Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 30): Here is a brief recap of some corporate announcements that made the news on Monday (Jan 30), involving Malayan Banking Bhd, YTL Power International Bhd, Tenaga Nasional Bhd, Serba Dinamik Holdings Bhd, PGF Capital Bhd, Ajiya Bhd, Sunway Real Estate Investment Trust, Chin Teck Plantations Bhd, Telekom Malaysia Bhd, Uzma Bhd, Tomypak Holdings Bhd, TRC Synergy Bhd and Zecon Bhd.

Malayan Banking Bhd (Maybank) said its investment in Adani Enterprises’ secondary share offering were “client subscriptions” and, as such, there won’t be any financial impact to the banking group. Maybank’s clarification came after various media reported last week that Maybank Securities was allocated a stake in Adani Enterprises’ US$2.5 billion (RM10.6 billion) secondary share offering. Companies belonging to Indian billionaire Gautam Adani, including his flagship Adani Enterprises, fell sharply last Wednesday after short seller Hindenburg Research released a report that accused the Adani conglomerate of “brazen stock manipulation and accounting fraud scheme over the course of decades”, among other things.

YTL Power International Bhd's wholly-owned subsidiary in Singapore is collaborating with Tenaga Nasional Bhd's (TNB) unit to supply 100 megawatts (MW) of electricity from Malaysia to Singapore via the newly upgraded interconnector. This collaboration marks the first time electricity from Malaysia will be supplied to Singapore on a commercial basis, adhering to the Energy Commission’s Guide for Cross-Border Electricity Sales. YTL PowerSeraya will purchase the electricity from TNB Pasir Gudang Energy Sdn Bhd, a wholly-owned special vehicle company under TNB Power Generation Sdn Bhd (TNB Genco).

Serba Dinamik Holdings Bhd has filed a motion for a stay of the winding-up petition order granted by the High Court on Jan 10, pending its appeal to the Court of Appeal. Similar applications have been filed by Serba Dinamik’s subsidiaries Serba Dinamik Sdn Bhd, Serba Dinamik International Ltd and Serba Dinamik Group Bhd. A case management of the appeal was held on Monday, while hearing of the stay applications has been fixed for Friday (Feb 3).

Glass mineral wool insulation maker PGF Capital Bhd’s net profit jumped to RM2.03 million for its third quarter ended Nov 30, 2022, 52 times the RM39,000 it made in the preceding year's corresponding quarter, thanks to higher production output and higher sales revenue from its insulation business. Revenue grew 31.29% to RM17.75 million from RM13.52 million.

Ajiya Bhd’s net profit jumped 169.3% to RM9.48 million for its fourth quarter ended Nov 30, 2022 (4QFY2022) from RM3.52 million a year earlier, due mainly to realised and unrealised gain from other investment. Revenue, however, was down 17.7% to RM74.17 million from RM90.16 million as demand for the group's products was lower.

Sunway Real Estate Investment Trust’s net property income for the fourth quarter ended Dec 31, 2022 (4QFY2022) rose 18.8% to RM146.19 million from RM123.1 million a year ago, due to higher revenue and reversal of doubtful debts resulting from improved rental collection in the retail segment. Quarterly revenue increased by 18.34% to RM186.73 million compared with RM157.8 million. It declared a final income distribution per unit of five sen, amounting to RM171.2 million.

Chin Teck Plantations Bhd’s net profit fell 8% year-on-year for the first quarter ended Nov 30, 2022 (1QFY2023) due to higher fertiliser cost, coupled with lower income from the group’s oil palm plantation joint ventures in Indonesia. Net profit declined to RM25.3 million from RM27.48 million a year ago, despite revenue growing 8.2% to RM62.96 million from RM58.2 million, thanks to higher sales volume.

The High Court of Singapore has dismissed an application filed by Vodoke Pte Ltd, a Singapore-based IPTV solution provider, to set aside an arbitration award favouring Telekom Malaysia Bhd over a dispute between the two parties over Vodoke’s sale of IPTV packages in 2015 to TM. Vodoke filed the originating application in October 2022 after its claim for US$34.54 million (RM150.55 million) from TM was dismissed by the Singapore International Arbitration Centre.

Uzma Bhd, via its subsidiary Setegap Ventures Petroleum Sdn Bhd, has received another two-year contract extension from Petronas Carigali Sdn Bhd worth RM230 million for the provision of coiled tubing and services. The latest contract extension period is from Dec 1, 2022 until Nov 30, 2024.

Loss-making packaging firm Tomypak Holdings Bhd has promoted chief operating officer Lee Kwee Heng as its new managing director, following the resignation of executive director Tan See Yin. Tomypak also announced the appointment of Lim Bee Leong as independent non-executive director, with all boardroom changes effective Feb 1.

The Singapore International Arbitration Centre has ordered the Brunei Economic Development Board (BEDB) to pay TRC Synergy Bhd’s unit B$18.67 million (about RM60.18 million) over a dispute in relation to a contract to modernise the Brunei International Airport Terminal. The construction and property development outfit said BEDB is to pay the company’s wholly- owned subsidiary Trans Resources Corp Sdn Bhd the sum within 14 days from Jan 16, 2023 — the date of the tribunal’s order.

Zecon Bhd and PR1MA Corp Malaysia have mutually terminated a partnership to jointly develop a mixed development project in Kuching, Sarawak. Following the termination, Zecon will be buying back the project from PR1MA for RM63.56 million, which includes the land cost. The group had in 2014 disposed of the 54.16-acre land to PR1MA for RM46 million, before entering into a joint development agreement in 2015 and Heads of Agreement in 2016 to jointly develop the project.

Edited ByS Kanagaraju
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