KUALA LUMPUR (July 10): Based on corporate announcements and news flow today, companies that will be in focus on Tuesday (July 11) may include: Versatile Creative, Iris Corp, Enra, Gadang, 7 Eleven, MAHB and Lotte Chemical.
Versatile Creative Bhd announced that it has delayed the due diligence exercise for the development of medium-cost apartments in Johor, which has a gross development value of RM110 million.
“The board of directors wishes to announce that the due diligence exercise had been put on hold as Versatile Smart Properties Sdn Bhd (VSP) was requested by Double Action Ventures Sdn Bhd to relook into the land conversion cost payment proposal within the deadline of two months,” it said.
The company added that VSP will be seeking an extension of the Memorandum of Understanding (MOU) signed with Double Action and will finalise the draft definitive agreement upon finalisation of the land conversion payment issue.
Iris Corp Bhd has appointed two new directors, Datuk Rozabil @ Rozamujib Abdul Rahman, 45, and Datuk Poh Yang Hong, 44, to its board, effective July 7.
It was reported in April that Destini Bhd group managing director Rozabil and former Hong Leong Management Co Sdn Bhd managing director Poh could possibly emerge as the new substantial shareholder — via their vehicle Caprice Development Sdn Bhd — through a 10% private placement exercise in Iris Corp. However, there was no announcement on their shareholding in the company today.
Enra Group Bhd’s 60%-owned subsidiary, Enra SPM Sdn Bhd, has accepted a letter of award (LOA) worth about US$48 million for a contract in Myanmar.
It said Enra SPM accepted the LOA from PC Myanmar (Hong Kong) Limited (PCML), a subsidiary of Petroliam Nasional Bhd, for the lease of a single point mooring system and storage tanker (facilities) to PCML, through an open tender process.
Enra said the award is for a four-year primary period, adding that the leasing period is estimated to commence upon the facilities being commissioned and delivered to PCML.
Piling and foundation works company Gadang Holdings Bhd is selling its indirect wholly-owned plantation unit Desiran Impian Sdn Bhd for RM15 million.
In a filing with Bursa Malaysia today, the group said its subsidiary Gadang Plantations Holdings Sdn Bhd is selling the unit to Kumpulan Sawit Tan Holdings Sdn Bhd.
It said the facilities will provide condensate storing and offloading services for the Yetagun offshore gas field operated by PCML in the Andaman Sea, off the coast of Myanmar.
Proceeds from the sale will be used for general working capital requirements, Gadang said, adding that the deal is expected to be completed by May 2018.
7-Eleven Malaysia Holdings Bhd’s chief executive officer (CEO) Gary Thomas Brown has stepped down from his role in the group, citing “personal reasons”.
The group has named its non-executive director Ho Meng as Brown’s successor, who will assume his new position as CEO effective Aug 1, 2017.
According to the group 2016 annual report, as at March 31, 2017, Brown, who is Australian, held 100,000 shares or a 0.01% stake in 7-Eleven, while Ho Meng owns 90,000 shares or a 0.01% stake.
The number of passengers passing through the 39 airports in the country that Malaysia Airports Holdings Bhd (MAHB) manages rose 13.5% in June 2017 to 7.58 million from 6.68 million a year ago.
The airport operator said the overall increase in passengers in June was supported by growth in airline seats and an improvement in average load factors following the long weekend of Hari Raya Aidilfitri celebration at the end of June 2017.
Overall average load factor also improved by 0.3 percentage points to 74.7% in June 2017 compared with the same month last year.
Latest figures from MAHB also showed that 4.5 million passengers passed through the Kuala Lumpur International Airport (KLIA) in Sepang in June 2017, an increase of 15.1% from 3.91 million in June 2016.
International passengers passing through KLIA grew 17.9% to 3.25 million from 2.76 million, while domestic passenger numbers also climbed 8.3% to 1.25 million from 1.15 million.
Chemicals company Lotte Chemical Titan Holding Bhd is set to go for listing on the Main Market of Bursa Malaysia tomorrow.
Lotte Chemical's IPO is slated to be the largest in Malaysia since August 2012, and the largest in Southeast Asia since May 2013.
Lotte Chemical Titan's IPO involves 580 million new shares in the company, which will have an expanded issued base of 2.31 billion shares upon listing.
It had priced the institutional and retail shares for its IPO at RM6.50 each to raise RM3.77 billion.