KUALA LUMPUR (Jan 14): Based on corporate announcements and news flow today, stocks that may be in focus tomorrow (Jan 15) include: FGV Holdings Bhd, TA Enterprise Bhd, AirAsia X Bhd (AAX), Pharmaniaga Bhd, Boustead Heavy Industries Corp Bhd (BHIC), See Hup Consolidated Bhd, Tek Seng Holdings Bhd, JCY International Bhd, George Kent (Malaysia) Bhd, Dayang Enterprise Holdings Bhd, Red Ideas Holdings Bhd, Jiankun International Bhd and Perak Transit Bhd.
The Federal Land Development Authority (Felda) bought 22 million shares in FGV Holdings Bhd in the open market yesterday for RM28.38 million as part of its efforts to take the plantation company private. The shares were bought at RM1.29 per share, slightly lower than the RM1.30 cash offer Felda made for FGV shares.
The unconditional mandatory takeover offer on TA Enterprise Bhd (TAE) by major shareholder Datuk Tony Tiah Thee Kian is viewed as unfair but reasonable, and shareholders are urged to accept the offer. Independent advisor DWA Advisory Sdn Bhd said the 65.5 sen offer price for the shares that Tiah does not own (through TA Securities Holdings Bhd) constituted a discount of RM1.60 to RM1.61 ( 71.11% to 71.24%) to the estimated value of TAE shares, which are between RM2.25 and RM2.26 based on a sum of parts valuation. Given that TAE would cease to be listed on Bursa Malaysia as a result of the offer, and the lack of competing offers to rate offer shares, as well as the fact that as at Jan 8, 2021, Tiah and parties acting in concert (PACs) controlled 77.75% of the TAE’s share capital — the offer is deemed to be reasonable.
Most of AirAsia X Bhd's (AAX) lessors support a restructuring plan, and the Malaysian airline has received interest from potential investors for fundraising after reorganisation, court documents filed this month show.In emails attached to the court filings, supportive lessors said they wanted to continue discussions with the budget airline and potential new investors, seeking more equitable terms and new commercial arrangements.
Pharmaniaga Bhd said it is in the midst of negotiation with the Ministry of Health for the purchase of the Covid-19 vaccine from China’s Sinovac Life Sciences Co Ltd for distribution in Malaysia.In its response to Bursa Malaysia's query, Pharmaniaga said approval of the National Pharmaceutical Regulatory Agency (NPRA) is required for manufacturing and distribution of the Covid-19 vaccine in Malaysia.
Boustead Heavy Industries Corp Bhd (BHIC) today handed over the littoral mission ship (LMS) named Sundang to the Government through the Royal Malaysian Navy (RMN).BHIC said this is the second of four units of LMS being built by Wuchang Shipbuilding Industrial Group Shipyard (WSIG) in Shuangliu, China, under a contract signed in 2017 between Malaysia’s defence ministry and Boustead Naval Shipyard Sdn Bhd (BNS), with the cooperation of China Shipbuilding and Offshore International Co Ltd.
See Hup Consolidated Bhd is selling nine plots of land in Penang measuring 853,863 sq ft in total for RM46.96 million cash to Tek Seng Holdings Bhd and a vehicle controlled by the latter’s executive chairman and managing director. See Hup said the proposed disposal is expected to generate a pro forma gain of RM28.05 million. The market value of the property is RM45.20 million, as appraised by C H Williams. The transportation and logistics company announced that its wholly-owned subsidiary Limsa Ekuiti Sdn Bhd had entered into a conditional sale and purchase agreement (SPA) with Tek Seng's subsidiary Wangsaga Industries Bhd and Tek Seng Properties & Development Sdn Bhd for the parcel of industrial land.
Hard disk drive (HDD) components manufacturer JCY International Bhd said a major customer has decided to reduce and eventually stop purchases of one of the company's component products, which will have negative impacts on JCY's financial standing. This comes as HDD producers are embarking upon a rationalisation of their supply chain, which in turn affects HDD component suppliers. As such, the company has commenced a major re-alignment of its customer base.
George Kent (Malaysia) Bhd said it will use the proceeds from its latest sukuk wakalah programmes to finance investments, capital expenditure and working capital requirements.The proceeds from the Islamic Commercial Papers (ICP) programme of up to RM100 million and Islamic Medium-Term Notes (IMTN) programme of up to RM500 million will also go towards refinancing existing borrowings and financings, including the refinancing of future Islamic financings, the group said. Furthermore, the proceeds will also be used to defray any fees and expenses associated with the programmes.
Dayang Enterprise Holdings Bhd has been awarded a three-year maintenance contract by Mubadala Petroleum’s entity, MDC Oil & Gas (SK320) Ltd. The value of the contract is based on work orders issued by Mubadala Petroleum throughout the contract duration and shall include any or all other work and services which is generally related to the scope of works in this PM-MCM Contract at a fixed schedule of rates.
Property developer Platinum Victory Sdn Bhd's executive director Gan Yee Hin has emerged as a substantial shareholder of Red Ideas Holdings Bhd, the developer of the private community platform JaGaApp.A bourse filing today shows Gan acquiring 8.42 million shares in the LEAP Market-listed technology-based company via a direct business transaction, bringing his total shareholding to 13.42 million or a 12.78% stake. The seller of the 8.42 million shares was not known at the time of writing.
Jiankun International Bhd has proposed to undertake a private placement of up to 20% of the total number of issued shares in the company to raise an indicative maximum amount of RM23.03 million, which will partly fund the group’s planned land acquisition in Melaka and development costs of the tract. Jiankun said the development of the leasehold land at Pekan Klebang within Central Melaka District is expected to contribute positively to the earnings of the group.
Perak Transit Bhd has teamed up with concession owner Energetic Point Sdn Bhd to operate Terminal Sentral Kuantan in Pahang, which serves as a hub for express buses as well as local city buses. Perak Transit said the collaboration is in line with the group’s business plans to develop and operate integrated public transportation terminals in other cities.