Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 13): Based on corporate announcements and news flow today, companies in focus next Monday (Dec 16) could include Gamuda Bhd, Dialog Group Bhd, Scomi Energy Services Bhd and KUB Malaysia Bhd.

Gamuda Bhd has reported an almost flat growth in its first quarter net profit at RM173.62 million versus RM172.04 million a year ago, amid a decline in the profitability of the group’s Malaysian operations.

Revenue for the quarter ended Oct 31, 2019 grew 21% to RM1.09 billion from RM903.88 million previously.  

The group declared an interim dividend of six sen per share.

Gamuda said profits derived from overseas grew 63% to RM60.45 million from RM37.19 million in the year-ago first quarter.

Profits from its Malaysian operations, on the other hand, fell 16% to RM113.17 million from RM134.85 million.

Dialog Group Bhd has acquired another 20% stake in Halliburton Bayan Petroleum Sdn Bhd (HBP), the contractor employed by Petronas Carigali Sdn Bhd to enhance the recoverable reserves from the Bayan Field in Bintulu, Sarawak.

The group said its wholly-owned subsidiary Dialog D & P Sdn Bhd has entered into a supplemental share purchase agreement with Asia Energy Services Sdn Bhd (AES) to acquire the additional 20% equity interest in HBP for US$6.58 million (RM27.2 million).

This follows the share purchase agreement signed with AES on Aug 16 to acquire a 25% equity interest, which was completed on Aug 27, which resulted in HBP becoming a 75%-owned indirect subsidiary of Dialog, with the balance 25% held by AES.

Scomi Energy Services Bhd says today its indirect wholly-owned subsidiary KMCOB Capital Bhd has defaulted on redemption of bonds worth RM55 million.

The Practice Note 17 company said despite not being able to meet the principal payment, KMCOB will pay the coupon on the Series E of the bond.

Scomi Energy said while it had on Dec 10 accepted a letter of offer from MIDF Amanah Investment Bank Bhd to provide a bridging financing to repay the RM55 million worth of bonds, it had insufficient time to fulfil the conditions precedent and security arrangement for the drawdown of the bridging financing before the payment date.

Nevertheless, it noted that there is no legal implication at this stage as no legal action has been taken by the trustee of the bondholders — TMF Trustee Malaysia Bhd — or Danajamin Nasional Bhd.

KUB Malaysia Bhd has announced the resignation of president and managing director Datuk Abdul Rahim Mohd Zin, and that group chief financial officer Ahmed Fairuz Abdul Aziz will take the helm.

The company said Abdul Rahim, who joined the board in August 2015, was resigning "to pursue other interests".

Meanwhile, Ahmed Fairuz, who has been redesignated as chief executive officer, had served as the group's CFO since 2016 and was previously the group CFO of Naza Corp Group of companies between 2012 and 2015.

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