Tenaga, Integrax, Shell Refining, SMRT, Masterskill, Mah Sing, IFCA, MyEG, Poh Kong, SYF Resources and Sumatec

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KUALA LUMPUR (Jan 9): Based on corporate announcements and newsflow today, the companies that may be in focus on Monday (Jan 12) could include the following: Tenaga Nasional Bhd, Integrax Bhd, Shell Refining Company (FOM) Bhd, SMRT Holdings Bhd, Masterskill Education Group Bhd, Mah Sing Group Bhd, IFCA MSC Bhd, MyEG Services Bhd, Poh Kong Holdings Bhd, SYF Resources Bhd and Sumatec Resources Bhd.

Tenaga Nasional Bhd, which is the largest shareholder of Integrax Bhd with a 22.12% stake, has made a conditional voluntary takeover offer for the terminal operator at RM2.75 per share or RM644.22 million, a 19% premium to today's closing price of RM2.31 per share. Integrax owns Lumut Maritime Terminal (LMT) and Lekir Bulk Terminal (LBT) in Perak.

TNB said it does not intend to keep Integrax's listing status on the Main Market of Bursa Malaysia.

Shell Refining Company (FOM) Bhd said it is proactively investigating long-term options for the company, which include the potential sale of assets or conversion of operations to a storage terminal, as it expects refining margins to remain depressed.

“Given the poor margin environment, the board is proactively investigating long-term options in the best interest of the company. These will include, but are not limited to, the potential sale of the assets, or conversion of operations to a storage terminal and/or other viable options,” it said in a filing with Bursa Malaysia today.  

The company said its board has completed the structured review of the company’s resilience in the current poor margin environment, as announced in September 2014. “The board has concluded that refining margins are expected to remain depressed, due to overcapacity in the global refining industry,” it said.

It said the focus near-term is to secure and sustain the safe and reliable operation of the refinery, while long-term options are being pursued.

Ace market-listed SMRT Holdings Bhd has aborted a plan to transfer its listing to the Main Market of Bursa Malaysia.

Meanwhile, the company's securities will be suspended from trading on Monday, Jan 12, 2015, pending a material announcement related to its proposed acquisition of a 32.9% stake in Masterskill Education Group Bhd, from the latter’s major shareholder and executive director Siva Kumar Jeyapalan.

In a filing to Bursa, Masterskill had also said its shares will be suspended on Monday.

Mah Sing Group Bhd has fixed the issue price for its proposed rights issue at RM1.42 per rights share, at an entitlement basis of 3 rights shares for every 10 existing shares held.

The entitlement basis for the warrants has also been fixed at 3 free warrants for every 10 rights shares subscribed, with the exercise price of the warrants fixed at RM2.63 each.

IFCA MSC Bhd founder and CEO Yong Keang Cheun has purchased an additional 500,000 shares, representing a 0.1% stake in the software solutions provider.

In a filing with Bursa Malaysia today, IFCA said Yong had purchased the shares in the open market on Thursday at 79.8 sen each. Yong now holds 500,045 shares or a 0.103% direct stake, and 209.6 million shares or 43.31% indirect stake in the company.

MyEG Services Bhd has clarified today that the RM38 fee it is imposing for the renewal of Foreign Workers Permit (PLKS) is due to the expanded scope of responsibilities that was tasked to it, by the Malaysian Immigration Department.

It said its role is not only to renew the permits, but also to compile, verify, maintain, update and analyse its database of legal foreign workers, illegal foreign workers, authorised employers of foreign workers, employers who unknowingly have foreign workers registered under their name, and employers of illegal foreign workers.

Its clarification today came on the heels of a slew of media reports, condemning what has been termed as a “sudden” decision by the government to outsource the foreign worker permit renewal job to MyEG, and the additional RM38 service charge that employers now have to fork out for each worker.

Poh Kong Holdings Bhd has targeted a revenue growth of 10% for FY15, despite the upcoming imposition of the Goods & Services Tax (GST) from April 1 this year.

As the GST implementation is expected to have a minor impact on consumer sentiment, Poh Kong executive director Ermin Siow assured the setback would only be temporary.

Poh Kong's executive chairman and group managing director Datuk Eddie Choon said international gold prices were expected to range between US$1,200 to US$1,300 per ounce this year. He added that Poh Kong plans to expand into East Malaysia in the next one to two years.

Furniture manufacturer SYF Resources Bhd expects better profit in the financial year ending July 31, 2015 (FY15), due to lower raw material prices and the weakening ringgit against the US dollar.

SYF executive director Datuk Seri Chee Hong Leong said the results for furniture exporters would be good, as raw material is at its all-time low in the past five years, stemming from low rubber prices which led to “a lot of replanting and timber cut.” Rubber wood is one of the main raw materials used by SYF Resources to manufacture furniture.

The weakening ringgit against US dollar would also translate into better profit margins, but the company had yet to enjoy the full impact of the lower ringgit, as it had already done some hedging earlier on, Chee said.

Sumatec Resources Bhd, of which Tan Sri Halim Saad is a major shareholder, has trimmed the acquisition price for the 100% stake in Borneo Energy Oil and Gas Ltd to US$290 million (RM1.02 billion), from US$350 million previously, to factor in the sharp drop in global oil prices.

In a filing to Bursa Malaysia today, Sumatec said it has entered into a supplemental agreement with Borneo Energy’s vendors, Abu Talib bin Abdul Rahman and Dr Murat Safin, to reduce the purchase price to US$290 million, of which cash payment will be at US$210 million, while the balance US$80 million is to be settled via the issuance of 1.22 billion new shares in Sumatec, at an issue price of 23 sen per share.

Meanwhile, Sumatec has also proposed to vary its proposed rights issue exercise, to 6 rights shares for every 5 existing shares held — together with 1 rights warrant for every two rights shares subscribed — at an issue price of 20 sen each. It plans to raise between RM835.85 million and RM1.1 billion from the exercise.