Econpile, Pasdec, MyEG, Time dotCom, Tune Protect, Berjaya Sports Toto, Tropicana Corp and AmanahRaya REIT

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KUALA LUMPUR (Jun 1): Based on corporate announcements and news flow today, stocks in focus on Monday (June 4) may include Econpile Holdings Bhd, Pasdec Holdings Bhd, MyEG Services Bhd, Time dotCom Bhd, Tune Protect Group Bhd, Berjaya Sports Toto Bhd, Tropicana Corp Bhd and AmanahRaya Real Estate Investment Trust.

Construction piling service provider Econpile Holdings Bhd has bagged an RM20.5 million contract to undertake piling and substructure works for the development of a 41-storey service apartment known as Block H of KL Gateway (Phase 2) project off Jalan Kerinchi, Kuala Lumpur.

Econpile said its wholly-owned subsidiary Econpile (M) Sdn Bhd has received a letter of award from KL Gateway Sdn Bhd for the proposed job.

Pasdec Holdings Bhd, a unit of the Pahang State Development Corp (PKNP), said PKNP has yet to receive approval from the Finance Ministry for the statutory body to subscribe for its entitlement under Pasdec's rights issue with warrants.

Pasdec said it was informed of this by PKNP today.

The property developer said that in view of this, the company has received an irrevocable undertaking from Jasa Imani Sdn Bhd (JISB) to subscribe for additional 42.56 million rights shares with 42.56 million warrants, representing the entire entitlement of PKNP in the rights issue.

Pasdec said JISB has confirmed that it has sufficient financial resources to subscribe to the additional undertakings.

If JISB subscribes for the additional undertakings, its shareholding in Pasdec after the rights issue exercise will be 38.91%, exceeding PKNP's share of 26.57%.

Pasdec said if JISB's stake exceeds 33%, it will be required to undertake a mandatory offer.

Electronic services solution provider MyEG Services Bhd tenure to be one of the three contracted vendors to the Immigration Department to carry out the foreign workers Rehiring Programme will be terminated by end of June.

Malaysiakini quoted Immigration Department director-general Datuk Seri Mustafar Ali as saying the other two vendors are Iman Resources Sdn Bhd and Bukti Megah Sdn Bhd.

The rehiring exercise was first launched on Feb 15, 2016, as part of the government's efforts to crack down on undocumented migrant workers.

Internet and broadband-related service provider Time dotCom Bhd is hopeful that the government will give it the "opportunity" to expand into the landed property segment of the fixed-line operating sphere.

At a press conference after the group’s annual general meeting today, its group chief executive officer Afzal Abdul Rahim said the group is keen to expand its network services from enterprises and business to include landed properties. However, it currently does not have access to poles to provide connectivity to landed properties.

Without pole access, Afzal said Time dotcom is not able to rent or plant new poles and thus, not able to reach landed properties.

Insurance service provider Tune Protect Group Bhd is targeting to grow its gross written premium by double digits in 2018, mainly driven by its global travel insurance and takaful business.

To achieve this goal, group chief executive officer Razman Hafidz Abu Zarim said the group has embarked on a strategy that is based on three pillars — product differentiation and innovation, widening distribution channels to expand its reach, and delivering exceptional customer experience.

For the global travel insurance business, Razman said Tune Protect is enhancing the dynamic pricing initiatives, as well as offering more creative product bundling within the group.

Datuk Seri Robin Tan Yeong Ching is stepping down from his position as CEO of Berjaya Sports Toto Bhd (BToto) in order to focus on his role as CEO of parent company Berjaya Corp Bhd.

BToto said that former executive director and Robin’s sister Nerine Tan Sheik Ping has been redesignated as CEO of the group, effective today.

Nerine, 41, is also an executive director of Berjaya Land Bhd and Berjaya Corp.

Tropicana Corp Bhd's independent and non-executive chairman Tan Sri Othman Abd Razak has resigned from his position after a little less than 10 months on the job, citing personal commitments.

According to Tropicana's Annual Report 2017, Othman, 69, took on the position of chairman on Aug 21 last year. He first joined the property developer as an independent non-executive director on April 18, 2016.

AmanahRaya Real Estate Investment Trust's (REIT) independent and non-executive chairman Datuk Seri Ikmal Hisham Abdul Aziz has resigned, after holding the position for about one year and four months, since January last year.

AmanahRaya REIT said Ikmal Hisham, 53, resigned "to focus on his other commitments".

On Jan 19, 2017, Ikmal Hisham was appointed as the company's chairman, replacing Tan Sri Ahmad Fuzi Abdul Razak, who stepped down from the position on Dec 31, 2016 due to other commitments and responsibilities.