KUALA LUMPUR (March 2): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Thursday, March 3) could include the following: Prestar Resources, M3 Technologies, Leweko, Signature, Guinness Anchor, Carimin and GDex.
Prestar Resources Bhd confirmed today that its subsidiary was among the steel companies subjected to an audit by the Royal Malaysian Customs Department (RMCD).
In a filing with Bursa Malaysia, Prestar said RMCD conducted the audit on its 51%-owned subsidiary Tashin Steel Sdn Bhd and wholly-owned unit Prestar Storage System Sdn Bhd.
The Edge Financial Daily reported on Monday (Feb 29) that the Malaysian Iron and Steel Industry Federation (Misif) had lodged a complaint with the Finance Ministry on concerns raised by its members over the industry-wide audit last week that it claims was conducted in a high-handed manner.
The Customs raid was apparently part of efforts by the authorities to curb illegal imports of steel products, particularly hot-rolled coils.
Software provider M3 Technologies (Asia) Bhd (M3Tech) will be collaborating with China-based Shenzhen User Special Display Technologies Company Ltd (User) to promote M3Tech's Getsnapps platform and I3D display technology throughout User's export market worldwide.
In a filing with Bursa Malaysia, M3Tech, which signed a memorandum of understanding (MoU) with User today, said it would provide the relevant technical support to User in the places where both companies' subsidiaries are located.
The places include Malaysia, mainland China, Hong Kong, Thailand, Singapore, Indonesia, Pakistan and Dubai.
User, a limited company incorporated in China in 2003, is a high-tech enterprise specialising in the development, production, and marketing of LCD and LED displays, with additional customisations according to the individual customer's specifications.
Leweko Resources Bhd said it is teaming up with a Vietnamese company to provide ultra-high performance concrete (UHPC) material for the construction of pedestrian bridges in Vietnam.
In a statement today, Leweko said its subsidiary Dura Technology Sdn Bhd has signed a MoU with Vietnam-based National University of Civil Engineering Technology Development and Investment Joint Stock Company to undertake the venture.
Dura is involved in the manufacturing of UHPC for use in the production of precast elements for civil engineering, structural and architectural applications.
The material will be applied to pedestrian bridges in Mekong Delta and big cities of Vietnam, said Leweko.
Kitchen and wardrobe designer and retailer Signature International Bhd (SIB) has accepted an award of RM79.95 million from the Selangor government for its land that is being acquired to build a highway.
In a filing with Bursa Malaysia today, SIB said it has received a notification from the state government for the compulsory acquisition of the land, measuring 1.35ha in Sungai Buloh, Petaling district, for construction of the Damansara-Shah Alam Elevated Expressway (DASH).
On Feb 23, SIB informed the local exchange that the land administrator had offered its wholly-owned unit Signature Cabinet Sdn Bhd an award of RM78.16 million for the land.
Guinness Anchor Bhd (GAB) has made price adjustments to its portfolio of products in line with the increase in excise duty on beer and stout by the government.
According to the Excise Duties (Amendment) Order 2016 posted on the RMCD's website, the excise duty for beer made from malt will be changed from RM7.40 per litre and 15% ad valorem tax, to RM175 per 100% volume per litre effective March 1, 2016.
The amendment represents a shift from a volume based tax structure to taxes based on alcohol content, in other words the higher the alcohol content in a product the higher the tax imposed.
In a statement today, GAB managing director Hans Essaadi acknowledged the increase in the duty, but did not specify the quantum of the impact of the duty on its products pricing.
Carimin Petroleum Bhd said its subsidiary Carimin Acacia Offshore Sdn Bhd (CAOSB) received a project financing facility of up to RM70 million from Malaysia Debt Ventures Bhd to part finance an accommodation work boat.
CAOSB is involved in the provision of marine-related offshore and onshore support services in the oil and gas industry.
Carimin said the facility will increase its gearing level to 0.62 times from 0.21 times, based on its financial position as at Dec 31, 2015.
GD Express Carrier Bhd (GDex) and PT Pos Indonesia signed a business collaboration today to enhance cross-border trade between both entities and explore other synergies.
In a filing with Bursa Malaysia, GDex said while it had an established comprehensive network in Malaysia, the state-owned Indonesian postal service provider possessed an extensive network in that country.
"Such collaboration will create more value for the communities by providing better connectivity between both countries," said GDex, which is 27%-owned by Singapore Post Ltd (SingPost).
The agreement was signed by GDex managing director Teong Teck Lean and Pos Indonesia president director Gilarsi W. Setijono in Bandung, Indonesia.