KUALA LUMPUR (July 13): Based on corporate announcements and newsflow today, stocks in focus tomorrow (July 14) could include Sunway Bhd, Hua Yang Bhd, Dagang NeXchange Bhd, Axiata Group Bhd, Yinson Holdings Bhd and MMC Corp Bhd.
Sunway Bhd is buying 4.53 acres of freehold land in Jalan Belfield to undertake a mixed-use development featuring serviced apartments and lifestyle retail units with a combined gross development value of RM1.1 billion.
Sunway’s wholly-owned unit, Sunway City Sdn Bhd via Sunway Innopark Sdn Bhd signed a sales and purchase agreement with Genting Bhd’s chairman and chief executive Tan Sri Lim Kok Thay, his mother Puan Sri Lee Kim Hua and three beneficial owners, to buy the land for RM165 million.
The three beneficial owners are Yarraville Sdn Bhd, Dandenong Sdn Bhd and Ripponlea Sdn Bhd.
According to Sunway, the purchase price — which works out to RM836.18 per sq ft — was arrived at based on a willing-buyer willing-seller basis, after taking into account the development potential and the internal rate of return.
Hua Yang Bhd saw its net profit for the first financial quarter ended June 30, 2017 (1QFY18) plunge 92.8% to RM1.72 million or 0.49 sen per share, from RM23.91 million or 6.79 sen per share a year ago, due to fewer ongoing projects on hand.
Hua Yang’s quarterly revenue contracted 62.5% to RM47.94 million 1QFY18 from RM127.96 million in 1QFY17.
The property developer said that newly-launched projects like Astetica Residence in Seri Kembangan and Meritus Residence in Shah Alam are still in early stages of construction. Hua Yang’s unbilled sales as at 1QFY18 stood at RM204.31 million.
Dagang NeXchange Bhd (DNeX) said its wholly-owned subsidiary Dagang Net Technologies Sdn Bhd has been appointed as the reseller of Financio, a cloud-based accounting software, in Malaysia and Indonesia.
Designed for users with little accounting knowledge, DNeX said Dagang Net will target to sell Financio to start-up firms, small business owners and micro small and medium enterprises.
“With Financio, we can increase our portfolio of business-to-business (“B2B”) e-Services offerings to our existing client network as well as expand reach to new markets,” DNeX executive deputy chairman Datuk Samsul Husin said in a statement.
Samsul said Financio will serve a “relatively untapped market” to meet the unique needs of today’s entrepreneurs and small companies who are looking for a user-friendly accounting software solution to help them grow their businesses.
Financio is developed by Asian Business Software Solutions Sdn Bhd (ABSS), a 51%-owned subsidiary of Censof Holdings Bhd. Censof is currently DNeX’s largest shareholder with a 17.53% stake.
Axiata Group Bhd and subscription video on demand service Iflix have signed a non-binding Memorandum of Understanding (MoU) with regards to the expansion of their strategic collaboration.
In a joint statement, Axiata said the regional collaboration is to bring the best in entertainment to more than 125 million Axiata customers in six countries.
With existing partnerships with Celcom Axiata Bhd in Malaysia and Dialog Axiata PLC in Sri Lanka, the collaboration is intended to extend to PT XL Axiata Tbk in Indonesia, Smart Axiata Co Ltd in Cambodia, Robi Axiata Limited in Bangladesh and Ncell Private Limited in Nepal.
Yinson Holdings Bhd is issuing up to US$500 million (about RM2.14 billion) worth of perpetual bonds to finance the oil and gas support service provider's business plans.
Yinson Holdings said its wholly-owned subsidiary Yinson Juniper Ltd had established the multi-currency bonds which is also known as perpetual securities. Today, Yinson said it plans to list the bonds on the Singapore bourse.
"Approval-in-principle has been received from the Singapore Exchange Securities Trading Limited (SGX-ST) for permission to deal in, and the quotation for, any perpetual securities (Perpetual Securities) that may be issued pursuant to the programme and which are agreed at or prior to the time of issue thereof to be so listed on the official list of the SGX-ST,” it said.
MMC Corp Bhd announced that its wholly-owned unit Johor Port Bhd has disposed of its 5.1 million shares — equivalent to a 51% stake — in Kotug Asia Sdn Bhd to Kotug Malaysia Sdn Bhd for RM4.1 million cash, which is part of its ongoing internal restructuring exercise.
Following completion of the stake disposal, MMC said Kotug Asia has ceased to be a subsidiary of Johor Port.
“The disposal is not expected to have any material effect on the earnings, net assets and gearing of MMC for the financial year ending Dec 31, 2017,” MMC said.