Perak Transit, Pecca, MSC, Press Metal, Texchem, Bursa, AppAsia, Star Media, Dolphin and Vizione

Perak Transit, Pecca, MSC, Press Metal, Texchem, Bursa, AppAsia, Star Media, Dolphin and Vizione
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KUALA LUMPUR (Aug 7): Based on corporate announcements and news flow today, stocks in focus on Monday (Aug 10) may include: Perak Transit Bhd, Pecca Group Bhd, Malaysia Smelting Corp Bhd (MSC), Press Metal Aluminium Holdings Bhd, Texchem Resources Bhd, Bursa Malaysia Bhd, AppAsia Bhd, Star Media Group Bhd, Dolphin International Bhd and Vizione Holdings Bhd.

Perak Transit Bhd said its Terminal Kampar Putra has been granted a certificate of completion and compliance to mark the completion of the 800,000-sq-ft integrated complex.

The terminal comprises commercial, leisure and hospitality facilities and will serve as a one-stop convenience for local residents and others when fully operational.

Car leather upholstery maker Pecca Group Bhd plans to purchase additional face mask machinery to expand its production capacity.

Managing director Datuk Teoh Hwa Cheng said the decision was made after the group received encouraging sales leads for its personal protective equipment products.

Malaysia Smelting Corp Bhd (MSC)’s net profit dropped 88% to RM894,000 for 2QFY20, from RM7.48 million a year ago, on lower average tin prices and movement curbs amid the Covid-19 pandemic.

Quarterly revenue shed 50% to RM144.65 million against RM289.08 million a year ago. The poor quarterly performance dragged the group into a net loss of RM12.94 million in 6MFY20 versus a cumulative net profit of RM16.09 million last year. Revenue sank 41.33% to RM349.96 million from RM596.53 million for 6MY19.

Press Metal Aluminium Holdings Bhd’s unit Press Metal (Labuan) Ltd is redeeming US$173.11 million debt papers, representing 43.28% of the principal amount of the latter’s senior notes outstanding.

This was after Press Metal’s unit on July 28 invited the note holders to submit tenders to redeem their notes for cash.

Texchem Resources Bhd’s unit has received the Malaysian Investment Development Authority’s green light to produce face shields.

Sold under the brand name ‘Tex-Shield’, the face shield has since been exported to countries such as Singapore, Japan, Thailand, Vietnam, Indonesia and the US.

Bursa Malaysia Bhd is to collaborate with intelligent solutions provider World'Vest Base Inc (WVB) to offer value-added data solutions.

Bursa said it will provide relevant market data from Malaysia, while WVB will provide international financial and company-specific fundamental data.

AppAsia Bhd said Pelaburan MARA Bhd has emerged as a substantial shareholder of the company.

This was after the strategic investment and asset management arm of Majlis Amanah Rakyat (MARA) acquired 4.4 million shares in AppAsia off market today, the group said in a bourse filing.

Star Media Group Bhd said the High Court has partly allowed its summary judgment application in respect of its corporate guarantee claim against JAKS Resources Bhd.

The court has ruled that the group be paid damages by JAKS, being late payment interest at a rate of 8% per annum on the RM134.5 million owed from Oct 25, 2015 and July 6, 2020.

Dolphin International Bhd's board has resolved to suspend the power and authority of its group managing director Low Teck Yin, who is also the co-founder, with immediate effect pending the completion of an investigation into alleged breach of fiduciary duty by him.

The palm oil miller said it will hire independent professionals to conduct a forensic investigation and that executive director Thoo Soon Huat will assume the role of the group MD during the period of suspension.

Vizione Holdings Bhd’s unit Vizione Construction Sdn Bhd has secured an RM90.03 million contract from SDF Hydro Sdn Bhd for a hydropower project in Kedah.

The contract came after Vizione Energy Sdn Bhd, another subsidiary of the group, signed a deal to acquire 150,085 shares representing a 75% stake in Tunjang Tenaga Sdn Bhd for RM150,058.