Friday 29 Mar 2024
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KUALA LUMPUR (Sept 20): Based on corporate announcements and news flow today, stocks in focus on Monday (Sept 23) may include Sunway Bhd, Poh Huat Resources Holdings Bhd, KNM Group Bhd, Unisem (M) Bhd, MAA Group Bhd, Willowglen MSC Bhd, TH Plantations Bhd and AirAsia Group Bhd.

Sunway Bhd is buying 47 parcels of prime freehold land totalling 11.8 acres in Mutiara Bukit Jalil for RM15 million.

Sunway's wholly-owned subsidiary Sunway City Sdn Bhd signed an agreement with Sterling Paradise Sdn Bhd yesterday for the proposed land acquisition.

The land comes with an approved development order. The group plans to launch a project with a planned gross development value (GDV) of RM36.7 million on the land by the second half of 2020 with completion slated for 2026.

Poh Huat Resources Holdings Bhd saw its third quarter net profit rise 22.5% to RM11.27 million from RM9.2 million a year ago, thanks to an increase in shipment of furniture from both its Malaysia and Vietnam operations as the US-China trade war resulted in orders moving from China to Southeast Asia.

The group has declared a second interim dividend of two sen per share, payable on Nov 14.

Poh Huat said the higher shipment of furniture also contributed to a 13.7% rise in quarterly revenue to RM164.85 million from RM145 million a year ago.

For the nine-month period ended July 31, 2019, Poh Huat’s net profit rose 37.3% to RM36.07 million from RM26.28 million in the previous corresponding period. Revenue grew 17.7% to RM508.92 million from RM432.42 million.

KNM Group Bhd's indirect wholly-owned subsidiary FBM-KNM FZCO has secured a US$5.35 million (RM22.363 million) contract to supply shell and tube heat exchangers to an oil refinery run by Thai Oil Public Co Ltd in Thailand's Sri Racha district within the province of Chonburi.

KNM Group said FBM-KNM FZCO had today accepted the purchase order (PO) from PSS Netherlands B.V. Sharjah Branch for clean fuel project at oil refinery.

The supply and delivery duration of the transaction is for a period not exceeding 10 months commencing from the date of the PO.

Unisem (M) Bhd has extended the planned closure of its plant in Batam, Indonesia to March 2020, instead of Sept 30 this year, to service last time orders for some customers.

However, Unisem said that operations at the plant, held under the group’s indirect subsidiary PT Unisem, has been scaled back.

Loss-making MAA Group Bhd has proposed to buy a 90% equity interest in Scholastic IB International Sdn Bhd (SIB) for RM27 million in cash.

The vendors are Scholastic Ventures Sdn Bhd and PAC Edu KL Sdn Bhd, which hold 51% and 39% stakes in SIB respectively. The remaining 10% stake is owned by the Johannians Leadership Foundation.

MAA said the proposed acquisition, via its wholly-owned subsidiary Edumaax, will enable the group to have a stable stream of income and profits.

Willowglen MSC Bhd has been awarded a contract worth RM13.76 million to provide maintenance for an Integrated Security and Operation Surveillance System to SP PowerAssets Ltd, a Singapore company.

Willowglen said its wholly-owned subsidiary Willowglen Services Pte Ltd had secured the contract, which commences on Oct 1 and is scheduled to be completed by Sept 30, 2022. The contract is not renewable.

TH Plantations Bhd has extended the suspension of its chief financial officer Mohamed Azman Shah Ishak by an additional 10 days to Sept 30.

The group said it needs to further evaluate Mohamed Azman’s reply to the show-cause letter issued to him, and to facilitate the necessary action to conclude the matter.

AirAsia Group Bhd has enhanced its inflight WiFi service to provide high-speed connectivity to passengers.

The low-cost carrier said six aircraft operated by AirAsia Malaysia and two aircraft operated by AirAsia Thailand have been equipped with Inmarsat’s high-speed Ka-band platform, GX Aviation. The service will be rolled out for the rest of the fleet over the next year.

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