Thursday 28 Mar 2024
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KUALA LUMPUR (Sept 24): Based on corporate announcements and news flow today, companies in focus tomorrow (Sept 25) may include the following: MISC Bhd, FGV Holdings Bhd, George Kent (Malaysia) Bhd, Chuan Huat Resources Bhd, GETS Global Bhd, Petronas Dagangan Bhd (PetDag), Titijaya Land Bhd, Kinsteel Bhd, London Biscuits Bhd, Pelangi Publishing Group Bhd and Sasbadi Holdings Bhd.

MISC Bhd, one of the world's largest single owner/operator of liquefied natural gas (LNG) tankers, will co-own two newbuild LNG vessels with Mitsubishi Corp and Nippon Yusen Kabushiki Kaisha (NYK), mainly for the LNG Canada project. 

The two LNG carriers, which are currently being built by Hyundai Samho Heavy Industries, will be delivered in 2021 and will serve Mitsubishi's wholly-owned subsidiary Diamond Gas International Pte Ltd on an 18-year charter contract. MISC’s interest in the total contract value is estimated at US$201.6 million.
 
FGV Holdings Bhd says it is unaware of a plan by tycoon Tan Sri Syed Mokhtar Al-Bukhary to buy a 20% stake in the plantation giant. Nonetheless, it said it always strives to create value for its stakeholders and will explore all opportunities that would benefit the group and its shareholders.

It was responding to an article by The Edge published on Sept 21, quoting sources, which said the plan could see Syed Mokhtar eventually taking control of FGV.

George Kent (Malaysia) Bhd's net profit more than halved to RM11.05 million in the second financial quarter ended July 31, 2019 (2QFY20) from RM24.58 million a year ago, on lower contributions from all segments. Revenue also fell 13.5% to RM97.72 million, from RM112.93 million. It declared an interim dividend of 1.5 sen per share, payable on Oct 31.

For the cumulative six months (1HFY20), the group saw net profit drop 46.7% to RM24.56 million from RM46.12 million, while revenue fell 15.1% to RM180.5 million from RM212.7 million in 1HFY19.

Building material supplier Chuan Huat Resources Bhd has disposed of its entire 6.03% indirect stake in loss-making Amalgamated Industrial Steel Bhd (AISB) to privately held Telaxis Sdn Bhd for RM3.15 million or 38 sen per share. The divestment that will translate into a gain of RM1.24 million, is for the purpose of making funds available for other potential future investments.

GETS Global Bhd is looking to sell 100 units of high specification buses to Gunung Capital Bhd which could amount to some RM50 million. It has inked a memorandum of understanding (MoU) with Gunung's wholly-owned unit to discuss and negotiate terms of the agreement for the proposed sale. 

Petronas Dagangan Bhd (PetDag) will still be in a position to pay dividends to shareholders, as the group's earnings trend is "quite good", said its managing director and chief executive officer Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir today. 

He, however, said PetDag's non-fuel income via the group's Mesra convenience stores, is still deemed below potential, hence it needs to be improved, adding that Petronas Dagangan is upgrading its retail stores.

He also noted that PetDag is looking to increase its non-fuel segment's earnings contribution to 30% of total earnings, from about 17% currently.

Malaysian Rating Corp Bhd (MARC) has downgraded Titijaya Land Bhd’s RM150 million Islamic commercial papers (ICPs) to MARC-2IS from MARC-1IS on increased concerns over the property developer's business and credit profile, amid the prevailing weak property market.
 
The local rating agency said pressure on Titijaya's liquidity is likely to increase to fund its development projects against a backdrop of weakening property sales and rising inventory levels.

The outstanding notes under the programme stood at RM50 million as at end-June.

Practice Note 17 (PN17)-listed Kinsteel Bhd is seeking to regularise its operations as a going concern and has proposed a 70% share capital reduction and a three-to-one share consolidation, and to raise up to RM46.6 million via the placement of new shares to selected placees, together with a rights issue to existing shareholders. The fundraising will be sweetened with free warrants.

The company has also proposed the disposal of five parcels of industrial land with buildings erected thereon and equipment and machineries for RM140 million. 

Johor-based confectionery maker London Biscuits Bhd has been slapped with a lawsuit by Kuwait Finance House (Malaysia) Bhd (KFH) for RM5.06 million in outstanding debt. It received the writ of summons and statement of claim yesterday from the solicitors acting for KFH. The amount due and payable was RM5.06 million as at Sept 5. The payment default was on Aug 23.

Publishers Pelangi Publishing Group Bhd and Sasbadi Holdings Bhd have won contracts worth a combined RM1.16 million from the Ministry of Education (MoE) to translate, print and supply chemistry and additional mathematics textbook under the dual language programme for Form 4 students. 

Pelangi’s contract value stands at RM716,130, which is valid for 36 months, while Sasbadi’s is worth RM444,540, and will be valid for a year.

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