KUALA LUMPUR (Oct 21): Based on corporate announcements and news flow today, stocks in focus on Monday (Oct 24) may include: Multi-Usage, Econpile, Pesona Metro Holdings Bhd and Sinotop.
Multi-Usage Holdings Bhd (MUH) has confirmed that three of its officials have claimed trial in court, in reference to an article published by an online news portal on Oct 19.
According to the article, three top officers of MUH claimed trial in a magistrate’s court here to a charge of failing to circulate a notice for the company’s annual general meeting.
Ang Kim Cheng @ Ang Teng Kok, 69, Cheah Chin Huat, 61, and Ang Hwei Chyn, 44, were reportedly charged with failing to circulate the notice for the meeting which contained statements on resolutions and proposals by members with more than 5% of the company shares through a letter dated April 27, 2015.
"Separately charged, the three allegedly committed the offence on June 29 last year as officers of the company, which is a property developer and precast concrete product maker, with a registered address at Suite 16-1 (Penthouse Upper), Menara Penang Garden on Jalan Sultan Ahmad Shah," said the article.
The charges against MUH’s directors have no impact on the business and the operation of the company, said MUH.
Econpile Holdings Bhd's unit has received a RM43.5 million letter of award from Ahmad Zaki Sdn Bhd to undertake bored pile works for the Mass Rapid Transit Line 2 project connecting Sungai Buloh, Serdang and Putrajaya.
In a filing with Bursa Malaysia today, Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd (EMSB) received the letter dated Oct 20 for Package V202 contract which is the construction and completion of viaduct guideway and other associated works from Persiaran Dagang to Jinjang.
"The overall contract duration is about 24 months. The contract is the mainstream business for EMSB and is expected to contribute positively to Econpile's revenue and earnings for the financial year ending June 30, 2017," it said.
Pesona Metro Holdings Bhd’s wholly-owned subsidiary Pesona Metro Sdn Bhd was awarded a RM402 million contract for the construction of a 52-storey apartment block on Jalan Kia Peng, Kuala Lumpur.
The group expects the project, the Eaton Residences, to contribute positively to its earnings during the duration of the 43-month project commencing Dec 1, 2016.
“The project will be utilising internally generated funds and is not expected to have any material effect on the gearing of the group,” it said.
Sinotop Holdings Bhd has proposed to diversify its existing core business to include project management and infrastructure construction-related businesses as additional earning streams for the China-based fabric manufacturer.
Sinotop derived 91.6% of its RM185.63 million revenue from China in the financial year ended Dec 31, 2015 (FY15).
In a filing with Bursa Malaysia today, Sinotop said the financial performance of its existing business has been fluctuating over the past five years under review due to the increasingly challenging market in the fabrics production industry in China and higher fuel costs in its operations.
This has led to its net profit falling from RM6.95 million in FY11 to RM2.08 million in FY15.