KUALA LUMPUR (Aug 11): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Aug 12) include: Sunway Bhd, Dagang NeXchange Bhd, Yinson Holdings Bhd, AT Systematization Bhd, Asdion Bhd, D&O Green Technologies Bhd, Reservoir Link Energy Bhd, JF Technology Bhd, Serba Dinamik Holdings Bhd, Ta Win Holdings Bhd, Greatech Technology Bhd, Hup Seng Industries Bhd and Luxchem Corp Bhd.
Sunway Bhd has emerged as a substantial shareholder of IJM Corp Bhd as its shareholding has reached 5.017% as a result of the latter's continued share buy-back activities. IJM said Sunway's stake increased by virtue of the equity interest held through Fortuna Gembira Enterpris Sdn Bhd. The group holds a total of 180.25 million shares.
A total of 4.15 million more warrants in Dagang NeXchange Bhd (DNeX), which expired on July 31, have been converted into ordinary shares at an exercise price of 50 sen, lifting the total warrants converted to 702 million. Following the latest warrant conversion, the group’s issued share capital will be increased to 3.09 billion shares from 1.76 billion shares a year ago.
Oil and gas player Yinson Holdings Bhd and its project partner Sumitomo Corp have entered into a US$670 million syndicated loan facility for the FPSO Anna Nery project, a floating, production, storage and offloading (FPSO) vessel for the Marlim revitalisation project in Brazil. The agreement, which was entered through its wholly-owned Singapore-based subsidiary Yinson Production Offshore Pte Ltd, also included ING, Natixis and Standard Chartered Bank as underwriting banks.
AT Systematization Bhd has called off its conditional voluntary takeover offer of loss-making logistics and ICT services outfit, Asdion Bhd. Mercury Securities Bhd, on behalf of AT Systematization, said the offer will be withdrawn as Asdion has secured approval from its shareholders at an extraordinary general meeting today for both its proposed debt settlement and placement exercises. Under the first, Asdion proposed to settle its debts owing to certain creditors via the issuance of irredeemable convertible preference shares, while the second involves a placement of up to 20% of its issued shares.
Electronic components maker D&O Green Technologies Bhd said it has made an offer to acquire precision electroplating services firm Syntronixs Asia Sdn Bhd for RM55 million. The offer was made to the four shareholders of the firm, comprising individuals Johannes Nicolaas Peperkamp and Yong Kuan Ho as well as Dutch companies COO BV and M Van Ditshuzen Beheer BV. The offer, made on Aug 9, is valid for three business days.
Reservoir Link Energy Bhd has received shareholders’ approval to acquire a 51% stake in Founder Energy Sdn Bhd for RM21.2 million, enabling the oil and gas well services group to diversify into renewable energy-related businesses.
JF Technology Bhd said it has been appointed as the agent for the sale and distribution of South Korea's leading global test solution provider ISC Co Ltd's test contacting solution products in China, Malaysia and ASEAN. Its subsidiaries JFH Technology (Kunshan) Co, Ltd and JF Microtechnology Sdn Bhd (JFM) have separately entered into agency agreements with ISC.
Subsidiaries of Serba Dinamik Holdings Bhd have secured eight contracts with a combined estimated value of US$67.7 million (RM286.3 million) and a further seven operation and maintenance (O&M) contracts with no specific value. Serba Dinamik said its unit PT Serba Dinamik Indonesia won three O&M contracts, while Serba Dinamik International Ltd bagged one engineering, procurement, construction and commissioning (EPCC) contract. Serba Dinamik Sdn Bhd, meanwhile, secured seven O&M contracts and four EPCC contracts.
Copper products manufacturer Ta Win Holdings Bhd has bagged a contract for the supply of cables and automotive components for local automobile models in Malaysia. Ta Win said its subsidiary Cyprium Wire Technology Sdn Bhd has accepted a contract from NYSE-listed technology and mobility company Aptiv PLC.
Greatech Technology Bhd’s net profit for the second quarter ended June 30, 2021 more than doubled to RM38.38 million from RM17.63 million a year ago, underpinned by strong revenue for production line systems in the electric vehicle energy storage industry. The group’s quarterly revenue jumped more than twofold to RM136.36 million from RM56.22 million a year ago.
Hup Seng Industries Bhd recorded a 59.1% drop in second quarter net profit to RM3.58 million, from RM8.76 million a year ago, dragged by low revenue from biscuits and rising costs of the main raw materials. Revenue for the quarter ended June 30, 2021 was down 7% to RM66.5 million from RM71.44 million previously, mainly due to the mandatory compliance of 60% workforce from May.
Luxchem Corp Bhd’s net profit for the second quarter ended June 30, 2021 surged 119% to RM16.57 million from RM7.57 million a year earlier, on strong domestic demand for its products. Quarterly revenue grew 53.68% to RM215.61 million, from RM140.29 million in the previous year, mainly on the back of strong showing by its trading segment, said the plastic material and resin manufacturer. Luxchem declared an interim dividend of 0.8 sen per share to be paid on Sept 30.