KUALA LUMPUR (April 1): Based on corporate announcements and news flow today, companies that will be in focus on Thursday (April 2) may include: Yinson Holdings Bhd, Kenanga Investment Bank Bhd (KIBB), Wong Engineering Corp Bhd (WEC), Keck Seng (Malaysia) Bhd (KSM), Genting Bhd, Landmarks Bhd, Sapura Energy Bhd, Top Glove Corp Bhd, Affin Bank Bhd, Boustead Heavy Industries Corp Bhd (BHIC) and Minetech Resources Bhd.
Yinson Holdings Bhd’s contract from Aker Energy Ghana Ltd to provide a floating production storage and offloading (FPSO) vessel for the latter's Pecan development project in offshore Ghana has been terminated amid the Covid-19 pandemic.
“The termination is due to the decision made by Aker Energy to postpone the activities under the DWT/CTP Petroleum Agreement and the development of the project until further notice amidst the COVID-19 pandemic,” Yinson said in the filing with Bursa Malaysia today. Yinson added it will preserve its right under the letter of intent (LoI) for compensation arising from the termination.
Kenanga Investment Bank Bhd (KIBB) is selling off its wholly-owned Libra Invest Bhd, which it had stripped down for consolidation with its asset management arm towards the end of last year, for RM10.75 million. Libra Invest — formerly the fund management arm of ECM Libra Financial Group Bhd that KIBB acquired for RM50.6 million in July last year — is being sold to Ericsenz Partners Sdn Bhd.
Wong Engineering Corporation Bhd (WEC) is injecting RM15.75 million into its substantial shareholder Ong Yoong Nyock’s company, Broadway Lifestyle Sdn Bhd (BLSB), to facilitate a land deal that would pave its way into real estate development.
In a bourse filing, WEC said it is taking up a 35% stake in BLSB for RM875,000, and is putting another RM14.87 million into the company via a preference share subscription. YoonGenting Bhdg Nyock and his son Wei Kuan, each hold a 50% stake in BLSB.
Palm oil and property player Keck Seng (Malaysia) Bhd said its hotel operations located in the US and Canada have temporarily closed, following the enforcement of citywide lockdowns. “In line with the directive, the operations of DoubleTree by Hilton Hotel Alana —Waikiki Beach (Hawaii), SpringHill Suites New York Midtown Manhattan (New York) and Delta Hotels by Marriott Toronto Airport and Conference Centre (Toronto) are temporarily suspended until further notice,” it said.
Back home, Keck Seng said its Tanjong Puteri Golf Resort in Johor was also affected, but it will continue to service guests who were staying at the resort prior to the Movement Control Order (MCO) imposed by the Government.
Genting Bhd’s associate Landmarks Bhd is also temporarily closing its resorts and leisure operations in Malaysia and Indonesia, starting today, as the pandemic caused serious and significant disruption to both domestic and international travels. As at March 29, Genting has a 27.55% stake in Landmarks.
Oil and gas support services provider Sapura Energy Bhd said it is in discussions with banks to refinance its borrowings and that these lenders are supportive of the company’s refinancing plans. In an email reply to queries by theedgemarkets.com, a Sapura Energy representative said the company expects to complete the refinancing exercise this year.
Top Glove Corp Bhd, which makes one out of every five gloves in the world, needs to urgently recruit up to 700 more workers as orders in the past few weeks have doubled, the company told Reuters on Wednesday. The world's biggest maker of medical gloves, it is grappling with a serious shortage of workers as it tries to meet a huge surge in demand as countries such as the United States run out of personal protective gear due to the coronavirus outbreak.
Affin Bank Bhd has appointed Wan Razly Abdullah Wan Ali as its chief executive officer (CEO), replacing Kamarul Ariffin Mohd Jamil who has completed his contract, effective April 2, 2020. Wan Razly was chief financial officer of CIMB Group Holdings Bhd’s Indonesian subsidiary PT Bank CIMB Niaga Tbk for a decade, before returning to Malaysia last year, where he assumed the position of regional head of consumer strategic business management at CIMB.
Boustead Heavy Industries Corp Bhd (BHIC) has appointed Sharifuddin Md Zaini Al-Manaf as its new chief executive officer effective immediately. Sharifuddin has held various roles in the upstream and downstream segments of the oil and gas industry, including at Shell Malaysia.
Datuk Awang Daud Awang Putera, the co-founder of Serba Dinamik Holdings Bhd, has continued to increase his stake in Minetech Resources Bhd, following his appointment as the firm’s new executive chairman on Tuesday. He now holds 155.8 million shares or a 16.91% stake in Minetech, up 0.63% from the 150 million shares he owned on the first day he took office.
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