Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (March 13): Based on corporate announcements and news flow today, stocks in focus on Wednesday (March 14) may include UMW Holdings Bhd, IOI Properties Group Bhd, IJM Corp Bhd, SCGM Bhd,  Mercury Industries Bhd and Ire-Tex Corp Bhd.

UMW Holdings Bhd is seeking to raise up to RM1.1 billion via a rights issue to help fund the acquisition of a 50.07% stake in MBM Resources Bhd.

The group said the proposed rights issue is to primarily repay a bridging facility to be obtained by the group to acquire the 50.07% equity interest in MBM, as well as the resultant mandatory take-over offer for the remaining shares.

The final quantum of gross proceeds to be raised can only be determined after the closing date of the mandatory offer. Accordingly, the entitlement basis for the proposed rights issue and the issue price for the rights shares will only be fixed at a later date.

IOI Properties Group Bhd  has terminated its agreement with Hongkong Land International Holdings Ltd (HKLI) to jointly develop and manage a land parcel at Central Boulevard in Singapore, due to the “non-fulfillment of certain conditions precedent”.

The termination is not expected to impact the development of the Central Boulevard Site nor have any material impact on the group’s earnings per share and net asset per share.

IJM Corp Bhd has been awarded a contract for an underground package of the Light Rail Transit Line 3 project worth RM1.12 billion, by Prasarana Malaysia Bhd.

The project involves design, construction and completion of underground tunnel, stations, ancillary buildings and other associated works, scheduled to commence this month and is expected to be completed in 31 months.

This is IJM’s first construction contract win in 2018.

SCGM Bhd turned in a 22.7% lower third quarter net profit at RM5.4 million, against RM6.98 million a year ago, due to higher costs, depreciation charges and foreign exchange losses.

Quarterly revenue, however, rose 16.2% to RM53.42 million from RM45.99 million, buoyed by higher sales demand for its plastic packaging products.

SCGM has proposed a third interim single tier dividend of 1.5 sen per share, payable on April 13.

For the cumulative nine-month period, net profit fell 9.3% to RM16.25 million from RM17.92 million in the same period of the previous year. Cumulative revenue stood at RM159.19 million, up 26.5% from RM125.88 million previously.

Mercury Industries Bhd’s 70%-owned unit Paramount Bounty Sdn Bhd has been awarded a contract worth RM25.01 million entailing construction works in Gombak, Selangor.

The six-month contract, awarded by Aturan Prisma Sdn Bhd, involves site clearance, earthworks, retaining wall and soil improvement works.

The construction works are expected to contribute positively to the net assets and earnings of Mercury group for the financial year ending Dec 31, 2018.

Ire-Tex Corp Bhd was slapped with an unusual market activity query by Bursa Malaysia today after a sharp rise in its price and volume.

The counter was last traded 6.5 sen or 32.5% up at 26.5 sen, with a total of 41.26 million shares done for the day, giving it a market capitalisation of RM36.72 million.

In a reply to the UMA query, Ire-Tex said there is no corporate development in the company's business and affairs not previously disclosed or announced.

Ire-Tex’s share price, which has been on a declining trend over the last five years, has surged by 126.09% from its all-time low of 11.5 sen on March 2.

      Print
      Text Size
      Share