KUALA LUMPUR (Sept 30): Based on corporate announcements and news flow today, companies that may be in focus on Tuesday (Oct 1) may include: CIMB Group Holdings Bhd, London Biscuit Bhd, TH Plantations Bhd, AirAsia Group Bhd, Media Prima Bhd and A-Rank Bhd
CIMB Bank Bhd, a unit of CIMB Group Holdings Bhd, is issuing a bond worth US$680 million (RM2.85 billion) to fund projects related to the United Nations' sustainable development goals (SDGs).
The bond — a five-year floating rate note priced at a spread of 78 basis points above the three-month US dollar London Interbank Offered Rate (Libor) — will be issued on Oct 9 under CIMB Bank's existing US$5 billion Euro Medium Term Note Programme, the group said.
Applications will be made to list the SDG bond on Bursa Malaysia, Singapore Exchange Securities Trading, and the Taipei Exchange, it added.
The High Court has decided in The Bank of Nova Scotia (Scotiabank)’s favour in its claim against London Biscuit Bhd for bank facilities of RM9.83 million plus interest.
London Biscuits said the court allowed Scotiabank to claim the total sum of RM9.83 million interest on the amount owing under the Bankers Acceptance facility of RM1.83 million, and interest on the amount owing under the Operating Credit Facility of RM8 million.
London Biscuit said it will be filing for a stay and appealing the decision at the Court of Appeal.
TH Plantations Bhd, in which Lembaga Tabung Haji holds a 73.84% stake, dismissed today its long-serving chief financial officer Mohamed Azman Shah Ishak.
The loss-making plantation group said the dismissal was made after due deliberation, upon evaluating the 53-year-old's reply to a show-cause letter from the management.
His removal from office follows a nearly two-month-long suspension since he was served with the show-cause letter on Aug 9, after the new management that came in to turn the company around, undertook a forensic audit exercise.
AirAsia Group Bhd says it is set to implement tomorrow, the new, lowered passenger service charge or PSC, for passengers flying out to destinations beyond Asean from all other airports in Malaysia, except the Kuala Lumpur International Airport (KLIA).
It said this after the transport minister said in end-August that the Cabinet had agreed to cut the PSC from RM73 to RM50 for this group of passengers, which will also apply for passengers flying out from klia2.
Media Prima Bhd has appointed two new directors, one of whom is linked to tycoon Tan Sri Syed Mokhtar Al Bukhary.
Datuk Iskandar Mizal Mahmood has been named as executive director, and Mohamed Abdullah as non-independent and non-executive director. Their appointment takes effect tomorrow.
Iskandar will be reporting to the group’s managing director Datuk Kamal Khalid. Iskandar currently sits on the boards of Theta Edge Bhd and Globetronics Technology Bhd.
Meanwhile, Mohamad is currently Percetakan Nasional Malaysia Bhd's MD, and also serves aschairman of MPH Group (M) Sdn Bhd and TMR Media Sdn Bhd, which publishes The Malaysian Reserve, a business weekly said to be owned by Syed Mokhtar. Mohamad was also previously managing director of Pharmaniaga Bhd.
Mohamad also holds directorships in several private companies within the Al Bukhary Group, which is controlled by Syed Mokhtar.
Aluminium billets producer A-Rank Bhd's fourth quarter net profit fell 24.03% to RM3.34 million, from RM4.39 million a year ago, mainly on higher provision for income tax, due to the effect of certain expenses not deductible for tax purposes.
Revenue for the period grew marginally by 0.22% to RM120.83 million, from RM120.56 million a year earlier, on higher business volume, although average selling prices were lower as a result of the decrease in raw material costs.
For the financial year ended July 31, 2019 (FY19), A-Rank's net profit fell 20.72% to RM11.14 million from RM13.94 million a year earlier, with revenue declining 3.25% to RM482.22 million from RM498.43 million in FY18.
The group said it is optimistic of remaining profitable in the forthcoming quarter.