KUALA LUMPUR (Dec 7): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Dec 8) could include: Astro Malaysia Holdings Bhd, Tenaga Nasional Bhd, Selangor Dredging Bhd, Perdana Petroleum Bhd, Tanjung Offshore Bhd and CCM Duopharma Biotech Bhd.
Astro Malaysia Holdings Bhd's net profit increased 42.44% to RM151 million or 2.9 sen a share for the third quarter ended Oct 31, 2016 (3QFY17), from RM106.01 million or 2.04 sen a share a year ago, due to a decrease in depreciation of property, plant and equipment by RM32.6 million and lower net finance cost by RM67.2 million.
Revenue grew 3.61% to RM1.42 billion from RM1.37 billion, following an increase in subscription, advertising, home-shopping and other revenue, the group said in a filing with Bursa Malaysia.
The group has declared a third interim dividend of three sen per share for the current financial year, payable on Jan 6.
For the cumulative first nine months of FY17, net profit was up 16.29% to RM478.61 million or 9.19 sen a share, from RM411.55 million or 7.91 sen a share in the same period of FY16. Revenue rose 3.48% to RM4.22 billion from RM4.07 billion.
Tenaga Nasional Bhd (TNB) says the Inland Revenue Board (IRB) will not commence any proceedings against the utility giant in relation to notices of additional assessment totalling RM2.07 billion, until the matter is determined by the special commissioners of income and the High Court on subsequent appeal.
TNB said this follows the consent judgment entered into by the two parties at the High Court today to substitute judicial review proceedings on the RM985.6 million notice for 2013 and RM1.08 billion notice for 2014, by filing an appeal to the special commissioners.
On Dec 7, 2015, TNB said IRB had approved in principal, the company’s reinvestment allowance claim for the years of assessment 2013 and 2014 in January 2013.
However, IRB subsequently reversed the approval as TNB is not in the manufacturing business, which IRB allowed exemptions for.
Selangor Dredging Bhd (SDB) has proposed the acquisition of a freehold property in Serangoon Road, Singapore for S$47 million (RM147 million), through Tiara Land Pte Ltd, an indirect 50% associate company. The vendor is National Aerated Water Company Ltd.
SDB said the purchase consideration and development of the property will be funded by a combination of internally generated funds and bank borrowings.
Measuring 2,945.5 square metres (31,705 square feet), the property is situated in an established city fringe residential location, connected to reputable primary schools and is near shopping, dining and recreational amenities, said SDB.
In view of this, the group is optimistic on the prospects of the proposed development to be undertaken on the land.
Perdana Petroleum Bhd said its decision to cancel its Memorandum of Agreement (MoA) with Nam Cheong International Ltd is deemed unlawful by the latter.
Perdana Petroleum said Nam Cheong, in a letter dated Dec 5, viewed the cancellation as a breach of terms of the MoA.
“Nam Cheong has consequently treated the agreement as terminated and has forfeited the deposit (of US$8.4 million),” it said, adding that Perdana Petroleum will seek legal advice on the matter.
On Dec 1, Perdana Petroleum said it was abandoning its plan to buy SK 317 as well after Nam Cheong failed to fulfil the condition of delivery of the vessel in accordance with the terms and conditions of the MoA.
Tanjung Offshore Bhd is venturing into the aerospace industry via its wholly-owned subsidiary T7 Aero Sdn Bhd, which signed a Memorandum of Understanding (MoU) with UK-based aerospace components manufacturer Kilgour Metal Treatments Ltd to pursue business opportunities in metal treatments, today.
Under the MoU, Tanjung Offshore and Kilgour will carry out metal surface treatment, chemical processing, non-destructive testing (NDT) activities and coating applications for components which will be exported to Southeast Asian markets.
Although nothing has materialised yet, Tanjung Offshore and Kilgour have indicated they will jointly develop a metal treatment plant.
However, Tanjung Offshore stated it is discussing with UMW Holdings Bhd to build its plant within the latter's unit UMW Aerospace Sdn Bhd's facility space in Serendah.
CCM Duopharma Biotech Bhd has secured a US$4 million revolving credit facility from Sumitomo Mitsui Banking Corp, Labuan branch, which will be utilized for working capital purposes.
According to the investment and pharmaceutical group, the facility is to be cross-utilized by its Philippines subsidiary, CCM International Philippines (CCMIP), as part of the latter’s loan refinancing plan.
The agreement takes advantage of lower interest rate offered for loans in US dollars, and will minimize CCMIP’s forex exposure in relation to the Philippine peso.