REDtone, Yinson, Muhibbah, Selangor Properties and Hua Yang

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KUALA LUMPUR (Dec 27): Based on corporate announcements and news flow today, stocks in focus on Thursday (Dec 28) may include: REDtone International Bhd, Yinson Holdings Bhd, Muhibbah Engineering (M) Bhd, Selangor Properties Bhd and Hua Yang Bhd.

REDtone International Bhd’s wholly-owned REDtone Engineering & Network Services Sdn Bhd (RENS) has been appointed by the Malaysian Communications and Multimedia Commission (MCMC) to provide 2G and 3G public cellular services in rural areas in Malaysia.

REDtone said RENS received the Notice of Approval from MCMC for its appointment as Universal Service Provider for the project, which will be executed in eight major states. The project is part of MCMC’s Time 3 Extension Phase 3 Programme, and is subject to a maximum cost of about RM250.76 million.

Yinson Holdings Bhd is acquiring a 49% stake in Anteros Rainbow Offshore Pte Ltd (ARO) — a joint venture (JV) between Yinson’s wholly-owned Yinson Heather Ltd and Four Vanguard Servicos E Navegacao LDA (FVSN) which was established in 2015 – from FVSN for US$9 million (about RM36.75 million).

Yinson currently owns a 51% stake in ARO, whose main activity is the leasing of a floating, production, storage and offloading (FPSO) called Four Rainbow, which as at October 2017, was still up for redeployment opportunity.

Muhibbah Engineering (M) Bhd has bagged a construction contract worth RM70 million from Tenaga Nasional Bhd, specifically for the construction of a reinforced concrete jetty and platform to be used for the establishment of TNB’s 230kV Senibong Switching Station and 230kV Overhead Line from PMU Senibong to Senibong Switching Station in Johor Bahru.

The contract is scheduled to commence in the first quarter of 2018, and is expected to be completed within 12 months from the commencement date.

Selangor Properties Bhd’s net profit in its fourth quarter ended Oct 31, 2017 (4QFY17) dipped 64.4% to RM20.44 million from RM57.4 million a year ago, due to lower other operating income incurred in the quarter under review.

Quarterly revenue, however, climbed 28.7% to RM45.23 million, from RM35.14 million in the same quarter last year, mainly thanks to its property development division, while its investment holding and Australian operations also booked in higher revenue.

For its full financial year ended Oct 31, 2017 (FY17), the group’s pet profit came in 37.5% higher at RM92.6 million, from RM67.36 million in FY16 on higher revenue and having incurred investment gains in the year under review. Revenue rose 15.9% to RM140.17 million from RM120.93 million, from higher revenue from its property development division, as well as its Australian operations.

Hua Yang Bhd is planning to buy the entire stake in a property firm called Kajang Heights Development Sdn Bhd for RM70 million cash.

The acquisition of the Kajang Heights comes with four parcels of freehold land measuring approximately 19.76 acres in Kajang, Selangor, on which a proposed mix development has been planned comprising service apartments, retail units and affordable houses.

The proposed development carries an estimated gross development value of RM800 million, to be funded via internally-generated funds.