KUALA LUMPUR (Jan 7): Based on corporate announcements and news flow today, companies that may be in focus on Tuesday (Jan 8) may include the following: Sapura Energy Bhd, Gagasan Nadi Cergas Bhd, Microlink Solutions Bhd, JAKS Resources Bhd, Star Media Group Bhd, Destini Bhd, Lion Industries Corp Bhd and KKB Engineering Bhd.
Sapura Energy Bhd has been awarded four new contracts and one extension with a combined value of RM760 million.
The jobs involve three drilling contracts and two contracts for the engineering and construction segment, in Malaysia and Angola, but a breakdown of the value of each contract is not known.
The contracts — awarded by Chevron Corp, Sarawak Shell Bhd/Sabah Shell Petroleum Company Ltd, Petronas, and Hess Exploration and Production Malaysia BV — are expected to contribute positively towards Sapura Energy’s earnings for the financial year ending Jan 31, 2019.
Gagasan Nadi Cergas Bhd, which is slated to be listed on the ACE Market tomorrow, announced that it has secured an RM109.99 million contract to build two blocks of apartments in Putrajaya.
The project, located at Precint 11, comprises the construction of 463 apartment units, a three-storey multilevel car park and common facilities block, and upgrading works on part of the designated green area and buffer zone.
The contract – which is for a duration of 34 months for completion by November 2021 – is expected to contribute positively to the group’s earnings and net assets from the financial year ending Dec 31, 2019.
Microlink Solutions Bhd has accepted a letter of award from Payments Network Malaysia Sdn Bhd (PayNet) for the supply and implementation of a Real-Time Electronic Transfer of Funds and Securities System (Rentas) platform replacement worth RM27.43 million.
The contract — which includes five years of support and maintenance — is expected to contribute positively to the company’s earnings and net profit for the financial period ending March 31, 2019 onwards.
Bank Negara Malaysia is PayNet's single largest shareholder, with joint shareholders comprising other commercial and Islamic banks.
JAKS Resources Bhd has failed again in its bid to get the court's permission to appeal against the release of a RM50 million bank guarantee to Star Media Group Bhd. It plans to seek legal advice on the next course of action.
The matter relates to a tower project awarded by Star Media to JAKS' 51%-owned unit JAKS Island Circle Sdn Bhd.
Since losing the first suit in July 2018 at the High Court, JAKS has failed in several subsequent attempts at the Court of Appeal and now at the Federal Court.
Destini Bhd’s unit has received a further three-year extension from the Home Affairs Ministry to maintain, repair and overhaul safety and survival equipment for the Royal Malaysian Police's Air Operation Force.
The contract's ceiling value is kept at RM10 million.
The extension, which will expire on Nov 29, 2021, is expected to contribute positively to the group’s earnings and net assets for the financial period ending Dec 31 this year and throughout its tenure.
Lion Industries Corp Bhd is divesting its entire 50% stake in Singapore-based Angkasa Amsteel Pte Ltd to South Korean steel manufacturer Daehan Steel Co Ltd for S$26.65 million (RM80.9 million), to raise funds for its flat steel business venture that requires approximately RM636 million.
The proposed disposal, which allows the group to dispose of its non-core assets, is not expected to result in any gain or loss.
The deal could be completed by the first quarter of this year if shareholders’ approval is obtained.
KKB Engineering Bhd's unit, OceanMight Sdn Bhd, has signed a letter of award by Petroliam Nasional Bhd, which will qualify it to bid for contract work involving the provision of engineering, procurement and construction of fixed offshore structure works.
The contract is effective from Dec 12, 2018 and will continue for a period of six years, unless terminated earlier.