KUALA LUMPUR (July 19): Based on corporate announcements and news flow today, stocks that may be in the spotlight tomorrow (July 20) could include: PPB, Ge-Shen, George Kent, Maxwell, PRG, TMC Life Sciences and D&O Green Tech.
PPB Group Bhd's associate Wilmar International Ltd has issued a profit warning for its second quarter ended June 30 (2QFY16) results, based on a preliminary review of its unaudited financial results.
According to the profit guidance dated Tuesday, the group expects to report net losses of about US$230 million (RM923 million) for 2QFY16.
This was the result of challenging operating conditions, led by the manufacturing sub-segment within oilseeds and grains, as well as the sugar segment.
Losses in the oilseeds and grains sub-segment were due to untimely purchases of soybeans in a highly volatile and disruptive market, as well as unexpected flooding in Argentina.
According to PPB's annual report for the financial year ended Dec 31, 2015 (FY15), the group owns an 18.6% stake in Wilmar.
Ge-Shen Corp Bhd is acquiring a property from Tiong Nam Logistics Holdings Bhd for RM9.5 million, to expand its manufacturing plant.
The manufacturer of high precision plastic components told Bursa Malaysia that its wholly-owned subsidiary Ge-Shen Plastic (M) Sdn Bhd is acquiring the property from Tiong Nam's wholly-owned subsidiary Tiong Nam Logistics Solutions Sdn Bhd.
The property is a double-storey detached warehouse, with an annexed three-storey office and other ancillary buildings located in Tebrau, Johor Bahru.
Construction outfit George Kent (Malaysia) Bhd has proposed a one-for-four bonus issue, involving up to 75.1 million new shares.
The entitlement date will be determined at a later date by the board, upon receipt of all relevant approvals, the company said in a bourse filing.
George Kent said the bonus issue is aimed at rewarding shareholders, while potentially enhancing the company's capital base.
Ferrier Hodgson MH Sdn Bhd, the auditor undertaking an extended audit of Maxwell International Holdings Bhd's advertising expenses (adex), said it is unable to substantiate RMB92.4 million (RM64.62 million) in adex incurred by the China-based sports footwear manufacturer.
In its extended audit report filed to Bursa Malaysia, the auditors said they were unable to ascertain, verify and substantiate if Maxwell International Group received any valuable consideration for the adex incurred, based on their findings.
Ferrier Hodgson added that a significant volume of important documents that they requested have yet to be provided.
To recap, Maxwell had incurred a significant loss of RM45.9 million in the third quarter ended Sept 30, 2015, which was primarily attributed to selling and distribution expenses amounting to RM44.6 million.
PRG Holdings Bhd plans to develop residential properties in Selangor's Section U5 through a proposed joint venture (JV) with Baycity Park Sdn Bhd. PRG said the JV was an opportunity "to expand its revenue sources".
In a statement to Bursa Malaysia, PRG said its wholly-owned subsidiary Premier Gesture Sdn Bhd signed the development JV agreement with Baycity for the project on a leasehold 2.6ha (6.48 acre) tract. Baycity owns the land.
PRG said Premier Gesture and Baycity had also signed a shareholders agreement, which outlined the shareholding terms in JV company Premier Baycity Sdn Bhd.
Premier Gesture and Baycity own 51% and 49% respectively in Premier Baycity.
TMC Life Sciences Bhd has entered into a memorandum of understanding (MoU) with Thomson Medical Pte Ltd and University College Dublin on July 18 to explore the possibility of collaborating to set up a health sciences training and education platform in Malaysia and Singapore.
In a filing to Bursa Malaysia, TMC said the MoU is valid for one year from the date of signing, unless terminated or upon execution of a definitive agreement.
Thomson is a private health care service provider in Singapore, which owns and operates the largest private women and children's specialist hospital in Singapore.
Apart from that, Thomson manages specialist clinics and medical centres in Singapore and Indonesia. TMC and Thomson are related parties by virtue of Sasteria Pte Ltd — the major shareholder of both parties.
D&O Green Technologies Bhd is teaming up with a Hong Kong-based thermal management solutions company to design and sell light-emitting diode (LED) modules and thermal substrates, to expand its products and services.
In a filing with Bursa Malaysia, D&O said its 61.84%-owned subsidiary Dominant Opto Technologies Sdn Bhd has inked a JV agreement with Rayben Innovation Ltd to effect the tie-up.
Under the JV, both companies will set up a private limited company bearing the proposed name of "DRE Technologies Co Ltd" in Zhuhai, China, for the design, production and sales of automotive LED modules and thermal substrates.