KUALA LUMPUR (July 7): Based on corporate announcements and news flow yesterday, stocks in focus today may include AirAsia Group Bhd, Kossan Rubber Industries Bhd, CB Industrial Product Holding Bhd (CBIP), Bina Darulaman Bhd, Serba Dinamik Holdings Bhd, Perak Corp Bhd, Khee San Bhd, Yinson Holdings Bhd, Gunung Capital Bhd, Yi-lai Bhd, Icon Offshore Bhd, and Hong Leong Bank Bhd (HLB).

AirAsia Group Bhd posted a net loss of RM803.85 million for the first quarter ended March 31, 2020 (1QFY20), partly dragged down by its wrong hedge against crude oil prices, which collapsed in March, and a hefty depreciation. The group posted the net loss against a net profit of RM96.09 million for the corresponding period last year. Quarterly revenue declined 15.3% year-on-year to RM2.31 billion from RM2.73 billion.

Glove maker Kossan Rubber Industries Bhd is acquiring an industrial property measuring 4.05ha in Meru, Selangor for RM40 million cash, from Advance Boilers Sdn Bhd, a wholly-owned subsidiary of CB Industrial Product Holding Bhd, to facilitate an expansion of its production facilities. Kossan said the property is located adjacent to the existing production facilities.

For CB Industrial Product Holding Bhd, the proposed disposal is expected to result in a gain of RM6.94 million and represent an opportunity for it to reorganise its portfolio and focus on its core business of palm oil mill equipment and engineering works.

Bina Darulaman Bhd is selling off two pieces of agricultural land in Bandar Amanjaya, Kedah, spanning some 55.47ha, for RM24.02 million. Bina Darulaman said its wholly-owned subsidiary BDB Land Sdn Bhd is selling the plots to property developer Paramount Property (Utara) Sdn Bhd.

Oil and gas downstream player Serba Dinamik Holdings Bhd has redesignated its group chief financial officer (CFO), Syed Nazim Syed Faisal, to non-independent executive director, effective yesterday. The vacated CFO post is taken up by Azhan Azmi, who joined Serba Dinamik as financial controller in 2017.

Practice Note 17 company Perak Corp Bhd has appointed businessman Tan Sri Abdul Rashid Abdul Manaf as its new chairman effective yesterday, replacing Mohd Ariff Yeop Ishak, who had served as independent and non-executive chairman of Perak Corp since August 2018.

Khee San Bhd has received letters of demand from OCBC Al-Amin Bank Bhd, demanding the repayment of RM4.96 million from Khee San and its subsidiary Khee San Food Industries Sdn Bhd. The sums were outstanding as at May 31, 2020.

Yinson Holdings Bhd said its 49%-owned joint venture is entitled to receive the balance amount of US$33.1 million (RM141.67 million) from PetroVietnam Technical Services Corp, after the two parties reached a final settlement agreement of US$64.4 million (RM275.63 million).

Gunung Capital Bhd has emerged as Yi-lai Bhd's substantial shareholder after acquiring another four million shares, or a 2.79% stake, in the latter through a direct business transaction with Yi-lai executive director Aaron Tan Jian Hong. With this, Gunung Capital owns 8.7 million shares or a 5.99% stake in Yi-lai.

Icon Offshore Bhd has responded that it is currently negotiating with Perisai Petroleum Bhd to acquire the latter's subsidiary, Perisai Petroleum Teknologi Bhd, which owns and operates a jack-up rig known as Perisai Pacific 101. It was responding to a newspaper report saying that Icon Offshore would be acquiring Perisai Petroleum Teknologi for US$40 million (RM173 million), a fraction of the US$200 million Perisai paid in 2014.

Hong Leong Bank Bhd is spending between 60% and 65% from RM150 million to RM200 million capital expenditure set aside for the new financial year 2021 for its local and overseas digital expansion. Group managing director and chief executive officer Domenic Fuda said the investment will include digital expansion in Malaysia, Cambodia and Singapore.