Friday 29 Mar 2024
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KUALA LUMPUR (Dec 12): Based on corporate announcements and news flows today, stocks in focus on Thursday (Dec 13) may include: BIMB Holdings Bhd, Cypark Resources Bhd, Alam Maritim Resources Bhd, Zhulian Corp Bhd, My E.G. Services Bhd, Bermaz Auto Bhd, Poh Huat Resources Holdings Bhd, and Pasdec Holdings Bhd.

BIMB Holdings Bhd has made has made an early partial redemption of RM609.94 million of a 10-year RM1.66 billion sukuk, which was issued at a discount and fully subscribed by Lembaga Tabung Haji. The maturity date of the sukuk is Dec 12, 2023.

BIMB said the early partial redemption exercise will reduce the group’s future payment obligations under the sukuk and is expected to have a positive impact on its future earnings.

Cypark Resources Bhd has bagged two contracts worth a combined RM450 million to build two solar photovoltaic energy generating facilities: one in Sik, Kedah and another one at Empangan Terip, Negeri Sembilan.

Alam Maritim Resources Bhd’s subsidiary has secured another contract to provide pan-Malaysia underwater services for petroleum arrangement contractors (PAC). This is its third PAC contract win since Nov 30.

Alam Maritim said the contract was awarded to its wholly-owned subsidiary Alam Maritim (M) Sdn Bhd by Hess Exploration and Production Malaysia BV. The job is on a regular or a call-out basis, whereby work orders will be issued by client based on the schedule of rates as set forth in the contract.

Zhulian Corp Bhd’s founder Teoh Beng Seng has resigned from his position as president-cum-chief executive officer after more than 12 years at the helm of the multi-level marketing company.

Zhulian said the 59-year-old, who resigned today to “undertake his personal matters”. He was appointed to the board in April 2006.

My E.G. Services Bhd (MyEG) says it is unaware of any factors which may have led to the slump in its share price to a five-month low today.

The group said it has made due inquiry with its board of directors and major shareholders to seek the cause of the unusual market activity, but could not find any reason behind the share price movement.

Bermaz Auto Bhd (BAuto) has recorded a more than three-fold jump in net profit to RM73.92 million or 6.36 sen per share in the second quarter ended Oct 31, 2018 (2QFY19) owing to better sales during the 3-month tax holiday, improved vehicle sales mix and margins.

Other contributing factors were the stronger ringgit against the Japanese Yen, and significantly higher share of profit contribution from its associate company, Mazda Malaysia Sdn Bhd, due to the higher production volume for the new CX-5 model.

Poh Huat Resources Holdings Bhd net profit rose 16.9% to RM20.86 million in the fourth financial quarter ended Oct 31, 2018 (4QFY18) from RM17.84 million a year ago, on higher sales from both its Malaysian and Vietnamese operations. This resulted in a higher earnings per share of 9.5 sen for 4QFY18 compared with 8.35 sen for 4QFY17.

Quarterly revenue grew 10.4% to RM189.51 million from RM171.68 million a year ago on higher shipment of furniture from its Malaysian operations. The group has also proposed a final dividend of 2 sen per share for the shareholders’ approval at the forthcoming annual general meeting.

Pasdec Holdings Bhd  is selling its entire stake in a South African associate company at a loss to settle a debt it owes a business partner, extricate itself from a corporate guarantee, and to streamline its operations and realign focus on its Malaysian property business.

It is selling CRH Africa Automotive Proprietary Ltd for 60 million South African rand (equivalent to RM18 million) to South Africa-based P Pather Capital Proprietary Ltd (PPC or the buyer), which would result in a loss of RM440,000 to the group, according to the group's stock exchange filing today.

The stake in CRH is held under Pasdec Automotive Technologies (Proprietary) Ltd (PAT), which has a 30.87% stake in CRH. PAT is in turn 70%-owned by Pasdec's 97%-owned Pasdec Resources SA Ltd, with the remainder 30% held by the buyer, PPC. The shareholding structure gives Pasdec an effective stake of 20.96% in CRH.

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