KUALA LUMPUR (Nov 6): Based on corporate announcements and news flow today, companies in focus tomorrow may include: Country Heights Holdings Bhd, Mitrajaya Holdings Bhd, Gadang Holdings Bhd, Fraser & Neave Holdings Bhd, PPB Group Bhd, Ire-Tex Corp Bhd and London Biscuits Bhd.
Country Heights Holdings Bhd has proposed to sell a piece of vacant land in Kuala Lumpur for RM54.25 million to former investment banker, Siva Kumar M Jeyapalan. The land, located in the mukim of Batu, is held by Country Heights’ wholly-owned Mega Palm Sdn Bhd. Disposal proceeds would provide cash flow for the group to use as working capital and repay borrowings.
Mitrajaya Holdings Bhd has bagged am RM137 million contract to build a block of 37-storey condominiums with amenities in Mont Kiara here. The 30-month contract was secured from Milik Harta Sdn Bhd, a member of UEM Group.
Gadang Holdings Bhd said it intends to participate in the open tender for three Pan Borneo Sabah packages worth RM925 million — to be awarded next year — besides having submitted bids for some RM1 billion worth of construction jobs. The group is also awaiting the opportunity to submit its bids on the Sarawak portion of the Pan Borneo Highway, as well as the East Coast Rail Link (ECRL) project, which it has been shortlisted for.
Fraser & Neave Holdings Bhd (F&N) says fresh milk will be a new growth pillar for the company, in line with its plan to diversify into integrated dairy farming with the proposed acquisition of the Ladang Chuping plantation land in Perlis. Currently, liquid milk only contributes a low single-digit percentage to the F&N's total revenue.
Lim said the farm gate milk price in Malaysia is one of the highest in the world due to the inadequate supply of fresh milk locally. Besides that, imported milk comes with strict quota control, where a 20% import tax is levied on the product.
PPB Group Bhd's 18.5%-owned associate Wilmar International Ltd will build the largest rice mill in Myanmar's Thilawa Special Economic Zone to capitalise on Myanmar's economic growth, Eleven Media Group Co Ltd reported, quoting Wilmar International chairman and chief executive officer Kuok Khoon Hong. The planned mill will be able to produce up to 1,200 tonnes of rice a day.
Ire-Tex Corp Bhd has slipped into Practice Note 17 (PN 17) status after its external auditors Nexia SSY PLT expressed a disclaimer of opinion on the group's financial statements for the financial year ended June 30, 2019 (FY19), in its annual report issued on Oct 31.
The classification is immediate as the Main Market-listed packaging company had failed to announce to the exchange upon triggering the criteria.
London Biscuits Bhd has defaulted on principal payments to seven banks, amounting to a total of RM89.19 million.
The payment defaults range from RM4.33 million to RM29.87 million, owed to seven banks: Bank Islam Malaysia Bhd, Bank of China (Malaysia) Bhd, Malayan Bank Bhd, United Overseas Bank Bhd, OCBC Bank (Malaysia) Bhd, OCBC Al-Amin Bank Bhd and HSBC Bank Malaysia Bhd, according to a company filing with Bursa Malaysia today.
London Biscuits attributed the default in payments to cashflow constraints, with the default dates between June 19 and Sept 20, 2019.