Thursday 28 Mar 2024
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KUALA LUMPUR (June 14): Based on corporate announcements and newsflows today, stocks that are expected to be in focus for Monday (June 17) might be as follows: 7-Eleven Malaysia Holdings Bhd, UEM Sunrise Bhd, Sino Hua-An International Bhd, Straits Inter Logistics Bhd, Perisai Petroleum Teknologi Bhd and Eco World Development Group Bhd.

7-Eleven Malaysia Holdings Bhd is not aware of reasons that led to the sharp 23 sen or 15% drop in share price on low volume this morning. In response to queries from theedgemarkets.com, the group said it was not concerned over the short-term share price volatility on a low volume of 500 shares and that business is as usual.

The counter declined as much as 23 sen or 15% to RM1.27 – with Bursa Malaysia suspending the group proprietary day trading (PDT) short selling and intraday short selling (IDSS) until Monday (June 17, 2019) at 8:30 am. The dynamic price threshold mechanism on the counter was uplifted from 10:55am to 11:05am today.

UEM Sunrise Bhd is to downsize its Desaru, Johor, residential and beach development to 228 acres, from 680 acres in order to conserve cash and limit exposure. This means that the price of the land is now reduced to RM120.8 million from RM485.3 million.

The development will be undertaken by joint venture company (JVco) Desaru North Course Residences Sdn Bhd (DNCR), which is one of the three JVcos owned by the group and Khazanah-owned Themed Attractions Resort & Hotels Sdn Bhd (TAR&H). The excess RM73.4 million paid to TAR&H will be refunded to DNCR as the group has paid RM194.1 million to date.

Sino Hua-An International Bhd is to issue RM150 million in redeemable convertible medium-term notes to fund business expansion measures. Advance Opportunities Fund, where Tan Choon Wee is principal shareholder and sole director will subscribe to the notes.

The notes will be doled out in three tranches — with all three containing RM50 million in notes. For the first two tranches, there will be 10 subtranches worth RM5 million each — the third tranche will have five sub tranches worth RM10 million. The notes are to mature within the first 36 months from the closing date of the first sub-tranche of the note’s first trance.

Straits Inter Logistics Bhd’s unit is to acquire a 14-year-old oil tanker for US$4.7 million (RM19.56 million). The acquisition of the ship is at a discount to its current market value and is seen to enlarge its asset base. The unit will pay for the ship in 61 monthly cash instalments from today onwards, with the unit placing a US$900,000 cash deposit as part of the acquisition.

Perisai Petroleum Teknologi Bhdb’s 51%-owned unit Perisai Offshore Sdn Bhd won a US$20 million (RM83.87 million) deal from Petronas Carigali Sdn Bhd. The contract is in relation to the high specification jack-up rig — which is capable of operating in a water depth of 400 ft with a drilling depth capability of 30,000 ft for Petronas Samarang drilling campaign. The contract is estimated to commence from between August and September, with five wells to be completed in 200 days. The contract is expected to positively contribute to its earnings and net assets for the financial year ending June 30, 2020 (FY20).

Eco World Development Group Bhd is teaming up with Chinese state-owned PowerChina group to jointly bid for unspecified infrastructure projects in Malaysia. The two will form a joint venture (JV) Eco World PowerChina Business Park Sdn Bhd to bid for projects as well as developing 117.35 acres of Shah Alam land, which will be known as Eco Business Park V, Phase 2, which has a gross development value (GDV) of RM850 million.

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