Tenaga Nasional, Mlabs Systems, Maybank and Xin Hwa Holdings

Tenaga Nasional, Mlabs Systems, Maybank and Xin Hwa Holdings
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KUALA LUMPUR (March 27): Based on corporate announcements and news flow today, companies that will be in focus on Monday (March 30) may include the following: Tenaga Nasional Bhd, Mlabs Systems Bhd, Malayan Banking Bhd and Xin Hwa Holdings Bhd

Tenaga Nasional Bhd said it has set aside RM150 million following the Government’s stimulus announcement today that Malaysian households and businesses will get tiered rebates for six months on their electricity bills.

According to TNB, under the tiered rebate system, three million domestic consumers (with monthly consumption of below 200kWh) will receive a 50% rebate, while 1.5 million consumers (with monthly consumption between 201kWh and 300kWh) will get a 25% rebate. Another 2.2 million consumers (with monthly consumption between 301kWh and 600kWh) will get a 15% rebate.

Mlabs Systems Bhd is going to provide its video-conferencing products to Ipharmacare Malaysia Sdn Bhd to complement the latter's online pharmaceutical platform.

In return, Ipharmacare will support Mlab's efforts to promote these products, which will include but not limited to video conferencing systems, messaging systems and network solutions, to its platform users and/or independent pharmacies.

As the date of the group's annual general meeting (AGM) remains uncertain, Malayan Banking Bhd (Maybank) has decided to reclassify its final cash dividend of 39 sen per share to a second interim cash dividend of the same amount, to be paid on May 6, 2020.

Initially, the final cash dividend was proposed in the group’s fourth quarter 2019 results, for the approval of shareholders at the forthcoming AGM.

Xin Hwa Holdings Bhd announced that its wholly-owned subsidiary Xin Hwa Trading & Transport Sdn Bhd (XHTT) has been appointed by Malaysia Marine and Heavy Engineering Sdn Bhd as a subcontractor of logistics services.

While the contract has no firm value as it does not constitute a commitment for volume of orders, the company expects to generate revenue of about RM2 million per annum from the three-year contract.