KUALA LUMPUR (April 23): Based on corporate announcements and news flow today, companies in focus tomorrow (April 24) may include: Serba Dinamik Holdings Bhd, Sino Hua-An International Bhd, Key Alliance Bhd, Censof Holdings Bhd, Digi.Com Bhd, KIP Real Estate Investment Trust, United Plantations Bhd and Solarvest Holdings Bhd.
Serba Dinamik Holdings Bhd wants to raise up to RM580 million fresh capital via private placement of new shares for repayment of bank borrowings and working capital.
The company’s balance sheet as at Dec 31, 2019 shows that its cash pile was at RM1.3 billion. However, its long-term borrowings were at RM2.946 billion and short-term debts were at RM404.7 million.
Sino Hua-An International Bhd has entered into two agreements to acquire the entire stake in MD Labs Sdn Bhd as well as a 70% stake in HumanCapient Consulting Sdn Bhd (HCSB) for a combined total of RM27 million.
MD Labs is involved in data analytics and provision of business intelligence solutions, while HCSB is involved in the provision of services in design, planning and implementation of change management programmes, specialising in systems integration projects.
Key Alliance Bhd’s unit Progenet Innovations Sdn Bhd has inked a reseller agreement with Singapore firm Storm Front Pte Ltd, under which it will offer post-Movement Control Order business reboot solutions. The two parties previously entered into a Memorandum of Understanding on April 7 for the partnership. The agreement is effective for two years, and is renewable for one year.
Businessman Tan Chean Suan has emerged as a substantial shareholder of Censof Holdings Bhd, after acquiring a 5.35% stake in the tech company. Tan is the chief executive officer of TCSens Sdn Bhd, which provides radio frequency identifications (RFID) solutions. A filing by the company with Bursa Malaysia showed that Tan bought the stake comprising 26.82 million shares in the open market yesterday.
Digi.Com Bhd's net profit fell 2.78% to RM332 million in the first quarter ended March 31, 2020 (1QFY20) from RM341.5 million a year earlier, as other expenses jumped, while it recorded a net loss from its foreign currency and fair value movement currency forward contracts. Total revenue for 1QFY20, however, climbed 3.43% y-o-y to RM1.56 billion from RM1.51 billion, underpinned by focused customer offerings to drive quality subscriber base and network connectivity.
KIP Real Estate Investment Trust’s net property income rose 41.9% in the third quarter ended March 31, 2020 (3QFY20) to RM14.56 million from RM10.26 million a year ago, underpinned by higher gross revenue following the acquisition of AEON Mall Kinta City last July as well as better cost management. The REIT’s gross revenue rose 24.12% year-on-year (y-o-y) to RM19.42 million from RM15.64 million.
The REIT's manager declared an interim income distribution of 1.52 sen per unit for 3QFY20, which represents a 93% income distribution rate, payable on May 29.
United Plantations Bhd’s net profit for the first quarter ended March 31, 2020 (1QFY20) rose 21% to RM81.19 million from RM66.92 million a year ago, thanks to higher average selling prices for crude palm oil (CPO) and palm kernel (PK). Lower operating expenses and higher other operating income during the quarter under review also helped lift earnings.
Quarterly revenue, however, slipped 1% to RM318.91 million from RM322.26 million, due to lower contribution from its refinery segment.
Solarvest Holdings Bhd has secured a rooftop solar project worth RM29.2 million from Petronas-linked NE Suria Satu Sdn Bhd (NESS) involving 15 stores of a hypermarket chain. The majority shareholders of NESS are Petronas Power Sdn Bhd, a wholly-owned unit of Petronas; and NEFIN Energy (Malaysia) Sdn Bhd, a subsidiary of bespoke solar developer and asset management firm NEFIN Group.