Friday 29 Mar 2024
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KUALA LUMPUR (Jan 25): Based on corporate announcements and news flow today, companies that may be in focus on Mon (Jan 28) may include the following: Rohas Technic Bhd, Suiwah Corp Bhd, EcoFirst Consolidated Bhd, Vortex Consolidated Bhd, MNRB Holdings Bhd, Perusahaan Sadur Timah Malaysia and Malaysia Airports Holdings Bhd (MAHB).

Rohas Technic Bhd's indirect wholly-owned subsidiary RBC Water Sdn Bhd has signed a share purchase agreement (SPA) with shareholders of Phu My Vinh Construction And Investment Corp (PMV) to buy a 40% stake in the latter for Vietnamese dong 232 million (RM41.3 million).

This follows the non-binding term sheet both parties entered into in August last year.

Rohas Tecnic said the acquisition, which will be funded via internally-generated funds, is conditional upon obtaining approvals from relevant regulatory authorities.

The Hwang family, which holds a 30.91% stake in Penang-based Suiwah Corp Bhd, is looking to take the company private at RM2.80 per share.

Suiwah said it has today received a letter from its major shareholder Suiwah Holdings Sdn Bhd (SHSB), which is the private investment vehicle of Suiwah managing director Datuk Hwang Thean Long who founded the group, and parties acting in concert, requesting for the group to undertake a proposed selective capital reduction and repayment exercise (SCR).

The corporate exercise involves the SCR and a corresponding capital repayment of a proposed cash amount of RM2.80 per share to entitled shareholders on an entitlement date to be determined later.

EcoFirst Consolidated Bhd’s net profit dropped 86.27% to RM4.06 million for the second quarter ended Nov 30, 2018, from RM29.61 million a year ago.

Quarterly revenue was up 41.68% to RM57.29 million from RM40.34 million

Cumulative net profit for the first two quarters declined 75.19% to RM8.76 million from RM35.3 million during the previous corresponding period, while revenue rose 19.70% to RM102 million from RM85.22 million.

Vortex Consolidated Bhd, formerly known as SKH Consortium Bhd, said today it has scrapped plans to buy a 70% stake in property developer Rimbun Gabungan Sdn Bhd (RGSB) for RM12 million cash.

Vortex said the share sale agreement was mutually terminated as Vortex and the vendors, namely Bijak Fajar Sdn Bhd and Newston Development Sdn Bhd, were unable to reach a consensus over the terms for the post completion business arrangement between both parties pursuant to the proposed acquisition.

MNRB Holdings Bhd plans to raise up to RM320 million by establishing a Sukuk Murabahah Programme to refinance its existing and future financing/borrowings.

The funds raised will also be used for investment into MNRB's subsidiaries and permitted investments, as well as to pay fees and expenses in relation to the Sukuk Murabahah Programme.

Perusahaan Sadur Timah Malaysia (Perstima) Bhd's net profit for its third quarter ended Dec 31, 2018 tripled to RM10.13 million, from RM3.4 million in the year-ago quarter, as higher margins helped cushion the impact of a lower sales volume resulting from the expiration of anti-dumping duties.

Revenue for the quarter grew a marginal 1.5% on-year to RM237.48 million from RM233.89 million previously.

For the nine-month period, Perstima's net profit came in at RM34.51 million, nearly four times more than RM9.75 million in the same period in the previous year, while revenue grew 6% to RM747.83 million from RM705.73 million.

Malaysia Airports Holdings Bhd (MAHB) said today there is no counterclaim made by AirAsia Group Bhd and its long-haul sister airline AirAsia X Bhd (AAX) for the alleged sum in excess of RM400 million or details particularising the same in response to a suit filed by the airport operator last month over airport taxes.

That's because the two airlines will be availing itself for dispute resolution within the Malaysian Aviation Commission Act 2015 (Mavcom Act) to claim for the amount.

"We will be filing statements of reply with the High Court here. We will respond to the defendants’ (AirAsia and AAX alleged) loss and damage at the appropriate junction when details of the same are made available to the group," it said.

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