KUALA LUMPUR (June 6): Based on corporate announcements and news flow today, stocks in focus on Wednesday (June 7) may include: Lion Industries Corp Bhd, Malaysia Airports Holdings Bhd (MAHB), PLB Engineering Bhd, Sime Darby Bhd and Velesto Energy Bhd.
Lion Industries Corp Bhd said it is disposing of its hot briquetted iron (HBI) business in Labuan to Singapore’s Esteel Enterprise Pte Ltd for US$128 million (RM546.56 million). The group and its 99%-owned unit Amsteel Mills Sdn Bhd (AMSB) have inked a sale and purchase agreement with Esteel for AMSB’s disposal of its 100% stake in Antara Steel Mills Sdn Bhd, which operates the Labuan HBI plant. Excluded from the deal is Lion Industries’ long steel plant located in Pasir Gudang, Johor.
Malaysia Airports Holdings Bhd’s (MAHB) airports are safe and ready for operations, the group said, ahead of the coming into force of the recovery movement control order (RMCO). Under the RMCO, tourism and domestic flight routes can resume. The group said it will ensure all safety measures are carried out vigilantly across its network of airports and ramp up the readiness of all airport staff in operating in the new normal environment. It also expects air travel to surge in line with the easing of restrictions under the RMCO.
PLB Engineering Bhd’s 65%-owned subsidiary PLB Terang Sdn Bhd (PLBT) has inked a memorandum of understanding with Welle Environmental & Renewable Energy Sdn Bhd to jointly set up a municipal solid waste-to-energy plant in Penang. The plant is expected to have a capacity of 1,000 tonnes per day. PLB said the MoU will enable PLBT to tap into the "reputation, experiences and standing of Welle and its related China company in waste management and power generation projects" and diversify its income stream.
Sime Darby Bhd has appointed its non-independent and non-executive director Tan Sri Samsudin Osman as its interim acting chairman, effective tomorrow. This follows the resignation of Sime Darby chairman Datuk Abdul Rahman Ahmad, as he has been appointed the group chief executive officer and executive director of CIMB Group Holdings Bhd and CIMB Bank Bhd. Samsudin, 73, has been a member of the Sime Darby board since Dec 19, 2008. He was previously the chairman of the Employees Provident Fund board from February 2007 to March 2020, and prior to that, he was the chief secretary to the government from 2001 to 2006.
Velesto Energy Bhd's independent director Mohd Rashid Mohd Yusof has been appointed non-executive chairman of the oil and gas company. Mohd Rashid, 64, takes over from Datuk Abdul Rahman Ahmad, 51, who has relinquished his role due to his appointment as the group CEO of CIMB Group Holdings Bhd and CEO of CIMB Bank Bhd. Mohd Rashid joined the board of directors of Velesto in June 2017. He brings with him over 40 years of experience in the O&G industry.