Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 1): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Nov 4) may include the following: Media Prima Bhd, Genting Malaysia Bhd, Sumatec Resources Bhd, Ivory Properties Group Bhd, Hengyuan Refining Co Bhd, Petron Malaysia Refining & Marketing Bhd, Mudajaya Group Bhd, Heng Huat Resources Group Bhd,  Atta Global Group Bhd and Cycle & Carriage Bintang Bhd.

Media Prima Bhd is embarking on a second round of staff rationalisation, with the group pledging a fair and equitable compensation package for all affected employees.

The announcement confirms TheEdgeMarkets’ report earlier today that the group was mulling over a staff rationalisation exercise.

In November last year, Media Prima's subsidiary Sistem Televisyen Malaysia Bhd, which operates free-to-air television station TV3, gave 190 employees three months' notice of its intention to retrench them, while offering a mutual separation scheme (MSS) to 43 others.

Genting Malaysia Bhd's unit Genting UK PLC has entered into an agreement to buy LeoVegas Mobile Gaming Group's subsidiary Authentic Gaming for €15 million (RM70 million) to grow Genting's online gaming presence.

Tycoon Tan Sri Halim Saad said the board of Sumatec Resources Bhd is still confident of keeping the company afloat, following the announcement of the indefinite suspension of its shares starting next week.

Halim said Sumatec had, after its restructuring in 2013, assured shareholders that it was debt free — the condition before his entry into the company.

Halim had a direct interest of 540.18 million shares or 12.7% of Sumatec as at March 21, 2018, according to the company’s 2017 annual report. A year prior, he held close to 20% equity stake in Sumatec, the annual report 2016 show.

The company slipped into PN17 when its external auditors expressed a disclaimer of opinion on the company's audited financial statements for the financial year ended Dec 31, 2017.

The group received a petition last August from its bondholders demanding payment of RM83.31 million from three collaterialised loans they had extended to Sumatec.

Ivory Properties Group Bhd is disposing of its 45% interest in a Penang-based property development company for RM56.09 million. The buyer is Hemat Tuah Sdn Bhd, which currently owns the other 55% stake in the company, Tropicana Ivory Sdn Bhd (TISB).

It said the disposal of the stake will enable it to realise gains from its investment in TISB and focus on other project developments.

TISB was originally a JV between Ivory and Tropicana Corp Bhd. Tropicana had on Oct 26 last year sold its 55% stake to Hemat Tuah.

Hengyuan Refining Co Bhd and Petron Malaysia Refining & Marketing Bhd said crude oil intake at their respective refineries at Port Dickson has normalised after repair work was completed at their crude oil offloading facilities there.

The two groups said repair work for the crude oil offloading facilities known as the single-buoy mooring (SBM) system was completed yesterday.

They had announced technical problems at their SBM facilities on Oct 22.

Mudajaya Group Bhd said Yakin Setiamas Sdn Bhd has emerged as a substantial shareholder in the builder after acquiring 162.33 million shares or a 27.52% stake  on Tuesday.

It also said that  Dataran Sentral (M) Sdn Bhd ceased to be a substantial shareholder in Mudajaya after selling the 27.52% stake.

Ooi Chieng Sim, the executive chairman of Atta Global Group Bhd, is wearing the same hat in Heng Huat Resources Group Bhd now.

Ooi holds a 17.38% stake in Heng Huat through Skylitech Resources Sdn Bhd. He is the second largest shareholder of the company.

He took over the role from Datuk Juzilman Basir, who resigned as the independent and non-executive chairman.

Cycle & Carriage Bintang Bhd (C&C) has sunk into its fourth straight quarter of losses, posting a net loss of RM12.24 million in its third quarter ended Sept 30, 2019, against a net profit of RM3.51 million in the previous corresponding quarter, due to lower sales and weaker margins.

The group recorded a loss per share of 12.15 sen, versus earnings per share of 3.48 sen previously.

Quarterly revenue contracted 39.4% to RM258.87 million from RM427.21 million.

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