Kossan, Alam Maritim, ViTrox, AirAsia, Scomi Energy, JCY, AEON, Kinsteel and Berjaya Corp

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KUALA LUMPUR (April 2): Based on corporate announcements and news flow today, companies that will be in focus on Friday (April 3) may include the following: Kossan Rubber Industries Bhd, Alam Maritim Resources Bhd, ViTrox Corporation Bhd, AirAsia Group Bhd, Scomi Energy Services Bhd, JCY International Bhd, AEON Co (M) Bhd, Kinsteel Bhd and Berjaya Corp Bhd.

Kossan Rubber Industries Bhd’s wholly-owned subsidiary Ideal Quality Sdn Bhd (IQ) is selling an estimated 39ha (390,397 sq metres) vacant freehold industrial land in Kuala Langat, Selangor, for RM153.38 million to raise funds to finance the expansion of the group's rubber glove production in Bidor, Perak. IQ has inked a conditional sale and purchase agreement with the buyer Best Eternity Recycle Technology Sdn Bhd (BERT) for the disposal.

Alam Maritim Resources Bhd has bagged an RM24.8 million work order for the charter of anchor handling tug supply (AHTS) vessels to Petronas Carigali Sdn Bhd. Its wholly-owned Alam Maritim (M) Sdn Bhd was awarded the contract, which will be for up to 460 days from Feb 11 this year.

ViTrox Corporation Bhd has proposed a final dividend of 2.8 sen per share for the financial year ended December 31, 2019 (FY19), pending shareholders’ approval at its forthcoming annual general meeting. In total, ViTrox’s total dividend disseminated for the year (FY19) amounts to 4.3 sen per share compared with 5.75 sen per share in FY18.

AirAsia Group Bhd chief executive officer Tan Sri Tony Fernandes said he is currently in discussion with the Government to obtain a loan for the budget airline as a means to further support its current cash position amid a tough operating environment.

AirAsia’s net cash position stood at RM2.2 billion as of end-2019. The group recently grounded operations for a month amid the Movement Control Order imposed from March 18 to April 14.

Scomi Energy Services Bhd (SESB) and its subsidiaries, today applied for a judicial management (JM) order at the High Court.

The application for the JM order immediately puts into effect a moratorium from the start of the application until the granting or dismissal of the application. During the period, no resolution can be passed or order made for the winding-up of SESB and its subsidiaries.

A wholly-owned subsidiary of JCY International Bhd has been allowed to operate during the Movement Control Order (MCO) period by the Ministry of International Trade and Industry (MITI). JCY received a letter from MITI on March 26 allowing JCY HDD Technology Sdn Bhd to operate within the period but must ensure that only 50% of its workforce operates

AEON Co (M) Bhd’s mall operator AEON Retail (Malaysia) will grant a 28-day rental waiver to its tenants throughout the partial lockdown or Movement Control Order (MCO) period that began on March 18 and scheduled to end on April 14.

The offer is for non-essential businesses that are unable to operate during this period, but they will be assessed on a case-to-case basis, and subject to terms and conditions. The waiver will be enforced at all 28 Aeon Malls and 18 Aeon BiG Mall Hypermarkets, nationwide.

PN17 company Kinsteel Bhd said its wholly-owned subsidiary Kin Kee Steel Service Centre Sdn Bhd (KKSSC) has inked a letter of intent to start negotiations with Tianjin Qiangbang Industrial Co Ltd to form a joint venture company (JVC) to run a steel mill at Gurun, Kedah. Under the proposal, KKSSC is expected to hold a 45% shareholding in the JVC.

Berjaya Corp Bhd (BCorp) has now set its sights on Greenland for a luxury hotel and apartment project in the country’s capital of Nuuk, according to a Norwegian news report.

High North News quoted a Greenlandic national newspaper, Sermitsiaq, as saying that BCorp founder and executive chairman Tan Sri Vincent Tan Chee Yioun had initially planned to have the hotel built at the Kolonihavnen harbour but was rejected by local authorities.

“Local authorities have now suggested two new locations for a potential hotel, none of which have been disclosed to the public,” it said.