajaya Group Bhd's wholly-owned subsidiary, Mudajaya Corp Bhd, has been awarded an RM118.6 million contract to build a 16-storey office block complex in Sungai Buloh, Selangor, by KLIAA-KLIACS Consortium.

The office complex, Hevea Tower, is part of a proposed development extending over 2,330 acres of land owned by the Malaysian Rubber Board.

The project is expected to be completed by Sept 2019 and contribute positively to the group’s earnings for the financial year ending Dec 31, 2017 onwards.

Cloudaron Group Bhd, after its successful debut on Bursa Malaysia’s LEAP Market today, will focus on mergers and acquisitions (M&As) to support its organic growth.

The Singapore-based cloud solutions provider is the first LEAP-listed company. Its shares — stock code 03001 (CLOUD) — debuted 36.36% or 4 sen higher to 15 sen from its issue price of 11 sen, giving it a market capitalisation of RM116.29 million.

The company is now seeking to either build or acquire third party digital business platforms, which will double as a portfolio to attract more clients to use its services.

AirAsia Bhd’s Philippines AirAsia Inc (PAA) plans to raise up to US$250 million from its initial public offering (IPO) that is targetted for listing by the middle of 2018.

The funds raised would be used to expand its facilities, building hangars and an office building, said PAA chief executive officer Dexter M. Comendador.

At the same time, AirAsia is also planning to launch new flights from Manila to Indonesia in the first quarter of 2018.

Al-Salam Real Estate Investment Trust (REIT) is planning to buy the Mydin hypermarket in Gong Badak, Terengganu, for RM155 million.

Al-Salam REIT said its trustee had inked a conditional SPA with Mydin Wholesale Cash and Carry Sdn Bhd for the acquisition.

The acquisition will be fully funded via bank borrowings and/or debt financing to be secured by Al-Salam REIT, and is expected to be completed in the first quarter of 2018.

The proposed buy is conditional upon execution of a leaseback agreement with Mydin Mohamed Holdings Bhd (MMHB) for the lease of the hypermarket for 30 years, on a triple net lease arrangement.

On completion of the proposed acquisition, the property will be leased to MMHB for 30 years, with a 5% rent increment every two years.

Felda Global Ventures Bhd (FGV) announced its suspended chief financial officer Ahmad Tifli Mohd Talha will be returning to work tomorrow, following his going on leave since June 6.

The internal inquiry conducted since July 24 has found that neither FGV chief executive officer and president Datuk Zakaria Arshad nor Ahmad Tifli was involved in alleged improprieties involving a client, Safitex Trading LLC, and FGV's subsidiary Delima Oil Products Sdn Bhd.

Ivory Properties Group Bhd said today that the Court of Appeal has upheld a decision to strike out a breach of agreement suit against its wholly-owned subsidiary, filed by businessman Datuk Krishna Kumar TN Sharma.

According to Ivory Properties' 2017 annual report, the property is freehold development land in Penang Island’s Northeast district measuring some 2.34 million sq ft.

IISB had also entered into an agreement to dispose of the land for RM150 million. The sale was in progress pending fulfilment of the conditions precedent of the agreement.

Wintoni Group Bhd has been ordered by The High Court of Malaya to be wound up, upon petition by a creditor of the IT-based company.

Today, Wintoni told Bursa Malaysia that Mohd Afrizan Husain had been appointed as the liquidator to wind up Wintoni.

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