KUALA LUMPUR (July 28): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (July 29) include BSL Corp Bhd, Lotte Chemical Titan Holding Bhd, IJM Corp Bhd, JAKS Resources Bhd, Bursa Malaysia Bhd, Malaysia Airports Holdings Bhd (MAHB), Genetec Technology Bhd, Cycle & Carriage Bintang Bhd (CCB), Glomac Bhd, Bioalpha Holdings Bhd, Mercury Industries Bhd, Rhone Ma Holdings Bhd, RHB Bank Bhd, Cosmos Technology International Bhd (CTIB), Gadang Holdings Bhd, Oversea Enterprise Bhd and Sersol Bhd.
Shares in BSL Corp Bhd rose sharply by 19 sen this morning to RM1.35 apiece, above the proposed takeover price of RM1.15 by Sanichi Technology Bhd managing director Datuk Seri Dr Pang Chow Huat and PNE PCB Bhd executive director Ho Jien Shiung. The sharp rise came two days after MainStreet Advisers Sdn Bhd, the independent adviser for the takeover offer, recommended that the minority shareholders accept the offer on its view that it is fair and reasonable.
Lotte Chemical Titan Holding Bhd's (LCTitan) net profit retreated 13.11% quarter-on-quarter (q-o-q) to RM382.29 million for the second quarter ended June 30, 2021 (2QFY21), from a record of RM440 million in 1QFY21, as higher feedstock prices started to catch up with the rise in selling prices of its petrochemical products. Year-on-year, the latest quarterly results were still up 330.9% from RM88.72 million as average selling prices (ASPs) remained higher by 69%. Quarterly earnings per share stood at 16.81 sen, from 3.9 sen in 2QFY20.
Diversified group IJM Corp Bhd plans to distribute a potential special cash dividend of 15 sen per share or RM542 million to its shareholders after completion of its entire 56.2% stake sale in IJM Plantations Bhd to Kuala Lumpur Kepong Bhd for RM1.53 billion. IJM said it will allocate RM542 million for the special dividend within the next 24 months following the disposal of the plantation arm which translates into an indicative dividend of 15 sen per share based on 3.61 billion IJM shares (excluding treasury shares) as at June 30.
JAKS Resources Bhd has succeeded in its appeal against the High Court decision requiring the company to pay damages to Star Media Group Bhd in relation to the latter’s corporate guarantee claim. The claim is related to the balance purchase price of RM134.5 million for the sale of a piece of land in Section 13, Petaling Jaya from Star Media to JAKS. Star Media filed the suit against JAKS on April 30, 2019, claiming a RM134.5 million balance purchase price, along with late payment interest of RM43.22 million, after attempting to call on the RM50 million bank guarantee by JAKS.
Bursa Malaysia Bhd registered its best-ever six-month performance since its listing in 2005. The stock exchange recorded a 39.4% jump in its profit to RM210.36 million from RM150.96 million for the first half period ended June 30 (1HFY21) — thanks to higher operating revenue. Meanwhile, for the second quarter ended June 30 (2QFY21), the stock operator witnessed a marginal increase in net profit by 3.18% to RM88.97 million against RM86.23 million recorded in the previous year. Quarterly revenue increased by 9.08% to RM196.1 million from RM179.78 million in the previous year’s corresponding quarter due to a surge in trading revenue.
Malaysia Airports Holdings Bhd (MAHB) expects its provisions for rebates and incentives to the airport retail sector this year to be no less than the RM400 million provided last year. This, the airport operator said, includes more than 50% rebates to all its tenants as well as tenancy contract extensions that were introduced last year and continued this year as the Covid-19 pandemic lingers.
Shares in Genetec Technology Bhd fell by as much as RM1 today on profit taking, making it the biggest decliner on Bursa Malaysia after hitting a new high of RM20.40 per share the day before. The counter closed down 98 sen or 4.8% lower at RM19.42. Some 575,800 shares were traded, lower than the 60-day average volume of 815,080 shares.
Cycle & Carriage Bintang Bhd (CCB) has returned to the black in the first half ended June 30, 2021 with a net profit of RM1.6 million, on higher vehicle unit sales and margins, as well as lower operating expenses and financing costs. The group recorded a net loss of RM19.08 million in the same period last year. The Mercedes-Benz dealer said revenue for the period rose 50.5% to RM534.67 million from RM355.25 million a year earlier, driven by the continued sales tax reduction which resulted in an increase in vehicle unit sales by 57%.
Glomac Bhd posted a net profit of RM4.77 million for the fourth quarter ended April 30, 2021 (4QFY21) versus a net loss of RM8.59 million a year earlier, amid a pick-up in construction activities after the Movement Control Order (MCO). The property developer proposed a final dividend of one sen per share for FY21. Revenue for the quarter jumped 98% to 115.43 million from RM58.41 million a year earlier.
Bioalpha Holdings Bhd has partnered a laboratory in South Sudan to undertake a Covid-19 testing programme at the border entry points in the country. The health supplement group said in a filing that its wholly-owned subsidiary Bioalpha (HK) Ltd (Bioalpha HK) had entered into a Memorandum of Agreement (MoA) with Crawford Laboratory of the Republic of South Sudan to exclusively undertake the Covid-19 testing programme.
Mercury Industries Bhd today announced that its wholly-owned subsidiary, Paramount Bounty Sdn Bhd, has secured an RM450 million contract from Solusi Kelana Sdn Bhd for piling, substructure, superstructure and infrastructure works in Johor.The group said the contract will commence on Sept 1 for a period of 32 months and will be completed on April 30, 2024. The contract entails a proposed development of three 35-storey blocks in Johor Bahru.
Rhone Ma Holdings Bhd has been appointed as the exclusive distributor of Canada-based Citest Diagnostics Inc’s Covid-19 antigen rapid test kit in Malaysia.The animal health solutions provider said the distributorship agreement was signed by its indirect wholly-owned subsidiary APSN Healthcare & Diagnostics Sdn Bhd.
RHB Bank Bhd has revealed that its subsidiary PT RHB Sekuritas Indonesia is disposing of its investment management services to Allianz Global Investors Asia Pacific Ltd (AllianzGI) and PT Asuransi Allianz Life Indonesia for €7.47 million (RM37.25 million).
Cosmos Technology International Bhd (CTIB) said its promoters Datuk Chong Toh Wee and MSM International Ltd have submitted a request to the board to consider a voluntary withdrawal of CTIB’s listing from the LEAP Market of Bursa Malaysia to facilitate a proposed listing on the ACE Market. The company said the two promoters collectively hold 173.14 million shares in CTIB, representing approximately 90% of the total issued shares, while the remaining 10% stake is held by 15 minority shareholders.
Gadang Holdings Bhd returned to the black in the fourth quarter ended May 31, 2021, by posting a net profit of RM3.7 million from a net loss of RM259,000, driven by profit from its construction and utility divisions. Its quarterly revenue rose 31.78% to RM152.33 million from RM115.6 million a year ago.The group has proposed the first and final dividend of 0.3 sen per share for the financial year ended May 31, 2021. The entitlement and payment dates of the dividend will be announced at a later date.
Small-cap outfit Oversea Enterprise Bhd has proposed a private placement, followed by a rights issue to raise funds for the expansion of its restaurant and manufacturing businesses.Oversea Enterprise currently has an issued share capital of 884.75 million shares, inclusive of 11.7 million treasury shares. The plan is to issue a minimum of 261.92 million shares under the private placement, representing 30% of its enlarged share capital, to raise between RM20.04 million and RM30.32 million.
Sersol Bhd executive chairman Toh Hong Chye has ceased to be a substantial shareholder of the paints and coatings company after disposing of 17.91 million shares or an 8.32% stake for RM8.81 million or 49.18 sen per share. Following the disposal, Toh now holds only 1,349 units or a 0.001% direct interest in Sersol, the company’s bourse filing showed today. In addition, Toh has sold 10 million units of warrants for 27.7 sen apiece, yielding RM2.77 million.