Axiata, BCorp, VS Industry, UWC, Poh Kong, ES Ceramics, TRC Synergy, Can-One

Axiata, BCorp, VS Industry, UWC, Poh Kong, ES Ceramics, TRC Synergy, Can-One
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KUALA LUMPUR (June 15): Based on corporate announcements and news flow today, companies in focus tomorrow (June 16) may include: Axiata Group Bhd, Berjaya Corp Bhd, VS Industry Bhd, UWC Bhd, Poh Kong Holdings Bhd, ES Ceramics Technology Bhd, TRC Synergy Bhd and Can-One Bhd.

Axiata Group Bhd said the group and Telenor Asia have completed the due diligence works pertaining to the proposed merger between Celcom Axiata Bhd and Digi.Com Bhd, and will be signing definitive agreements soon. Axiata president and group chief executive officer Datuk Izzaddin Idris said both parties are hopeful of signing the agreements within a matter of “days or a week”.

Berjaya Corp Bhd's (BCorp) newly appointed group chief executive officer Abdul Jalil Abdul Rasheed has revealed a three-year strategic plan to transform the conglomerate back towards profitability. Some key initiatives of the plan, including to recategorise and streamline existing operations, institutionalise and monitor performance, and ultimately to unlock value in the group. The group will recategorise its businesses by July, from seven reporting segments currently into five key segments: retail, food and beverages, property, hospitality, and services (which will house the group's gaming unit and financial technology unit).

Electronics manufacturing services provider VS Industry Bhd today announced its best-ever quarterly net profit of RM73.38 million for the third quarter ended April 30, 2021, due to higher contribution across all of its business segments. The group's revenue doubled to RM1.07 billion from RM505.66 million a year earlier, underpinned by stronger sales. The group declared a third interim dividend of 0.8 sen to shareholders, to be paid on July 30. The group's nine-month net profit rose to its highest-ever of RM203.85 million, over three times the RM61.74 million a year earlier, while revenue jumped 30% to RM3.06 billion from RM2.36 billion.

UWC Bhd saw its net profit for the third quarter ended April 30, 2021 rose 58% to RM23.04 million from RM14.59 million a year earlier following higher earnings from its semiconductor and life science segments. Revenue increased 28.7% to RM71.78 million from RM55.8 million. Meanwhile, nine-month net profit increased 84.03% to RM71.99 million, from RM39.12 million in the previous corresponding period. Nine-month revenue was higher by 40.24% at RM221.09 million from RM157.64 million.

Poh Kong Holdings Bhd swung back to the black in its third quarter ended April 30, 2021 with a net profit of RM24.02 million, compared with a net loss of RM2.31 million a year earlier, due to higher revenue and cost control initiatives. The jeweller said revenue more than doubled to RM364.19 million, from RM112.46 million, thanks to higher demand for gold investment products, such as gold bars, wafers and gold jewellery items. Cumulative net profit for the first nine months of FY21 shot up to RM50.02 million, from RM16.42 million in the corresponding period of FY20. Cumulative revenue was 43.54% higher at RM817.49 million, from RM569.51 million.

Rosland Othman, group managing director and CEO of integrated civil construction service provider Sarawak Consolidated Industries Bhd, has ceased to be a substantial shareholder of ES Ceramics Technology Bhd after disposing of 25.39 million shares in the latter on June 11. Out of the total, 12.85 million were direct shares and 12.54 million were indirect shares via private vehicle Vintage Capital Sdn Bhd.

TRC Synergy Bhd's unit has secured a RM43 million maintenance contract from BHIC Submarine Engineering Services Sdn Bhd to maintain the Royal Malaysian Navy Submarine Base in Kota Kinabalu. Its wholly-owned Trans Resources Corp Bhd accepted the two-year award on May 28.

The mandatory take-over offer of Can-One Bhd closed today with no takers from minority shareholders. With this, ultimate  offeror Yeoh Jin Hoe and persons acting in concert (PACs) continue to hold a 60.57% stake in the can manufacturer. The takeover offer by Yeoh raised eyebrows as it was made at a steep discount of 15.82% or 47 sen to the prevailing share price of RM2.97 on May 3, prior to the trading suspension of its shares.

S Kanagaraju