TRC Synergy, Axis REIT, iDimension, Kejuruteraan Asastera, OCR, KKB Engineering and CIMB

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KUALA LUMPUR (Oct 21): Based on corporate announcements and news flow today, companies in focus tomorrow could include TRC Synergy Bhd, Axis Real Estate Investment Trust, iDimension Consolidated Bhd, Kejuruteraan Asastera Bhd (KAB), OCR Group Bhd, KKB Engineering Bhd and CIMB Group Holdings Bhd. 

TRC Synergy Bhd has secured a construction contract from Prasarana Malaysia Bhd worth RM99.50 million.

The group announced in an exchange filing that its wholly-owned Trans Resources Corporation Sdn Bhd had on Oct 17 received the letter of acceptance to design, construct and complete Prasarana’s new headquarters building in Damansara.

TRC said the project will contribute positively to its earnings and earnings per share of the group in the future.

Axis Real Estate Investment Trust’s (Axis REIT) net property income (NPI) rose 1.8% in the third quarter ended Sept 30, 2019 (3QFY19) to RM47.87 million from RM47.03 million a year ago, after adding three more properties to its portfolio during the period.

Total income increased by 2.9% year-on-year to RM53.86 million from RM52.35 million, with property income reaching RM53.64 million versus RM52.13 million previously, its stock exchange filing showed. The REIT's net income, however, fell 12.07% to RM26.15 million for the quarter from RM29.74 million a year ago.

It announced a third income distribution per unit (DPU) of 2.35 sen for 3QFY19 — down one sen from the 2.36 sen it announced in 3QFY18 — which will be paid on Nov 29. The payout represents 99.8% of the REIT’s realised income available for distribution generated from its operations during 3QFY19.

An independent and non-executive director of loss-making iDimension Consolidated Bhd, Collin Goonting, has resigned from his post, citing a lack of transparency in the company’s board.

Goonting, 72, indicated there has been a lack of transparency within the members of the board and he is very concerned that the interest of the shareholders are not considered when certain decisions are made. “His only option is either to condone the decisions or to resign and he chose the latter,” the company said in a Bursa Malaysia filing today, as to the reason for his resignation.

Consequently, he also relinquished his position as a member of the company’s audit, remuneration and nomination committees. A practising lawyer who has been active in the corporate and financial sectors both in Malaysia and abroad, Goonting was appointed to Dimension's board on Nov 22, 2013.

Kejuruteraan Asastera Bhd (KAB) is partnering Resource Data Management Asia Sdn Bhd (RDMA) to identify opportunities in the provision of end-to-end solutions related to energy efficiency, automation engineering, as well as integration of the Internet of Things (IoT).

KAB said its wholly-owned subsidiary KAB Technologies Sdn Bhd (KABT) has inked a joint venture (JV) and shareholders' agreement with RDMA, following the memorandum of understanding (MoU) entered into by the parties on Sept 3.

Under the agreement, KABT will be holding 80% of the shares in the JV company, while RDMA, which is involved in the distribution of electronic control systems related to temperature and energy, will hold the balance 20% stake.

Boutique property developer OCR Group Bhd is targeting to launch its second Kuantan project in the first half of 2020 (1H20), after its first affordable housing project in Kuantan saw an encouraging take-up rate.

The second project, named Vertex Kuantan, is a mixed development with a gross development value (GDV) of RM268 million.

Upon completion, it will be the tallest development in Kuantan by the first half of 2023, said OCR managing director Billy Ong Kah Hoe in a statement.

Meanwhile, the group saw 85% of its affordable homes under the first phase of its PRIYA Scheme Kuantan project taken up, reflecting strong demand for affordable housing.

KKB Engineering Bhd has bagged two water supply contracts, as well as piping supply orders, worth a cumulative RM60.9 million.

The water supply contracts were awarded by the Sarawak Rural Water Supply Department and are for the Sarawak Water Supply Grid Programme, which entails the construction of water supply from Kota Samarahan to Sebuyau, the group said in a filing.
 
The contract period will last between 14- and 16 months for the two contracts.

CIMB Group Holdings Bhd announced Adisorn Sermchaiwong's appointment as CIMB Thai Bank PCL president and chief executive officer (CEO) effective Saturday (Oct 19), to ensure the group stays strong against a fast-evolving and challenging operational landscape.

CIMB Group said Adisorn succeeds Kittiphun Anutarasoti, who will not continue his role at CIMB Thai at the expiry of his current contract.