KUALA LUMPUR (Sep 19): Based on corporate announcements and news flow today, stocks in focus for Thursday (Sep 20) may include the following: Axiata Group Bhd, HB Global Ltd, Glomac Bhd, Berjaya Sports Toto Bhd, Eduspec Holdings Bhd, PanPages Bhd, Kim Teck Cheong Consolidated Bhd and Salcon Bhd.

Axiata Group Bhd's 69.88%-owned edotco Group Sdn Bhd said today edotco Bangladesh (edotco BD) has become a wholly-owned subsidiary of edotco Group, following the completion of the transfer of a 20% edotco BD stake to edotco Group from Robi Axiata Ltd.

In a statement, edotco Group said that the edotco BD share transfer is in line with conditions set by the Bangladesh Telecommunication Regulatory Commission (BTRC).

"In August, edotco announced that it has been selected by the BTRC to obtain a conditional tower sharing licence. Upon completion of the conditions, this licence will allow edotco to build and manage telecommunications towers for multiple mobile network operators in the country. As part of the conditions, edotco BD cannot retain a mobile network operator as its shareholder. With the transfer, edotco BD moves one step closer to fulfilling the conditions for tower licence eligibility."

Bursa Securities has publicly reprimanded China-based frozen food manufacturer HB Global Ltd for failing to ensure its fourth-quarter report for its financial year ended Dec 31, 2016 (4QFY16) took into account adjustments announced on April 28, 2017.

Bursa Securities said while it has not found any of HB Global’s directors to have caused or permitted the breach by the company, it is their duty to maintain appropriate standards of responsibility and accountability so as to ensure compliance with the Main Market listing requirements.

As such, all of its five directors are required to attend a training programme in relation to compliance with the Main Market listing requirements pertaining to financial statements.

HB Global is also required to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review on its quarterly report submissions.

HB Global had reported an unaudited net loss of RMB29.9 million for its 4QFY16 results announced on Feb 28, 2017, as opposed to an audited net loss of RMB24.89 million in the audited financial statements for FY16 announced on April 28 the same year.

Glomac Bhd's net profit dropped 31.6% to RM1.01 million in the first financial quarter ended July 31, 2018 (1QFY19) from RM1.47 million a year ago, mainly due to the completion of certain phases of Saujana KLIA in Sepang, Selangor in the previous financial year and lower construction activities during the quarter under review.

This resulted in lower earnings per share of 0.13 sen for 1QFY19 compared with 0.19 sen for 1QFY18. Revenue also fell 40.1% to RM57.61 million from RM96.22 million a year ago.

Glomac said revenue for 1QFY19 was mainly contributed by progress billings from Bandar Saujana Utama, Sri Saujana and Saujana KLIA.

Berjaya Sports Toto Bhd (BToto) posted a 16.92% jump in net profit to RM86.89 million in the first financial quarter ended July 31, 2018 (1QFY19) from RM47.94 million a year ago, on the improved performance of Sports Toto Malaysia Sdn Bhd (Sports Toto) and H.R. Owen Plc.

Earnings per share rose to 6.45 sen for the quarter compared with 5.51 sen in 1QFY18.

Revenue was 1.97% higher to RM1.5 billion from RM1.47 billion in the previous year.

BToto said Sports Toto's pre-tax profit for 1QFY19 rose 14% year-on-year owing to lower prize payout and operating expenses.

At the same time, H.R. Owen reported a pre-tax profit increase of 35.4% to RM20.9 million against RM15.5 million in 1QFY18. H.R. Owen's improved performance was mainly due to revenue growth on the back of higher new vehicle sales during the current quarter.

Eduspec Holdings Bhd is teaming up with KidZania owner and operator Rakan Riang Sdn Bhd to provide Science, Technology, Engineering and Mathematics (STEM) related initiatives.

Eduspec said the parties signed a Memorandum of Understanding (MoU) yesterday to set the framework in exploring opportunities to create a strategic business partnership.

Under the MoU, the parties agreed to enter negotiations to set up an Eduspec-branded establishment in KidZania Kuala Lumpur, as well an Eduspec-branded attraction at Level 4 of the The Curve Mall.

PanPages Bhd has reappointed Tengku Farith Rithauddeen as its independent and non-executive chairman, effective immediately.

This comes days after Farith, 47, had failed to garner sufficient shareholder support to keep his role at the group’s annual general meeting last Thursday.

PanPages has also reappointed Fong Wai Leong, 49, as  chief executive officer, shortly after his voluntary resignation from the board on the same day last week.

Yap Kien Ming, 53, has also been reinstated today as an independent and non-executive director, after being voted out at the AGM.

Additionally, the marketing and data services company also appointed Wong Mun Wai, 61, as an independent and non-executive director.

Kim Teck Cheong Consolidated Bhd (KTC) said today the dispute which led to the resignation of the chairman of its audit and risk management committee recently was because the majority of the board of directors had agreed not to impair the trade receivables as the management was confident that they were recoverable.

The Sabah-based consumer packaged goods manufacturer was responding to Bursa Securities' query over the resignation of Wee Hock Kee as chairman of the group's audit and risk management committee on Sept 12.

In his resignation letter to the chairman of the board, Wee had stated that he had no choice but to step down due to the recent development in the boardroom which saw his role as the chairman of the committee being undermined.

He had also raised concerns about the group's disclosure and financial reporting for the fourth quarter ended June 30, 2018 (4QFY18) unaudited results.

In its reply today, KTC's board dismissed concerns from Wee and the audit and risk management committee, maintaining that the board and management are confident that these trade receivables are recoverable.

Salcon Bhd is selling its financially distressed 50.5%-owned Norwegian subsidiary Rayvn AS to the latter's existing shareholders for one Norwegian Krone (50 sen).

Salcon said its wholly-owned subsidiary Salcon ELU Sdn Bhd — held through Salcon Engineering Bhd — had entered into a share purchase agreement with Total Safety AS and Enovate AS for the disposal. Both Total Safety and Enovate own 22% each in Rayvn.

The group said the disposal price was because Rayvn is under "severe financial distress with negative shareholders' funds".

Salcon, through Salcon ELU, also entered into a software acquisition agreement with Rayvn and the buyers to buy back all the rights, title and interest in and to the intellectual property rights and know-how in relation to Rayvn's software called RAYVN Daily Operation for 6.5 million Norwegian Krone (RM3.3 million).