KUALA LUMPUR (July 10): Based on corporate announcements and news flow today, companies that may be in focus on Thursday (July 11) include the following: Boustead Heavy Industries Corporation Bhd, Paramount Corp Bhd, Media Prima Bhd, Eonmetall Group Bhd, MTD ACPI Engineering Bhd, I-Bhd and Malaysia Airports Holdings Bhd.
Boustead Heavy Industries Corporation Bhd (BHIC) has announced massive boardroom changes — the size of BHIC’s board will expand to nine members — with non-executive directors, Datuk Ishak Osman, 71, and Datuk Azzat Kamaludin having resigned effective today and new appointments of six non-executive directors.
The six new appointments are Tan Sri Ramlan Mohamed Ali, Datuk Maznah Abdul Jalil, Fahmy Ismail, Tan Sri Aziah Ali, Dr Salihin Abang and Saadatul Nafisah Bashir Ahmad.
Paramount Corp Bhd is planning to launch four new projects with a combined estimated gross development value (GDV) of RM783 million in the second half of 2019.
When asked if the developer is able to achieve its RM1 billion sales target this year, its group CEO and director Jeffrey Chew expressed his confidence that it is on track.
He added that Paramount will see continued improvement in earnings for FY19 on the back of its new launches.
Media Prima Bhd’s indirect unit Rev Asia Holdings Bhd is going ahead with its acquisition of a 52% stake in a Malay-language digital news producer, which hit a legal hiccup in April.
Media Prima said Rev Asia has signed a fresh agreement with the seller, Jaffa Sany Mohd Ariffin, to buy the controlling stake in The Vocket Sdn Bhd at an unchanged price of RM2.6 million.
In April, Media Prima said its Vocket acquisition hit a hiccup when the share sale and purchase agreement signed in June 2018 was terminated due to legality issues on Vocket’s part.
Eonmetall Group Bhd has formed a joint venture with two other companies to purchase a parcel of land measuring 420 acres in Klang, Selangor, for RM155.73 million. The land is currently an oil palm plantation registered under Sime Darby Plantation Sdn Bhd.
It said a JV company named Sinaran Seribumi Sdn Bhd was formed by its unit Eonmetall Land Sdn Bhd with Kapar Holding Sdn Bhd and Kapar Land Sdn Bhd. Kapar Holding and Kapar Land are both in the business of manufacturing iron and steel products, as well as property dealing.
Given Eonmetall Land’s 23.81% shareholding in Sinaran, the group's estimated investment outlay is RM37.14 million, for which it will receive 100 acres of the sub-divided land. While Kapar Holding and Kapar Land will receive 172 acres and 148 acres based on their shareholding in Sinaran of 40.95% (RM63.88 million) and 35.24% (RM59.97 million) respectively.
MTD ACPI Engineering Bhd has proposed to acquire two construction and property units from privately-held Putrajaya Perdana Bhd, prompting speculation that a reverse takeover by the latter could be in the offing further down the road.
Even so, it is early days yet as only a Heads of Agreement (HoA) has been inked with Putrajaya Perdana and its unit, Putra Perdana Development Sdn Bhd, for the acquisition of Orangebeam Construction Sdn Bhd and Orangebeam Development Sdn Bhd. The purchase consideration has also yet to be determined, it said.
Property developer I-Bhd is proposing a renounceable rights issue of three-year redeemable convertible cumulative preference shares (RCCPS) to raise up to approximately RM150 million. The proceeds would enable the group to fund its property investment/hospitality portfolio and property development businesses.
Malaysia Airports Holdings Bhd’s (MAHB) airports registered a 7.3% year-on-year (y-o-y) growth in passenger volume in June 2019 to 12.1 million — the second highest after the historical peak month of December 2018.
It attributed the high growth spurred by higher demand in air travel due to the Aidilfitri and summer holidays.