Tropicana, MyEG, CIMB, TMC Life, Muhibbah Engineering, Genting Malaysia, DiGi and Caring Pharmacy

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KUALA LUMPUR (Jan 24): Based on corporate announcements and news flow today, companies that may be in focus on Friday (Jan 25) may include: Tropicana Corp Bhd, MyEG Services Bhd, CIMB Group Holdings Bhd, TMC Life Sciences Bhd, Muhibbah Engineering (M) Bhd, Genting Malaysia Bhd, DiGi.com Bhd and Caring Pharmacy Group Bhd.

Tycoon Tan Sri Danny Tan Chee Sing, founder and major shareholder of Tropicana Corp Bhd with a 63.56% stake, has returned to the helm of the property developer as executive vice chairman after a three-and-a-half-year hiatus.

Additionally the group said Chee Sing has injected what is left of his land bank worth RM1.85 billion into Tropicana.

The land bank, amounting to 1,116.88 acres under 12 real estate holding companies, are located in the Klang Valley and Johor, and has a potential gross development value (GDV) of RM24.82 billion.

MY E.G. Services Bhd (MyEG) will be filing an appeal to the Court of Appeals against the High Court’s judgment to uphold the Malaysia Competition Commission’s (MyCC) decision to slap a penalty of RM9.34 million on the e-government services provider for abusing its dominant position.

"We will be filing for a stay in the daily penalty and we will be filing an appeal to the Court of Appeals immediately," it said, adding that it had complied with the requirements to make changes to the user flow on the website as per MyCC’s request.

MyCC announced earlier today that the Kuala Lumpur High Court had, on Jan 22, upheld the commission's decision on June 24, 2016 to penalise MyEG and its wholly-owned subsidiary MYEG Commerce Sdn Bhd for infringing the Competition Act 2010.

CIMB Group Holdings Bhd said it plans to enter into the investment banking market in the Philippines, after its wholly-owned unit CIMB Group Sdn Bhd received yesterday the relevant approvals from the Securities and Exchange Commission of the Philippines to establish its investment banking business there.

CIMB's unit will be operating its investment banking business in the Philippines via a 60% shareholding in CIMB Bancom Capital Corp; the remaining 40% stake in CIMB Bancom will be held by local partners — Bancom II Consultants Inc and PLP Group Holdings Inc.

TMC Life Sciences Bhd’s net profit rose 11.7% to RM7.07 million for the first financial quarter ended Nov 30, 2018 (1QFY19) from RM6.34 million a year ago, on higher patient load, higher intensity cases handled and additional consultants recruited. Quarterly revenue also grew 13% to RM47.16 million from RM41.73 million a year ago.  

Muhibbah Engineering (M) Bhd has bagged two contracts worth RM165 million to supply noise barriers for installation along the Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) and the Damansara-Shah Alam Elevated Expressway (DASH).

It accepted the award of the contracts from Permodalan Nasional Bhd's (PNB) indirect wholly-owned subsidiary Turnpike Synergy Sdn Bhd. The contracts are scheduled to commence by the end of this month, with completion expected in the first quarter of 2021.

The Kuala Lumpur High Court here has granted Genting Malaysia Bhd (GENM) leave to commence judicial review proceedings against the Ministry of Finance's (MoF) decision in December 2017 to amend the tax incentive approval it gave in 2014.

In December 2014, the MoF had granted tax incentives for the Genting Integrated Tourism Plan (GITP), which among others, entitled GENM to claim for income tax exemption equivalent to 100% of qualifying capital expenditure incurred for a period of 10 years.

However, the Ministry decided in 2017 to amend the tax incentive approval given, which effectively prolongs the utilisation period of the tax allowances “significantly”.

DiGi.com Bhd saw a 4.9% net profit growth in its fourth quarter ended Dec 31, 2018 (4QFY18) to RM377.8 million, from RM360.08 million a year ago, which it attributed to a solid postpaid growth and efficient cost management.

Revenue for the quarter under review grew 1.8% to RM1.67 billion from RM1.64 billion a year ago.

It declared a fourth interim dividend of 4.8 sen per share, payable on March 29.

For the full year, DiGi's net profit rose 4.3% to RM1.54 billion from RM1.48 billion in FY17, while revenue grew 2.9% to RM6.53 billion from RM6.34 billion.

Caring Pharmacy Group Bhd recorded a 34.3% year-on-year surge in net profit for the second quarter ended Nov 30, 2018 (2QFY19), to RM5.74 million, on the back of higher margins and commendable sales at its new and existing outlets.

Revenue grew 12.8% to RM139.3 million from RM123.45 million in 2QFY18, contributed by sales generated from its 10 new outlets, as well as higher sales from its existing pharmacies.

For the cumulative six-month period, net profit grew 30.6% to RM9.83 million, against RM7.53 million in the year-ago period, while revenue expanded 13.5% to RM282.24 million from RM248.7 million.