KUALA LUMPUR (June 5): Based on corporate announcements and news flow today, companies in focus on Wednesday (June 6) may include: TH Heavy Engineering Bhd, Kumpulan Perangsang Selangor Bhd, Kerjaya Prospek Group Bhd, Scomi Group Bhd, AWC Bhd, DBE Gurney Resources Bhd, Ekovest Bhd, AirAsia Group Bhd and Daya Materials Bhd.

TH Heavy Engineering Bhd said it will undergo a kitchen-sinking exercise so it can start with a clean slate and exit the Practice Note 17 (PN17) status by the first quarter of next year.

Chief executive officer Suhaimi Badrul Jamil said the group is now working to submit its regularisation plan to Bursa Malaysia by the Oct 26 deadline.

The group has to impair a lot of things, mainly the floating production storage and offloading (FPSO) units and hopefully, by then the group will return to the black.

Raja Datuk Idris Raja Kamarudin has resigned from his position as chairman of Kumpulan Perangsang Selangor Bhd (KPS), the flagship public-listed corporation of the Selangor State government.

KPS said this is pursuant to a letter from its major shareholder Kumpulan Darul Ehsan Bhd, the investment arm of the Selangor government, which was received today.

Kerjaya Prospek (M) Sdn Bhd, a wholly-owned subsidiary of Kerjaya Prospek Group Bhd, has been awarded the construction works for a marine bridge crossing the sea linking Jalan Seri Tanjung Pinang on Penang Island to Seri Tanjung Pinang Phase 2 (STP2) Island, for a contract sum of RM138.65 million.

Construction works will take approximately 27 months, starting on June 11, 2018 and targeting completion by Sept 10, 2020.

Scomi Group Bhd has proposed to place out new shares — up to 10% of its total number of issued shares at a price to be fixed later — to third party investors to be identified later to raise up to RM19.02 million, which will be used mainly for working capital for the group and its subsidiaries.

AWC Bhd said it will proceed with the completion of its proposed acquisition of a 60% equity interest in Trackwork & Supplies Sdn Bhd for RM43.5 million when Trackwork can achieve settlement or resolution of a RM19 million defect-machine claim by a customer.

Integrated poultry DBE Gurney Resources Bhd plans to acquire a piece of leasehold land in Kinta, Perak for RM5.39 million, in line with its diversification into property development.

It plans to develop terrace, semi-detached and bungalow houses (landed residential) on the plot, the details of which will be determined and finalised at a later stage.

Ekovest Bhd’s joint venture agreement (JVA) with Samling Resources Sdn Bhd to jointly undertake the development and upgrading of the Pan Borneo Highway in the state of Sarawak — Phase 1 for work package contract WPC-02 (Semantan to Sg Moyan Bridge and KSR Interchanges) — with a total contract value of RM2.1 billion, is now void.

Ekovest announced that its wholly-owned subsidiary, Ekovest Construction Sdn Bhd (ECSB) has received a letter on June 4 from Samling Resources, informing that Lebuhraya Borneo Utara Sdn Bhd (LBU), the project delivery partner for the project, has not consented for the project to be sub-contracted to Samling-Ekovest JV Sdn Bhd.

AirAsia Group Bhd has refuted reports that the company and its group chief executive officer Tan Sri Tony Fernandes had been “summoned” to appear before India’s Central Bureau of Investigation (CBI) on June 6 for “questioning”.

On June 1, the Times of India (TOI) reported that the CBI had summoned Fernandes to appear before the graft-buster agency on June 6, to question him regarding approval from the Foreign Investment Promotion Board to invest in India, as well as his alleged efforts to get the ‘5/20’ rule of civil aviation policy changed so that AirAsia could start international operations there.

AirAsia said that the company and Fernandes would fully cooperate with the respective authorities in India in the latter’s investigation.

Daya Materials Bhd has signed a master agreement with Schlumberger in Russia for the provision of a non-explosive radical cutting torch (RCT), perforating torch cutter (PTC Puncher) and related energetic and thermite based solutions services.

Daya Materials said its subsidiary Daya Maxflo Sdn Bhd (DMSB) has entered into the agreement with Schlumberger Logelco Inc, Schlumberger's operating branch and the representative office in Russia. The contract will be effective from June 5, 2018 until Dec 31, 2020.