Capital A, Serba Dinamik, MHB, Tropicana, Axiata, Maxis, Digi.Com, Dialog, Vizione, Icon Offshore, Mulpha International, VS Industry and White Horse

Capital A, Serba Dinamik, MHB, Tropicana, Axiata, Maxis, Digi.Com, Dialog, Vizione, Icon Offshore, Mulpha International, VS Industry and White Horse
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KUALA LUMPUR (Feb 11): Based on corporate announcements and news flow on Friday (Feb 11), companies that may be in focus on Monday (Feb 14) include Capital A Bhd, Serba Dinamik Holdings Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd (MHB), Tropicana Corp Bhd, Axiata Group Bhd, Maxis Bhd, Digi.Com Bhd, Dialog Group Bhd, Vizione Holdings Bhd, Icon Offshore Bhd, Mulpha International Bhd, VS Industry Bhd and White Horse Bhd.

Capital A Bhd (formerly known as AirAsia Group Bhd) has tapped former telecommunications executive Tan Sri Jamaludin Ibrahim to join its aviation arm’s board as its new independent non-executive chairman.

Capital A also announced its airline group’s name change from AirAsia Aviation Ltd to AirAsia Aviation Group Ltd (AAAGL) and a corporate consolidation of its aviation-related businesses along with Jamaludin’s appointment. The formation of AAAGL with its own board independent of Capital A is to build a “gold standard” in corporate governance and discipline, according to Jamaludin.

The standalone companies under Capital A will not stop at AAAGL, but also for its other businesses including the new digital businesses and aircraft engineering company, Asia Digital Engineering (ADE), according to Capital A’s chairman Tan Sri Tony Fernandes.

Several subsidiaries of Serba Dinamik Holdings Bhd have applied for a judicial management order to enable the group to restructure its finances.

Serba Dinamik said its wholly-owned subsidiary Serba Dinamik Group Bhd, and indirect wholly-owned subsidiaries Serba Dinamik Sdn Bhd, Serba Dinamik Development Sdn Bhd and SD Controls Sdn Bhd have filed to be placed under judicial management. Serba Dinamik said this move comes on the back of “a series of events” that has affected its cash flow, due to the Covid-19 pandemic which has significantly slowed down the timing of payments by customers as well as the progress of the projects the group has undertaken.

Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) saw its net loss for the fourth quarter ended Dec 31, 2021, widen year-on-year (y-o-y) to RM107.79 million versus RM8.56 million on higher operating losses and lower revenue from its heavy engineering and marine segments. Its quarterly revenue dropped 37.89% y-o-y to RM432.01 million from RM695.54 million.

Tropicana Corp Bhd has entered into an agreement with PowerChina International Group Ltd to develop a 308-acre integrated entertainment hub dubbed Tropicana Paradise in Genting Highlands.

According to the group, the project is part of the 596-acre mega master planned development in Genting Highlands called Tropicana WindCity. The development will feature among others, a total of 1.5 million sq ft of retail space, serviced apartments, branded residences, as well as 4- and 5-star international brand hotels.

Axiata Group Bhd, Maxis Bhd and Digi.Com Bhd said they have accepted offers from the Malaysian Communications and Multimedia Commission (MCMC) for spectrum assignments across five years from July 1, 2022. Digi.Com, through its subsidiary Digi Telecommunications Sdn Bhd, and Maxis, through its relevant subsidiary, have accepted the offer for the 2x10MHz spectrum in the 2600MHz band.

Meanwhile, Axiata said its unit Celcom Axiata Bhd was assigned the spectrum in 2530MHz-2540MHz, paired with 2650MHz to 2660MHz frequency bands.

The price component payment or upfront fee for each of the assigned spectrum was RM11.76 million, payable before Feb 14, with total annual fees for the five years fixed at RM20.76 million, payable before Dec 15, 2022.

Dialog Group Bhd has accepted an engineering, procurement, construction, and commissioning (EPCC) contract with an estimated value of up to RM724 million for a melamine plant for Petronas Chemicals Fertiliser Kedah Sdn Bhd (PCFKSB). The contract was awarded to Dialog’s unit Dialog E & C Sdn Bhd, which teamed up with Technip Energies (M) Sdn Bhd, by PCFKSB.

Integrated construction engineering group Vizione Holdings Bhd has bagged sub-contract works worth RM130 million from Permata Rebana Sdn Bhd to build a medical lab at Bandar Enstek, Seremban, Negeri Sembilan.

Permata Rebana, a building and civil engineering contractor, is the main contractor for the project, which was awarded to it by the Ministry of Health.

Vizione said its wholly-owned subsidiary Vizione Builder Sdn Bhd has entered into a joint venture agreement with Permata Rebana to jointly undertake
the proposed project.

Offshore support outfit Icon Offshore Bhd has secured a US$9.6 million (RM40.22 million) order from ConocoPhillips Sarawak Ltd and ConocoPhillips
Sarawak Oil Ltd (collectively ConocoPhillips Sarawak) to supply a jack-up drilling rig.

Icon said its subsidiary I Oilfields Services Sdn Bhd (formerly known as Perisai Offshore Sdn Bhd) had been issued a letter of award from ConocoPhillips Sarawak on Dec 23, 2021, for the provision of a jack-up rig — namely Icon Caren — to drill three plus one wells which is expected to commence in the second quarter of 2022.

Mulpha International Bhd said its indirect wholly-owned subsidiary Circa 1 Pty Ltd has accepted a A$67.2 million (RM201.5 million) loan facility from the National Australia Bank Ltd for a property development project in New South Wales, Australia.

Mulpha International said that the loan facility is to fund the development of a seven-storey strata office and healthcare building owned by the JMJ Trust.

The loan facility is obtained jointly with JMJ Properties Australia Pty Ltd, the trustee of JMJ Trust.

Electronic manufacturing services provider VS Industry Bhd has appointed PwC Consulting Associates (M) Sdn Bhd to conduct an independent review of the group’s migrant worker labour practices. VS Industry managing director Datuk SY Gan said the review to be conducted by PwC Consulting will be
comprehensive and include the support of a labour rights consultant.

Ceramic tile manufacturer White Horse Bhd said Liao Yuan Shun had retired from his role as executive chairman and managing director of the group
effective immediately.

White Horse did not say who will take over his role. Currently, Teo Swee Teng and Cheng Soon Mong are joint deputy managing directors of the group. Consequently, Yuan Shun’s son Liao Hung-Chang, 37, will cease to be the alternate executive director to Yuan Shun with immediate effect. Hung-Chang held a direct stake of 4.14% in White Horse as at Jan 10, 2022.

Kamarul Azhar Mohamad Azmi