Thursday 28 Mar 2024
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KUALA LUMPUR (March 13): Based on corporate announcements and news flow today, companies that may be in focus on Monday (March 16) may include the following: Supermax Corp Bhd, WCT Holdings Bhd, Tan Chong Motor Holdings Bhd, Superlon Holdings Bhd, TH Heavy Engineering Bhd, Tadmax Resources Bhd and Mah Sing Group Bhd.

Supermax Corp Bhd is buying a five-acre piece of industrial land in Meru, Klang, Selangor for RM20 million for future expansion of its manufacturing capacity.

The rubber glove maker said the land is located next to its existing manufacturing plant No 12, which will facilitate management control and operational synergies and efficiency.

“The plan is to construct a new manufacturing plant No 16 over the next few years, which will increase the group's production capacity by about 4.5 billion pieces of gloves per year,” it said.

Construction and property company WCT Holdings Bhd has been ordered to pay a total of 132.54 million riyals (RM152.65 million) following an unfavourable final award ruling in an arbitration case ordered by the Court of Arbitration of the International Chamber of Commerce (ICC).

As a result of the final award, an additional provision of RM116 million will be made by WCT for the financial year ended Dec 31, 2019 (FY19).

The impact of the additional provision to WCT’s unaudited financial results for 4QFY19 will see it posting a net loss of RM103.97 million as opposed to a net profit of RM12.49 million announced on Feb 26.

For the full year FY19, it will see WCT posting a net loss of RM27.62 million compared to a net profit of RM88.83 million announced earlier.

Tan Chong Motor Holdings Bhd (TCMH) announced that its indirect wholly-owned subsidiary Tan Chong Construction (Labuan) Pte Ltd (TCC Labuan) had entered into a Joint Venture Agreement (JV) with An Tam Construction and Trading Co Ltd (Antaco Vietnam) to form a JV company to explore engineering and construction projects in Vietnam.

TCMH said with its expansion into Indochina and Myanmar, particularly Vietnam, there are a series of projects, which include assembly plant, body shop, trim and chassis and new warehouses, that need to be constructed to cater to the business expansion.

It further said that as Antaco Vietnam is currently the contractor for some of the projects, the JV company is to undertake the projects and the servicing of external clients in the construction industry in the future.

Superlon Holdings Bhd's net profit increased 39.3% to RM2.15 million or 1.36 sen per share in its third quarter ended Jan 31, 2020 (3QFY20), compared with RM1.54 million or 0.97 sen per share a year ago. Revenue improved 3.61% to RM26.44 million, versus RM25.52 million, Superlon said in a bourse filing.

In terms of outlook, Superlon expects the operating environment to remain clouded in the near term as the impact of the recent COVID-19 outbreak has yet to be fully known. However, the group believes it remains on track to achieve further business growth in the medium to long-term.

Superlon has declared a third interim dividend of 1.15 sen.

PN17 company TH Heavy Engineering Bhd (THHE) has signed a non-binding Memorandum of Understanding (MOU) with ICE Petroleum Ventures Sdn Bhd in relation to the acquisition of its engineering unit ICE Petroleum Engineering Sdn Bhd (ICE).

THHE said the proposed acquisition is part of its regularisation plan to revive its financial health in order to maintain its listing status on the Main Market of Bursa Malaysia.

Tadmax Resources Bhd's wholly-owned subsidiary Pulau Indah Power Plant Sdn Bhd, which is developing a 1,200 MW combined-cycle gas turbine power plant on Pulau Indah, Selangor, today executed the engineering, procurement, construction and commissioning (EPCC) contract with the project’s contractor.

In a statement to Bursa Malaysia today, Tadmax said the contractor is an unincorporated joint venture comprising Posco Engineering & Construction Co Ltd, Mitsubishi Corp and PEC Powercon Sdn Bhd.

Property developer Mah Sing Group Bhd said its RM600 million Sukuk Murabahah issuance has been oversubscribed. The sukuk has a tenure of five years and carries a fixed profit rate of 4.35% per year, payable semi-annually.

Mah Sing said the proceeds raised from the sukuk will be utilised for the group's landbanking, investments and working capital, as well as the refinancing of its existing borrowings and/or redemption of unrated perpetual securities.

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