Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 26): Based on corporate announcements and news flow today, stocks in focus on Thursday (Dec 27) may include OSK Holdings Bhd, Genting Bhd, Gas Malaysia Bhd, SCH Group Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Eversendai Corp Bhd, N2N Connect Bhd and Goodway Integrated Industries Bhd.

OSK Holdings Bhd has permanently scrapped the listing of its indirect subsidiary OCC Cables Ltd on the Main Board of The Stock Exchange of Hong Kong Ltd (HKEx), citing "continuous adverse global market conditions".

The group said the termination of the listing is not expected to have any material impact on its consolidated earnings per share and net assets per share for the financial year ending Dec 31, 2018 (FY18).

However, the group will expense off approximately RM12.1 million for FY18, which are costs in relation to its proposed listing exercise.

Genting Bhd said today its unit Resorts World Las Vegas LLC (RWLV) will respond to a complaint on the architectural design of its upcoming hotel and casino resort property in Las Vegas by Jan 14.

In a filing with Bursa Malaysia, Genting said it was notified by its indirect wholly-owned subsidiary RWLV that Wynn Resorts Holdings LLC had filed a complaint dated Dec 21 against the company alleging trade dress infringement, trademark dilution and copyright infringement over the design of the said project.

Genting said RWLV is in the process of reviewing the complaint with its legal counsels and will “strenuously” defend the claim and take all necessary legal action, as appropriate.

The group added that RWLV intends to file a timely response to the complaint on or before Jan 14, 2019, the due date for such response.

Gas Malaysia Bhd will raise the average natural gas base tariff for the non-power sector in Peninsular Malaysia to RM32.69 per million british thermal units (MMBtu) from Jan 1 to June 30 next year, up from the current RM31.92 per MMBtu.

The revision, along with a 23 sen per MMBtu gas cost pass through surcharge, translates into an average effective tariff of RM32.92 per MMBtu — up 0.7% from the current average tariff after surcharge.

Quarry industrial machinery and equipment supplier SCH Group Bhd is disposing of two pieces of freehold land, along with the factories erected on them in Balakong, Selangor for RM6.6 million cash.

The group is expecting a gain on disposal of RM4.79 million.

SCH said the proposed disposals provide it with the opportunity to realise the properties’ value, which has increased since its acquisition in 1994; and to provide immediate cash flow which can be channelled towards the group’s business operations for working capital purposes.

The group expects to complete the proposed disposals in the second quarter of 2019.

Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) in a consortium with UK-based TechnipFMC plc, has bagged a six-year contract from Saudi Arabian Oil Co (Saudi Aramco) to undertake engineering, procurement, fabrication, transportation, and installation of offshore facilities within Saudi Arabia waters.

In a filing with Bursa Malaysia today, MHB said its wholly-owned unit, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) and TechnipFMC have signed a long-term agreement with Saudi Aramco, which is in support of Saudi Aramco’s offshore maintain potential programme.

Eversendai Corp Bhd has secured jobs worth RM1.44 billion year-to-date.

In a statement today, its executive chairman/group managing director Tan Sri A.K. Nathan said its outstanding construction order book currently stands at RM2.43 billion, which should keep it busy over the coming years.

Out of RM1.44 billion, the group has won RM321 million worth of new contracts in Singapore, Qatar and India.

Japanese online broker SBI Japannext Co Ltd has bought an 11.65% stake in N2N Connect Bhd, allowing more opportunities for both parties to collaborate in the development of alternative trading systems for the Asian region, particularly in cross-border trading.

N2N said its Asia Trading Hub spanning Southeast Asian countries such as Malaysia, Thailand, Indonesia, Singapore, Vietnam and the Philippines, as well as other markets in Asia namely Hong Kong and Macau, provides its Japanese partner a platform to boost regional interest in Japanese equities and bonds through the former’s proprietary trading system.

The auditors of Goodway Integrated Industries Bhd, Messrs Kreston John & Gan, have voluntarily resigned as both parties could not reach an agreement over the proposed audit fee for the group’s financial year ended June 30, 2019.

The group said it would appoint another audit firm to fill the gap. It said that Messrs Kreston John & Gan had been the firm’s auditors since Dec 31, 2011, and had been just reappointed following an annual general meeting on Dec 19, 2018, and were to hold office until the conclusion of the next annual general meeting of the company.

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