KUALA LUMPUR (Oct 12): Based on corporate announcements and news flow today, stocks in focus on Monday (Oct 15) may include OSK Holdings Bhd, FGV Holdings Bhd, Hibiscus Petroleum Bhd, Alam Maritim Resources Bhd, Muda Holdings Bhd, Vertice Bhd and MyEG Services Bhd.
OSK Holdings Bhd has decided not to proceed with the listing of its cables business on the Main Board of the Hong Kong Stock Exchange due to the current adverse global market conditions.
On March 26, OSK Holdings said the proposed listing would unlock shareholders' value in the cables business and provide transparent valuation benchmark for the same in Hong Kong.
During that time, OSK Holdings said it is envisaged that the group will undertake a re-organisation of its subsidiaries involved in the cables business noting that the actual details of the proposed listing had yet to be determined at that juncture.
FGV Holdings Bhd’s chief financial officer Ahmad Tifli Mohd Talha has resigned today, citing "to pursue other career opportunities" as reason.
Ahmad Tifli’s exit came shortly after former group president and chief executive officer Datuk Zakaria Arshad’s resignation in mid-September.
Hibiscus Petroleum Bhd's wholly-owned subsidiary Gulf Hibiscus Ltd (GHL) has filed a suit against Lime Petroleum Norway AS, which it said has caused the unit financial losses.
The legal action follows GHL's filing of the complaint at the Oslo Conciliation Board, which is the municipal's lowest level of the legal system for civil cases, back in April 2016.
The claim was for an estimated value of US$35 million (RM136 million) and above.
Alam Maritim Resources Bhd has proposed to issue three tranches of three-year redeemable convertible notes to raise up to RM160m to replenish its fleet of vessel and working capital.
The loss-making offshore oil and gas marine services provider said it has entered into a conditional subscription agreement with Advance Opportunities Fund I (AOF I), Advance Credit Fund SPC (ACF) and Advance Capital Partners Asset Management Pte Ltd (ACPAM) for the issuances.
The group plans to utilise up to RM50 million of the proceeds for maintenance and inspection works on its 16 existing vessels, while up to RM80 million will be used to acquire up to five Anchor Handling Tug Supply (AHTS) vessels, and convert two AHTS vessels from using only fuel oil system to using both fuel oil and liquefied natural gas dual-fuel system.
Meanwhile, Alam Maritim also proposed to undertake a bonus issue of up to 462.23 million free warrants on the basis of one free warrant for every two existing shares, to reward shareholders.
Muda Holdings Bhd is acquiring a stationery distribution company in Singapore for S$1.42 million (RM4.26 million) to strengthen its market position there.
The industrial paper and paper packaging products manufacturer said its 70%-owned subsidiary Intrapac (Singapore) Pte Ltd acquired Wenfang Pte Ltd from Kang Yiang Li and Kuah Lian Lee.
Wenfang is principally engaged in importing and distributing stationery and holds a number of agency products in Singapore under the name of Deli, Comix, Hopax, Kapamax and TiTi.
Vertice Bhd has inked a deal to supply construction materials and hotel furnishing products to smart hotels.
Vertice said the agreement with Smuzcity Bhd paved the way for the group to participate in the construction activities in the building of “smart hotel” chain based on the concept of “unmanned” and “cashless” using technologies such as virtual reality, artificial intelligence and mobile apps which will be applied into various hotel services applications.
MyEG Services Bhd has received a letter of intent (LoI) from Universiti Utara Malaysia (UUM) to co-operate and deploy their respective expertise, knowledge and resources to conduct academic programmes.
MyEG said the contract award needs to be formalised within 12 months.
It said both the parties are keen to exploit their respective expertise, knowledge and resources to conduct academic programmes in IT and project management, blockchain technology, augmented and virtual reality, artificial intelligence, Internet of Things, software development and IT operations.