Friday 29 Mar 2024
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KUALA LUMPUR (Jan 13): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Jan 16) could include: DNeX, Yinson, Leweko, Atlan, Willowglen, Gadang, OCK, Only World Group, MMC Corp and MRCB.

Dagang NeXchange Bhd (DNeX) bagged a RM104.3 million subcontract from TCSens Sdn Bhd to operate and manage the Vehicle Entry Permit and Road Charges (RC) System Project for five years, through its 51%-owned subsidiary DNeX RFID Sdn Bhd.

DNeX RFID's business operations are focused on research and development, design, manufacturing and trading of radio frequency identification technology, security systems and related equipment.

However, it said the subcontract will not have any effect on the issued and paid-up share capital and substantial shareholders' shareholding of the company as it does not involve issuance of new shares by the company.

Yinson Holdings Bhd has completed an internal restructuring which saw the merging of three dormant wholly-owned Norwegian subsidiaries.

Yinson said the reorganisation — which merged Nevis 1 AS, Dee AS and Taggart AS into Allan AS — was to simplify the group's structure, reduce costs and strengthen Allan AS's equity position.

The exercise was completed on Jan 12, following which Nevis 1 AS, Dee AS and Taggart AS had been dissolved.

Allan AS is the wholly-owned Norwegian subsidiary of Yinson Production AS, which in turn is the wholly-owned subsidiary of Yinson Production Ltd.

Leweko Resources Bhd is hiving off its sawn and moulded timber business along with three freehold industrial lands with buildings and structures, machineries and equipment for RM15.5 million, which it expects will cut its liabilities by RM14 million following the transaction as it would reduce its operating loss.

Leweko said its wholly-owned subsidiary Maju Weko Timber Industries Sdn Bhd signed a sale and purchase agreement with SYF Resources Bhd's wholly-owned subsidiary Great Platform Sdn Bhd for the disposal of the lands, measuring 8.7ha in total, in Gerik, Perak.

Leweko expects to realise a net gain of approximately RM7.76 million from the proposed disposal, which will improve the company's financial position, and the board expects to complete the exercise by the second quarter of 2017.

Atlan Holdings Bhd saw its net profit rise 22% to RM16.68 million or 6.58 sen per share for the third quarter ended Nov 30, 2016 (3QFY17) from RM13.66 million or 5.39 sen per share a year earlier, while revenue for the quarter was down 6% at RM181.62 million from RM193.83 million.

Atlan announced a second interim single tier dividend of 10 sen per share for the financial year ending Feb 28, 2017 (FY17), payable on March 13, 2017.

Willowglen MSC Bhd said its Singapore-based wholly-owned unit has won a RM7.7 million contract to deliver various electrical instrumentation control panels.

Willowglen Services Pte Ltd will also design and supply a programmable logic controller and supervisory control and data acquisition system under the contract offered by Sanli M&E Engineering Pte Ltd.

Willowglen said the contract commenced on Jan 11 and will be completed by Dec 21.

Gadang Holdings Bhd has proposed to jointly develop a large scale photovoltaic plant in Kota Marudu, Sabah.

The construction and property group said its wholly-owned unit, Regional Utilities Sdn Bhd, and BT Solar Sdn Bhd have formed a joint venture, RUSB-BTS Joint Consortium, to undertake the 5.9MW a.c. plant.

RUSB-BTS has accepted the letter of acceptance of offer from the Energy Commission dated Dec 15, 2016, but would need to satisfy certain obligations including completion of negotiation and execution of the project documents prior to the commission issuing the formal letter of award for the project.

OCK Group Bhd through its 60%-owned subsidiary OCK Vietnam Towers Pte Ltd (OCK Vietnam) has today acquired the entire equity interest in Southeast Asia Telecommunications Holdings Pte Ltd (SEATH) for US$50 million (RM223.12 million).

The 100% equity interest consists of 42.04 million ordinary shares in SEATH and the purchase was fully satisfied by cash.

SEATH is principally involved in the development, installation, ownership, operation and leasing out of base transceiver station towers, infrastructure and other related assets.

Only World Group Holdings Bhd will close 14 food, family attraction and retail outlets in First World Hotel, Genting Highlands, to facilitate ongoing redevelopment and transformation of Resorts World Genting beginning Feb 12.

It expects a financial impact to the group because the affected outlets contribute 39% to 59% of the total revenue and profit before tax for the financial year ended June 30, 2016.

The group said the closure would not have any operational impact on the other outlets of the company and its subsidiaries, and the landlord would try to find a suitable space for relocation in the newer areas of Resorts World.

In the meantime, the group said the financial impact would be mitigated by the opening of two new food service outlets at Sky Avenue in Resorts World, and the launch of The Top, Komtar in Penang, in December last year.

MMC Corp Bhd has entered into a conditional share sale and purchase agreement with Seaport Services Management Ltd to acquire a 70% stake in KMB Seaport Sdn Bhd for a willing buyer-willing seller cash consideration of RM21 million.

The group said it will acquire 7,000 ordinary shares of RM1 each and 4.99 million irredeemable convertible cumulative preference shares of RM1 each in KMB.

The group's rationale for the acquisition is to make further strategic investment in its core ports and logistics business.

It also said the acquisition will be funded by internally generated funds, and is expected to be completed in the first half of 2017, barring any unforeseen circumstances.

Malaysian Resources Corp Bhd (MRCB) is disposing of its wholly-owned building and facilities maintenance service unit for RM4.8 million, nearly 16% lower than the price it was acquired in 1982.

MRCB is disposing of Semasa Services Sdn Bhd to streamline its activities, utilise its resources effectively, and focus on its core business in property development, specialised infrastructure and environmental projects.

The buyer is Crystal Clear Cleaning Sdn Bhd, which is involved in general cleaning services.

The purchase price was arrived at on a willing seller-willing buyer basis after considering Semasa Services' audited net profit for the year ended Dec 31, 2015 of RM3.39 million.

Barring any unforeseen circumstances, the proposed disposal is expected to be completed by the second quarter of 2017.

 

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