KUALA LUMPUR (Dec 30): Based on corporate announcements and news flow today, shares in focus for tomorrow (Tuesday, Dec 31) might include: Carimin Petroleum Bhd, Cypark Resources Bhd, Nexgram Holdings Bhd, George Kent (M) Bhd, Hiap Huat Holdings Bhd, Parkson Holdings Bhd, Perdana Petroleum Bhd and Poh Kong Holdings Bhd.
Carimin Petroleum Bhd has been awarded an integrated hook-up and commissioning services contract by Petronas Carigali Sdn Bhd. The contract is to last four years until Dec 31, 2023.
Cypark Resources Bhd’s net profit for the fourth quarter ended Oct 31, 2019 (4QFY19) grew 23% RM38.87 million from RM31.53 million a year ago, following the adoption of Malaysian Financial Reporting Standards and a higher margin yielded from the environmental engineering and green technology and renewable energy divisions. Quarterly revenue increased 5% to RM99.7 million from RM94.59 million.
Full-year profit (FY19) rose 12% to RM91.28 million from MR81.75 million previously, as revenue climbed 7% to RM376.74 million from RM352.82 million.
Nexgram Holdings Bhd posted a net profit of RM67,000 for the first quarter ended Oct 31, 2019 (1QFY2020), from a net loss of RM963,000 last year. Quarterly revenue grew 3% to RM12 million from RM11.65 million posted last year. The better bottom line was attributed to an increase in revenue from the logistics division — which involves the provision of handling, stockpiling, receiving and loading of dry bulk cargo services at Batu Pahat jetty, Johor.
Separately, independent director and former Johor police chief Datuk Seri Rusli Ahmad, 62, has been made non-executive chairman of the group. Rusli replaces Datuk Lim Siang Chai, 64, who had resigned on Dec 27, citing personal commitments.
George Kent (M) Bhd is unaware of any intention by its chairman Tan Sri Tan Kay Hock to divest of his 4.77% direct stake and 37.42% stake in the company. The construction company was responding to an online news report on Focus Malaysia.
Quoting an unnamed sourced, the report said Tan was seeking to dispose of its his stake in the company but was unable to find a buyer, on account of legacy issues. George Kent is seeking legal advice on the matter.
Hiap Huat Holdings Bhd is purchasing a 4.10-acre plot of leasehold land in Pulau Indah Industrial Park for RM11.97 million to build a new waste treatment plant. The group said the plant will allow for it to tap into new markets for scheduled waste and participate in the generating of renewable energy. The purchase will be funded via a mixture of bank borrowings and internally-generated funds.
Parkson Holdings Bhd’s subsidiary Parkson Retail Asia Ltd is closing down its department store in MyTOWN Shopping Centre, Cheras. theedgemarkets had sighted a Facebook update dated Dec 26, 2019 saying Parkson is conducting a clearance sale for the soon-to-be-closed department store between Dec 27, 2019 and Feb 2, 2020. A Parkson representative said the store would be closed on Feb 2, 2020. The representative said closure is part and parcel of doing business.
Perdana Petroleum Bhd’s rights issue of up to 1.56 billion new redeemable convertible preference shares was undersubscribed by 5.99%. The group said total valid applications and excess applications stood at 1.46 billion — with the RCPS issued at 32.5 sen apiece, on the basis of two RCPS for every one share held. This translates into a subscription of 94.01%. The RCPS will be allotted to all applicants who have applied for the RCPS allotments and excess RCPS in full.
Poh Kong Holdings Bhd said it is upbeat on prospects for its financial year ending July 31, 2020 (FY2020), in light of rising gold prices. Executive chairman and managing director Datuk Choon Yee Seiong said the group is hopeful that its FY2020 results will be in line with its strong 1QFY2020 results. He said current economic uncertainties have spurred investor interest in gold.