KUALA LUMPUR (June 5): Based on corporate announcements and news flow today, stocks in focus tomorrow (Tuesday, June 6) may include: Perak Transit Bhd, Xingquan International Sports Holdings Ltd, Ikhmas Jaya Group Bhd, Wang-Zheng Bhd, Dolphin International Bhd, Enra Group Bhd, KUB Malaysia Bhd, China Automobile Parts Holdings Ltd (CAP), Techfast Holdings Bhd,Ideal Jacobs (Malaysia) Corp Bhd and Puncak Niaga Holdings Bhd.

Perak Transit Bhd has proposed a 1-for-10 bonus issue of shares, plus issue of free warrants on a basis of one warrant for every two shares held in the company.
 
Perak Transit said it will utilise RM11.43 million from its share premium of RM13.2 million for the bonus issue. The bonus issue of up to 114.29 million shares and 571.47 million warrants will shares a similar entitlement date, which will be announced later. 

Xingquan International Sports Holdings Ltd’s shares, which are expected to be suspended after the company failed to submit its quarterly financial results in time, plunged to an all-time low today.

The stock closed the day 2.5 sen or 55.6% lower at two sen, with close to 49 million units exchanging hands.

The China-based shoemaker had failed to send in its results for its third quarter ended March 31, 2017 within the stipulated time frame. It blamed the delay to the expiry of the employment contract of its chief financial officer on April 30, and the sudden resignation on May 29 of its independent director Tan Eng Choon, who was also the chairman of the audit committee.

Ikhmas Jaya Group Bhd has bagged a RM188.6 million contract to undertake earthworks, piling, diaphragm and reinforced concrete works at the Bukit Bintang City Centre (BBCC) mixed development on Jalan Hang Tuah/Jalan Pudu here, where the former Pudu prison is located.

This is the fifth contract win for the group for the year, bringing its total outstanding order book to RM881.5 million to date. This year alone, Ikhmas Jaya has secured contracts worth RM333.3 million.

China’s largest producer of disposable sanitary products Hengan International Group Ltd has offered to take over shares in Wang-Zheng Bhd for RM1.14 apiece, similar to its last traded price today.

The offer came after Hengan acquired a 50.4% stake in the local sanitary products manufacturer today. The offer price is at RM1.11 for recipients of Wang-Zheng’s 3 sen dividend announced earlier, payable on June 30.

Dolphin International Bhd plans to raise between RM5.3 million and RM6.6 million via a private placement to fund an ongoing palm oil mill enhancement and optimisation job, as well as for working capital.

The proposed exercise — representing 10% of total issued shares — might be in tranches of different issue prices to be determined later. The counter, however, hit its all-time low of 23 sen today.

Enra Group Bhd’s wholly-owned unit Enra Engineering & Construction Sdn Bhd (EEC) will set up a 51:49 joint venture with railway track solutions provider Emrail to provide total engineering solutions, asset management and maintenance services for rail projects in Malaysia.

EEC will fund its initial aforesaid investment in the JV company, through internal funds, Enra said.

KUB Malaysia Bhd has received a mandatory take-over offer from Temasek Padu Sdn Bhd at 35 sen a share, after the latter emerged as a 52.17% shareholder in KUB today.

The offer is at a 38.6% discount to KUB Malaysia’s closing price of 57 sen today. It is also at a discount of between 28.6% and 40.7% to the counter’s 5-day, 1-month, 3-month, 6-month and 12-month volume weighted average market price (VWAP).

China Automobile Parts Holdings Ltd (CAP) has been granted a one-month period of extension to submit its audited financial statement for the financial year ended Dec 31, 2015 (FY15), after its auditor PKF renounced reliability of the one submitted previously.

The company however, has not yet determined as to when it can submit its 1QFY17 report, which is also overdue, risking suspension of trading of its shares by June 8.

Techfast Holdings Bhd plans to acquire the remaining 10% stake in two subsidiaries, Cape Technology Sdn Bhd and Oriem Technology Sdn Bhd, for RM3.2 million.

The acquisition is expected to contribute positively towards the group’s earnings and earnings per share for the financial year ending Dec 31, 2017 (FY17), by about 0.2 sen per share.

Ideal Jacobs (Malaysia) Corp Bhd, a manufacturer of industrial labels and nameplates, plans to diversify its core business to include provision of integrated facilities management and construction activities by acquiring Widad Business Group Sdn Bhd.

With the proposed acquisition, the ACE Market-listed company expects Widad Builders’ business, namely its integrated facilities management and construction activities, to likely contribute more than 25% of the group’s net profit in future.

Puncak Niaga Holdings Bhd announced that its wholly-owned unit Murni Estate Sdn Bhd (MESB) will be paying RM248.93 million, instead of RM267.9 million, for the deal to purchase the plantation asset owned by Shin Yang Holdings Sdn Bhd.

The lower revised purchase price was arrived at on a willing buyer-willing seller basis. It was also based on the revised value of the land of RM604.37 million (against RM735.1 million previously) less liabilities of RM327.78 million in Danum Sinar Sdn Bhd, which owns the plantation assets. The revised purchase price came on the heels of the signing of a second supplemental sale and purchase agreement by Puncak Niaga.