KUALA LUMPUR (Sept 25): Based on corporate announcements and news flow today, companies in focus on Wednesday (Sept 26) may include: Sapura Energy Bhd, ECM Libra Financial Group Bhd, Hai-O Enterprise Bhd, Velesto Energy Bhd, Maxwell International Holdings Bhd, Deleum Bhd, Pestech International Bhd, OpenSys (M) Bhd, Sumatec Resources Bhd, KUB Malaysia Bhd, V.S. Industry Bhd, Ann Joo Resources Bhd, Malayan Bulk Carriers Bhd (Maybulk), Tan Chong Motor Holdings Bhd and Warisan TC Holdings Bhd
Sapura Energy Bhd said it has secured undertakings from its major shareholders in respect of its RM4 billion cash call.
It said Permodalan Nasional Bhd (PNB) — along with its associated funds — will subscribe to its full entitlement rights shares with warrants, and also excess shares with warrants not taken up, resulting in PNB having shareholdings of 40% of the post-rights enlarged share capital.
Sapura Technology Sdn Bhd, a direct shareholder with a 15.9% stake, will subscribe to the rights issue for a minimum amount of RM300 million, said Sapura Energy.
ECM Libra Financial Group Bhd and Tune Group Sdn Bhd via their joint venture Tune Plato Ventures Sdn Bhd have acquired a 50% stake in SubHome Management Sdn Bhd, a home-sharing platform.
As part of the partnership, SubHome will also be listing its units on Tune’s accommodation portals.
Hai-O Enterprise Bhd sees a challenging year ahead for the company, due to uncertainties of new policies from the new Government, as well as the US-China trade war.
Hai-O is cautiously optimistic about the company's outlook, as the company's key focuses are to expand its product offerings, go digital via its e-commerce platforms, as well as to increase its cost efficiency.
Velesto Energy Bhd hopes Malaysia will relax the requirement for local companies to immediately convert a portion of their foreign currency-denominated earnings into ringgit to enable the companies to have enough foreign currencies to finance their commitments.
Velesto said while the oil and gas support services provider's earnings are denominated in US dollar, its financial commitments, which are also denominated in US dollar, usually lag behind by three to five weeks.
Maxwell International Holdings Bhd's external law firm in Malaysia, Messrs Dennis Nik & Wong, has discharged itself as the company's solicitors in relation to legal cases against its subsidiary Jinjiang Zhenxing Shoes & Plastics Co Ltd amounting to RMB272.18 million (RM163.71 million).
The Practice Note 17 company said the law firm had discharged itself after no documents, information and instructions were provided to it to enable it to conduct a review and advise the company on litigation matters involving Maxwell and its group of companies.
Deleum Bhd has bagged two contracts from Petronas Carigali Sdn Bhd for the provision of integrated corrosion solution and one contract from Sarawak Shell Bhd and Sabah Shell Petroleum Co Ltd for oilfield services.
The value of the contracts will depend on the agreed rates and the work order issued.
Pestech International Bhd has bagged a RM399 million sub-contract from Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd to undertake engineering, procurement, construction and maintenance works relating to the electrification system for the electrified double track from Gemas to Johor Baru.
The project's date of completion is projected for April 1, 2021.
OpenSys (M) Bhd will be rolling out more than 500 units of OKI Cash Recycling ATMs (CRMs) worth RM36 million at Public Bank, Bank Islam, RHB Bank and other major banks in the third quarter of this year.
OpenSys said banks can typically save between 25% and 30% in both capital expenditure and annual operational costs with the CRMs, it added.
Sumatec Resources Bhd’s nine directors have been summoned by Bursa Malaysia to attend a training programme for the company’s failure to undertake a proper assessment of its financial accounts which resulted in a large variance of 326.6% between its unaudited and audited figures.
The regulator said while it has not found any of Sumatec’s directors to have caused or permitted the breach by the company, it is their duty to maintain appropriate standards of responsibility and accountability so as to ensure compliance to the Main Market listing requirements.
KUB Malaysia Bhd is acquiring a piece of leasehold land measuring 31,015 sq m in Klang for RM25 million for its business expansion from Universal Lubricants Factory Zinol (M) Sdn Bhd.
The acquisition is expected to be completed by the final quarter of year 2018.
V.S. Industry Bhd's net profit grew 4.4% to RM38.44 million in the fourth financial quarter ended July 31, 2018 from RM36.81 million a year ago, compared with RM12.22 million a year earlier.
Quarterly revenue rose by a marginal 2.8% to RM1.01 billion, from RM983.39 million.
For the full financial year, the group's net profit fell 3.6% to RM150.77 million from RM156.32 million in the previous year even though revenue came in 24.6% higher at RM4.09 billion from RM3.28 billion.
Ann Joo Resources Bhd received an additional award of RM25.21 million from the Kuala Lumpur Regional Centre for Arbitration's Arbitral Tribunal.
Ann Joo said the arbitration respondent — Tangshan Iron & Steel International Engineering Technology Co Ltd — has to pay RM24.1 million for an additional cost of production or losses due to the late start-up of the Pulverized Coal Injection for the period between October 2011 and March 2012.
The remaining RM1.11 million of the award is for the additional cost of production or losses due to the late start-up of the Top Pressure Recovery Turbines for the period between October 2011 and August 2012.
Malayan Bulk Carriers Bhd (Maybulk) received overwhelming interest from shareholders to buy the shipping group’s 21.23% equity stake in Singapore-listed PACC Offshore Services Holdings Ltd at 65 sen per share.
Maybulk said the block of 386.38 million shares that are offered to its shareholders had an oversubscription of 17.98%.
Tan Chong Motor Holdings Bhd is taking up a 24.5% stake in Comit Communication Technologies (M) Sdn Bhd (CCT), which owns a piece of leasehold industrial land in Section 13, Petaling Jaya from Warisan TC Holdings Bhd for RM13.24 million.
Warisan TC said the joint venture provides an opportunity for CCT to explore and expand its property investments portfolio.