Scomi Group, Sarawak Cable, Revenue, AirAsia, KNM, Carimin and D’Nonce

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KUALA LUMPUR (July 18): Based on corporate announcements and news flow today, companies in focus tomorrow may include Scomi Group Bhd, Sarawak Cable Bhd, Revenue Group Bhd, AirAsia Bhd, KNM Group Bhd, Carimin Petroleum Bhd and D’Nonce Technology Bhd.

Tan Sri Wan Azmi Wan Hamzah and Gelombang Global Sdn Bhd (GGSB), a private vehicle of former Renong Bhd managing director Datuk Mohd Zakhir Siddiqy, have committed to invest RM42 million collectively in ailing Scomi Group Bhd.

The fresh capital will be injected into Scomi Group by underwriting the proposed rights issue which is fixed at 18 sen per share. Should the cash call be fully subscribed, the two investors will take part in the proposed restricted rights issue, according to the company’s filing with Bursa Malaysia.

Scomi Group said Wan Azmi and GGSB have each committed to underwrite RM21 million worth of rights shares, in the event that the exercise is undersubscribed.

Sarawak Cable Bhd is selling a piece of freehold land together with industrial premises in Klang to Supermax Corp Bhd for RM65 million.

The group said its wholly-owned subsidiary, Leader Cable Industry Bhd (LCIB), signed the deal with Supermax’s wholly-owned unit Maxter Glove Manufacturing Sdn Bhd (MGMSB).

Revenue Group Bhd is collaborating with Hong Leong Bank Bhd to offer payment acceptance and services to Singapore's NETS cardholders to shop in retail outlets under GCH Retail (Malaysia) Sdn Bhd and Guardian Health And Beauty Sdn Bhd.

GCH and Guardian Health and Beauty are among the largest retail operators in Malaysia, operating Giant, Cold Storage, Mercato, TMC, Jasons Food Hall, G Express, Shop Smart Retail and Guardian.

Revenue managing director and group chief executive officer Eddie Ng Chee Siong said the NETS payment acceptance is currently being piloted at eight Giant stores, one Cold Storage store and nine Guardian outlets in Johor and one Guardian outlet in Malacca, effective July 15.

AirAsia Bhd will have to pay at least RM40.6 million to Malaysia Airports (Sepang) Sdn Bhd, a subsidiary of Malaysia Airports Holdings Bhd (MAHB), over unpaid passenger service charges (PSC) from July to December last year.

This follows the High Court dismissing the carrier's strike-out application and allowing summary judgments by MAHB be entered on AirAsia in the three suits against the company.

"The court rules that under Section 46 of the Malaysian Aviation Commission Act 2015 that the power to set charges lies with the Malaysian Aviation Commission (Mavcom) while Malaysia Airports (MAHB) is the body issued the licence to operate the airport. I am allowing Order 14 on all three cases," Justice Azimah Omar said in her oral judgment.

KNM Group Bhd has bagged a US$4.25 million (RM17.48 million) contract to supply shop-assembled large drums for the Petrochemical Complex in southern Vietnam.

This is the second contract it announced this month, following an air cooler heat exchangers contract worth €7.754 million (about RM36.14 million) it announced on July 4.

In a stock exchange filing, its wholly-owned unit KNM Process Systems Sdn Bhd (KNMPS) has accepted and signed the purchase order (PO) dated July 8, 2019 for the Package A1 – Olefins Plant from TPSK Consortium.

Carimin Petroleum Bhd has been awarded a contract by SEA Hibiscus Sdn Bhd for the provision of mechanical and piping maintenance services for the Labuan Crude Oil Terminal.

SEA Hibiscus is a wholly-owned subsidiary of Main Market-listed Hibiscus Petroluem Bhd, which operates the North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC). The PSC encompasses the Labuan Crude Oil Terminal, and the fields of St Joseph, South Furious, SF30 and Barton, all located offshore Sabah.

In an exchange filing, Carimin said the contract — awarded to its wholly-owned subsidiary Carimin Engineering Services Sdn Bhd — will be undertaken at an agreed fixed schedule of rates.

Penang-based D'Nonce Technology Bhd said its group chief executive officer Lim Teck Seng has been removed.

In a filing with Bursa Malaysia, the firm said the removal followed a ruling by the Kuala Lumpur High Court on July 11, 2019 that Lim's re-election as a director at the annual general meeting (AGM) on June 17, 2019 was invalid.

The ruling arose from a suit filed by Singapore investment company Blackstream Investments Pte Ltd, which has a 24.14% stake held via RHB Nominees (Asing) Sdn Bhd in D'Nonce.