KUALA LUMPUR (July 5): Based on the corporate announcements and news flow today, companies in focus on Friday (July 6) may include: Wah Seong, Vertice, Avillion, Maybank, Sime Darby Property and Kumpulan Powernet.
A unit of Wah Seong Corp Bhd has entered into a distributorship agreement with Switzerland-based Ammann BauAusrűstung AG's to be an exclusive dealer for the sales and services of its construction products within West Malaysia.
In a bourse filing, Wah Seong said its 60%-owned indirect subsidiary WDG Resources Sdn Bhd has inked the agreement with Ammann to distribute its products including Pavers, Heavy Compaction and Light Compaction.
The distributorship is expected to contribute positively to the earnings of Wah Seong over the period of the distributorship agreement, the group said, adding the agreement would be effective for an indefinite period unless otherwise terminated by either of the parties by giving three months' written notice, and upon the terms and conditions stipulated in the agreement.
WDG is principally involved in the distribution and service of construction equipment, power systems and related parts.
Ammann Group is a world-leading Swiss supplier of mixing plants and machines and in providing services to the construction industry with core expertise in road building and transportation infrastructure.
Vertice Bhd is contemplating to venture into the smart hotel business, which will be "unmanned" and "cashless", via a strategic partnership with a local company Smuzcity Bhd.
Vertice's wholly-owned unit Vertice Construction Sdn Bhd inked a memorandum of understanding (MoU) with Smuzcity today to negotiate on forming the strategic alliance.
Under the deal, the parties want "to collaborate for opportunities for qualified real properties to be considered for a structured smart hotel chain business," Vertice said.
Via the MoU, Vertice will provide its knowledge and experience in the construction industry to contribute towards works for the design, construction and renovation for the chain of hotels.
Avillion Bhd announced the signing of a 10-year hotel management agreement with Bintang Kencana Sdn Bhd to manage and provide direct day-to-day operation of an upcoming 153-room hotel in Bandar Baru Uda, Johor Bahru.
Once the new hotel opens, Avillion said the hospitality facility will be managed by its wholly-owned subsidiary Avillion Hotels International Sdn Bhd.
"The hotel management agreement is in line with Avillion group's strategy to grow the chain of Avillion-managed hotels," Avillion said in a bourse filing today, adding that the contract comes with a five-year renewal option.
According to Avillion, it will commence to manage and operate the hotel, once construction of the facility has been completed, and once it has received all required business licences.
Malayan Banking Bhd (Maybank) has entered into a strategic partnership with Credit Guarantee Corporation Malaysia Bhd (CGC) to provide up to RM2 billion of financing to small and medium sized enterprises (SMEs) via the latter's portfolio guarantee (PG) scheme.
In a joint statement today, Maybank and CGC said this is the largest ever amount under the CGC PG scheme to support local SMEs in growing their businesses further.
Under the Maybank-CGC PG scheme, SMEs can apply for either Islamic or conventional financing facilities from Maybank, from a minimum of RM50,000 up to a maximum of RM1.5 million and for a fixed tenure of up to seven years.
Meanwhile, under this scheme, CGC will guarantee 70% of the principal financing amount.
Sime Darby Property Bhd said it sold as much as 90% of its new launches within one week, suggesting resilient demand for both its residential and commercial products despite the soft property market.
This refers to the final phase of its landed home series in Denai Alam situated at the heart of City of Elmina, dubbed Semanea Hills, which comprises a total of 162 units, as well as commercial units at 3 Avenue in Bandar Bukit Raja, the property giant said in a press statement today.
According to Sime Darby Property, the Semanea Hills superlink homes were 90% sold last weekend, while the semi-detached units were 73% sold, resulting in the combined take-up rate of 50% across the entire Elmina Green development.
On the commercial front, it said 80% of its new commercial units at 3 Avenue were bought within a week of their launch on June 9.
Parti Gerakan Rakyat Malaysia secretary-general Datuk Liang Teck Meng has been appointed the managing director of Kumpulan Powernet Bhd today.
Liang, 47, is replacing Woo Wai Mun, who has stepped down from his post after three years at the helm to pursue other business and personal commitments.
Woo, 44, joined Kumpulan Powernet in August 2015 and was once the group's executive chairman, before he was subsequently redesignated as managing director in 2016. He has a 3.651% stake in the group.