Friday 29 Mar 2024
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KUALA LUMPUR (Sept 11): Based on corporate announcements and news flow today, companies in focus tomorrow (Sept 12) could include Inari Amertron Bhd, Sime Darby Bhd, Hubline Bhd, Tadmax Resources Bhd, Tex Cycle Technology (M) Bhd and Icon Offshore Bhd.

Inari Amertron Bhd signed an agreement with PCL Technologies Inc to set up a joint-venture to secure, manage and manufacture optical transceivers and other related products in Penang.

Under the shareholders' subscription agreement, Inari Amertron said the entity to be formed will have an initial capital of RM20.85 million. Inari and PCL would subscribe to 30% and 70% stake in the entity respectively, the semiconductor group said in a filing with Bursa Malaysia.

Inari Amertron said the entity will carry out business operations at Plant 34 in Penang or other plants owned by the company.

Inari Amertron also said the proposed subscription represents an opportunity to invest in a business relationship with PCL with a view to collaborating on a good business opportunity.

Sime Darby Bhd said it is acquiring three Sydney, Australia luxury car dealerships representing the BMW, MINI, Volkswagen, Jaguar and Land Rover marques for A$112 million (RM321 million) to strengthen its presence in the automotive market there.

In a statement to Bursa Malaysia, Sime Darby said the proposed acquisition involves the purchase of business assets and properties of the three luxury car dealerships from Inchcape Australia Ltd's automotive retail unit Trivett.

"The definitive agreements were entered into by Sime Darby Bhd's wholly-owned subsidiaries under Sime Darby Motors Sdn Bhd, which in turn is a wholly-owned subsidiary of Sime Darby Bhd, and Trivett, the automotive retail unit of Inchcape, on Sept 10, 2019,” said the group.

The proposed acquisition is expected to be completed by early December.

Ship owner and charterer Hubline Bhd is acquiring a 75% stake in property investment company Absolute Privilege Sdn Bhd for RM16.37 million to secure tenancy for its dry bulk operations.

In a filing with Bursa Malaysia, Hubline said it had entered into a share sale agreement with Absolute Privilege's director Pau Chiong Ching for the proposed acquisition of all of his 1.5 million ordinary shares in the company, representing 75% equity interest, for RM16.37 million.

Absolute Privilege’s principal assets are two pieces of land in Miri, Sarawak, occupying 8,218.2 sq m and 6,074 sq m, worth RM21.6 million and RM16.4 million respectively.

Tadmax Resources Bhd has received Government approval to proceed with the development of a 1,000-1,200 MW combined cycle gas and turbine power plant in Pulau Indah.

Tadmax said its wholly-owned subsidiary Tadmax Indah Power Sdn Bhd received a letter from the Energy Commission notifying that the Government of Malaysia had agreed on Aug 29 for the development of the project to proceed.

Tex Cycle Technology (M) Bhd is targeting to kick-start the operation of its first waste-to-energy plant in the UK by end-2020.

The plant is estimated to cost about £5 million (RM25.83 million) and generate 20% of the company's net profit after it commences operations, said its chief financial officer Geraldine Hii Siaw Wei.

Its chief executive officer Gary Dass said the funding of the plant will be sourced externally, and the financing part is now handled by its joint venture (JV) partner, Culzean Generation Ltd.

The plant will be located in Ellesmere Port, and will have capacity to produce 2 megawatts of electricity for the first 12 months.

Icon Offshore Bhd's subsidiary has bagged an RM25.6 million contract from Petronas Carigali Sdn Bhd to supply one anchor handling tug and supply vessel for the petroleum arrangement contractor's production operations.

In a bourse filing, the group announced that its unit Icon Offshore Sdn Bhd was awarded the contract following an amendment to the letter of contract on Aug 16, and only received approval from Petronas Carigali to release the news yesterday.

The contract commenced on Aug 17 and will continue for 730 days from that date, said Icon Offshore.

The group noted that the contract is expected to positively contribute to its earnings and net assets for the financial year ending Dec 31, 2019 and beyond.

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