Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (March 17): Based on corporate announcements and news flow today, companies that may be in focus on Wednesday (March 18) may include: Poh Kong Holdings Bhd, Kumpulan Jetson Bhd, Kelington Group Bhd (KGB), MTAG Group Bhd and Malayan United Industries Bhd (MUI).                                        

Jewellery retailer Poh Kong Holdings Bhd’s net profit jumped 58% to RM10.64 million in the second quarter ended Jan 31, 2020 (2QFY20), compared with RM6.75 million in the previous corresponding quarter, as an overall uptrend in gold prices improved its operating profits.

Revenue, however, fell 8% to RM252.05 million from RM273.91 million, mainly because of a decline in the demand for gold jewellery products.

On prospects, Poh Kong's board of directors is cautiously optimistic that the group will be able to face the challenges brought about by the pandemic outbreak that has weakened global economic conditions.

Kumpulan Jetson Bhd has been awarded RM78.93 million contract by Asia Pacific University Sdn Bhd for the construction of a private higher education institution.

The company said its wholly-owned subsidiary Jetson Construction Sdn Bhd has accepted the contract, which is expected to be completed by June 30, 2021.

Kelington Group Bhd (KGB) said its wholly-owned subsidiary Kelington Engineering (S) Pte Ltd (KES) is claiming for total compensation of S$6.37 million (RM19.45 million) from its subcontractor Mutiara (FE) Pte Ltd, as back charges and liquidated damages, as well as scope deductions incurred to rectify defects and non-compliant works.

Mutiara was engaged by KES under two separate sub-contracts for a project in Singapore.

MTAG Group Bhd has called off its proposed acquisition of two plots of land in Plentong, Johor to build its new manufacturing plant.

The converter company said the land is no longer considered suitable to construct its plant, due to differing soil and earth conditions.

It will seek the full refund of the RM491,191 deposit paid to the vendor, MTAG added in a filing with Bursa Malaysia.

Malayan United Industries Bhd (MUI) said its UK-listed retailer Laura Ashley Holdings plc has filed for administration, due to inability to secure third-party debt funding in a timely manner sufficient to support working capital requirements.

In addition, MUI Asia Ltd which has a 35.17% stake in Laura Ashley, has confirmed it is unable to provide financial support in the required timeframe. Hong Kong-based MUI Asia is wholly-owned by MUI.

      Print
      Text Size
      Share