KUALA LUMPUR (Nov 11):  Based on corporate announcements and news flow today, companies that may be in focus on Tuesday (Nov 12) may include: Cycle & Carriage Bintang Bhd, CIMB Group Holdings Bhd, AirAsia Group Bhd, AirAsia X Bhd, Seacera Group Bhd, Pestech International Bhd, Tenaga Nasional Bhd (TNB), Berjaya Food Bhd (BFood), KLCCP Stapled Group, Dialog Group Bhd, Malaysia Smelting Corp Bhd (MSC).

Cycle & Carriage Bintang Bhd’s (CCB) controlling shareholder Jardine Cycle & Carriage Ltd (Jardine CCL) has proposed to the board to undertake a selective capital reduction and repayment (SCR) at RM2.20 per share. 

The proposed SCR will pave the way for the privatisation of the auto player, the share price of which has been downhill in the past few years to a 10-year low. The stock was last traded at RM1.29. 

“Upon the completion of the proposed selective capital repayment, Jardine CCL will own 100% equity interest in CCB and Jardine CCL does not intend to maintain the listing status of CCB on the Main Market of Bursa Malaysia,”it said.

CIMB Group Holdings Bhd and PLUS Malaysia Bhd announced that their joint venture company, Touch n' Go Sdn Bhd (TNG), will be launching the RFID tag as an additional payment option for road users at all PLUS expressways across the country next year.

The announcement came after the JV partners revealed late last month that they had reached a settlement that puts an end to their dispute over PLUS' decision to launch its own toll collection system using the RFID, which stands for radio frequency identification.

CIMB holds a controlling 52% stake in Touch ’N Go, while PLUS has a 28% stake and MTD Equity Sdn Bhd holds 20%.

TNG RFID services will be available on 10 open system toll plazas situated along PLUS’ expressways by Jan 1, 2020. The service will be rolled out on all 83 closed system toll plazas on PLUS highways by April 1, 2020. 

AirAsia Group Bhd said its unit AirAsia Bhd (AAB) will be transferring two of its slots on the Kuala Lumpur-Singapore route, involving 14 flights, to AirAsia X Bhd (AAX).

It said AAX will share 50% of the net operating profit of the route with AAB on a monthly basis under an agreement between them.

The one-year agreement, it said, may be renewed for another year by mutual agreement.

The boardroom tussle at tile manufacturer Seacera Group Bhd has intensified. Two Seacera Group Bhd shareholders — AEV Engineering & Trading Sdn Bhd and Fantastic Fortress Sdn Bhd, who claimed to hold at least 2.5% of the company’s paid-up capital — are seeking to block the appointment of six new directors at an  EGM scheduled on Dec 3. 

Seacera said it will seek legal advice on the matter and announce any material development accordingly.
 
Pestech International Bhd has bagged a RM38.38 million contract from Tenaga Nasional Bhd (TNB) for the supply and delivery of smart meters around the Klang Valley. 

Berjaya Food Bhd (BFood) reported a net profit of RM4.61 million for the first quarter ended Sept 30, 2019 (1QFY20) or 1.28 sen per share, on the back of RM180.44 million in revenue.

There were no comparative year-on-year figures provided, due to a change in its financial year-end. Nevertheless, it said its profit before tax for the quarter under review, which came in at RM8.57 million, was adversely impacted by the adoption of MFRS 16 Leases. 

BFood said its overall results for the remaining quarters of the financial year ending June 30, 2020 will continue to be adversely impacted by the adoption of MFRS 16, as almost all of the group's operating outlets are on lease.

KLCCP Stapled Group, comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (KLCC REIT), recorded a net profit of RM181.41 million for its third quarter ended Sept 30, 2019, little changed from last year's  3Q earnings of RM181.43 million.

This is despite revenue climbing 1.2% to RM353.52 million from RM349.48 million, it said.

The group proposed a distribution per stapled security of 8.8 sen for the quarter — comprising 6.24 sen for KLCC REIT and 2.56 sen for KLCC Property — to be paid on Dec 18, 2019.

Dialog Group Bhd reported a 43.6% jump in net profit to RM164.64 million or 2.92 sen per share in its first financial quarter ended Sept 30, 2019, from RM114.64 million or 2.03 sen per share a year ago.

This was despite a 6.5% contraction in quarterly revenue to RM645.76 million from RM690.89 million previously. 

Malaysia Smelting Corp Bhd (MSC)'s third-quarter net profit nearly tripled to RM30.55 million or 7.6 sen per share, from RM11.66 million or 2.6 sen per share a year earlier, thanks to a one-off provision write-back of RM48.4 million for tribute payments no longer required.

Revenue for the quarter ended Sept 30, 2019, fell 34% to RM204.31 million, from RM309.43 million previously, due to a lower sales volume of refined tin, the tin miner and metal producer said.