Friday 29 Mar 2024
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KUALA LUMPUR (April 17): Based on corporate announcements and news flow today, stocks in focus for Thursday (April 18) may include the following: Hibiscus Petroleum Bhd, Hock Seng Lee Bhd, AirAsia Group Bhd, Malaysia Airports Holdings Bhd, Seacera Group Bhd, Axiata Group Bhd and Guocoland (Malaysia) Bhd.

Hibiscus Petroleum Bhd does not expect the temporary halt at its Anasuria floating production storage and offloading (FPSO) vessel to impact the group's crude oil offtake schedule or have any material effect on its financial year ending June 30, 2019.

The Anasuria FPSO had been subjected to a routine visit by the Health and Safety Executive (HSE) in late February 2019.

Following the visit, it said Petrofac Facilities Management, as duty holder of the offshore production facility, was instructed through a prohibition notice to temporarily halt production pending the mitigation of a potential risk identified by HSE inspectors in relation to the asset's flare tip. Petrofac is now appealing the issuance of the prohibition notice by the HSE.

Hock Seng Lee Bhd (HSL) has secured via open tender a RM298.98 million contract to build the 1.9km Batang Paloh Bridge in Mukah, Sarawak, under the State's coastal road construction scheme. The contract period is 48 months and physical construction work is expected to commence in May 2019.

AirAsia Group Bhd chief executive officer Tan Sri Tony Fernandes has confirmed that the group is disposing of 25 aircraft to US-based global private investment firm Castlelake LP for US$768 million (RM3.2 billion) after obtaining its shareholders' approval.

Separately, AirAsia announced it has terminated a joint venture (JV) plan with Vietnamese partners to set up a low-cost carrier in Vietnam.

Its wholly-owned subsidiary AirAsia Investment Limited, together with Gumin Company Ltd and Hai Au Aviation Joint Stock Company (HAA), have amicably agreed to terminate and release each other from all obligations in relation to the proposed joint venture in Vietnam, effective immediately.

Malaysia Airports Holdings Bhd (MAHB) is strengthening its procurement governance by digitalising its processes on Lapasar, an e-market place platform, to ensure transparent business processes.

MAHB general manager of procurement Ibrahim Chang Boon Teck said in a statement today that Lapasar will ease the company's procurement processes, as Lapasar is a singular business-to-business online platform.

Seacera Group Bhd’s chairman Datuk Seri Mansor Masikon yesterday adjourned the company’s EGM, during which the board was to seek shareholders' approval for the proposed capitalisation and private placement.

However, the company’s single largest shareholder Datuk Tan Wei Lian, who holds a 16%  stake, insists today that the EGM had taken place and a majority of the shareholders present had voted against the proposal.

Tan said 51% of the shareholders present voted against the proposals which entail the issue of 126.3 million new shares for placement at 21 sen per share to raise RM24.6 million.

And upon shareholders’ request, Tan said his sister Shirley Tan has been appointed chairman to proceed and convene the EGM.

Axiata Group Bhd said today that its subsidiary Ncell Private Ltd has received a letter issued by the Nepalese Large Taxpayers Office (LTPO) to pay an outstanding sum of capital gains tax of NPR39.06 billion (approximately RM1.45 billion), by April 22.

Axiata explained that the tax to be collected from Ncell is in relation to the indirect transfer to Axiata Investments UK Ltd (Axiata UK) of an 80% stake in Ncell, following Axiata UK's acquisition of Reynolds Holdings Ltd from TeliaSonera Norway Nepal Holdings AS.

Guocoland (Malaysia) Bhd has sunk into its fourth straight quarter of losses, posting a net loss of RM6.96 million in its third financial quarter ended March 31, 2019 (3QFY19), against a net profit of RM63.58 million in the previous corresponding quarter last year, due to lower sales of completed units.

Revenue for the quarter, however, rose by a third to RM95.16 million from RM71.34 million in the same quarter last year.

For the cumulative nine months (9MFY19), the property developer recorded a net loss of RM20.83 million against a net profit of RM55.21 million in the same period the previous year. Revenue declined by 17.4% to RM283.34 million from RM342.99 million before.

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