BCorp, Genting, AirAsia, Sime Darby, Careplus, Fintec Global, Sunsuria, Digi.Com, Maxis, Guocoland, Greatech, CCB, Freight Management, Cypark and Tashin

BCorp, Genting, AirAsia, Sime Darby, Careplus, Fintec Global, Sunsuria, Digi.Com, Maxis, Guocoland, Greatech, CCB, Freight Management, Cypark and Tashin
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KUALA LUMPUR (April 23): Based on corporate announcements and news flow today, companies that may be in focus on Monday (April 26) may include: Berjaya Corp Bhd, Genting Group Bhd, AirAsia Group Bhd, Sime Darby Bhd, Careplus Group Bhd, Fintec Global Bhd, Sunsuria Bhd, Digi.Com Bhd, Maxis Bhd, Guocoland (M) Bhd, Greatech Technology Bhd, Cycle & Carriage Bintang Bhd, Freight Management Holdings Bhd, Cypark Resources Bhd and Tashin Holdings Bhd.

Berjaya Corp Bhd (BCorp) CEO and shareholder Jalil Abdul Rasheed has been appointed as the deputy chairman of its listed subsidiary Redtone Digital Bhd. BCorp owns a 52.38% stake in the company while Sultan of Johor Sultan Ibrahim Ibni Almarhum Sultan Iskandar owns a 17.34% stake in the telecommunication service provider, according to Redtone’s FY20 annual report.

Genting Group Bhd, which will open Resorts World Las Vegas on June 24, are among companies keen on a Chicago casino resort project, according to a report. Among the gaming operators that have shown an interest in the request for proposals are Las Vegas-based Boyd Gaming Corp and Las Vegas Sands Corp, Bally’s Corp, Genting Group, Mohegan Gaming & Entertainment, Tilman Fertitta’s Landry’s Inc and Rush Street Gaming. An article in the Las Vegas Review-Journal said no decision was made so far regarding the location of the casino resort set to open in 2025 and the city of Chicago will award the project by early next year.

AirAsia Group Bhd expects clarity on its fund-raising efforts in the next two to three months, as the company continues talks with prospective funders, said its chief executive Tan Sri Tony Fernandes. The budget airline has been looking to raise up to RM2.5 billion to weather the pandemic-induced slump in global travel, initially aiming to secure the funds by the end of last year. Last month, it said that it expects to secure RM1 billion in loans from three Malaysian banks pending regulatory approvals. So far, it raised US$82 million from TPG Capital executives, Aimia Inc and others through private share placements.

Sime Darby Bhd's 36.63%-owned joint venture company Weifang Port Services Co Ltd (WPS) has entered into an agreement with CCCC Tianjin Dredging Co Ltd to settle 187 million yuan (RM118 million) interest on late payment by WPS. Under the new settlement agreement, WPS is required to pay the outstanding sum by Nov 20.

CCCC Tianjin Dredging was the JV's contractor to build a 35,000 deadweight tonne (DWT) main channel in Weifang Port, Shandong, China for 1.17 billion yuan.

ACE Market-listed Careplus Group Bhd is seeking to transfer its listing status to the Main Market of Bursa Malaysia. It expects the proposed transfer to the Main Market to be completed in the second half of this year.

Fintec Global Bhd has dispelled the notion that it is shuffling assets within the group. Noting that it is principally involved in the investment of both quoted and unquoted securities, the company said: "Fintec only owns stakes in these companies which does not entitle Fintec to exercise control over the management and affairs of these companies."

Since the trading of marketable securities is part of the company's ordinary course of business, Fintec said it is incorrect to suggest that funds or assets of the company are passed around. The company said this in a filing with Bursa Malaysia in response to an article in The Edge Malaysia's April 12-18 edition entitled "Hidden Hands Behind Penny Stock Surge Under Scrutiny".

Sunsuria Bhd's subsidiary Sunsuria City Sdn Bhd (SCSB) has revoked the deal to sell a piece of land in Salak Tinggi, Putrajaya South to its 60%-owned joint venture (JV) company Sunsuria Everrich Sdn Bhd (SESB). This is because SCSB's JV partner Welcome Global Co Ltd is unable to pay the remaining sum for the land purchase. Following this, SCSB has taken over Welcome Global's shares in SESB and will develop the property on its own since the property is located within its development project at Sunsuria City, Sepang.

Digi.Com Bhd’s net profit for the first quarter ended March 31, 2021 fell 20.23% to RM264.83 million from RM332 million a year ago, adversely impacted by mark-to-market adjustments on interest rate swaps. Its quarterly revenue slipped 0.64% to RM1.55 billion, from RM1.56 billion a year ago, attributed to lower non-internet contribution. It has declared an interim dividend of 3.4 sen, payable on June 25.

Maxis Bhd’s net profit slipped 6.4% to RM334 million for the first quarter ended March 31, 202 from RM357 million a year ago due to lower revenue which declined by 4.8% to RM2.23 billion from RM2.34 billion. The group declared a first interim dividend of four sen per share, payable on June 30.

Guocoland (M) Bhd reported a net profit of RM73.23 million for its third-quarter ended March 31, 2021, versus a net loss of RM11.37 million in the preceding quarter due to the disposal of land in Jasin, Melaka and higher revenue. Revenue grew by more than three times to RM334.9 million from RM91.32 million in 2QFY21, the property developer said.

Greatech Technology Bhd’s net profit jumped 152.25% to RM46.66 million for the first quarter ended March 31, 2021, from RM18.48 million a year earlier. The increase was mainly due to a higher reversal of unused provision for warranties of RM8.49 million made in the prior years, as well as favourable gross margin mix benefits realised from engineering design works. Revenue soared 80.41% to RM95.14 million from RM52.74 million a year ago, driven by higher revenue recognised for production line systems in the electric vehicle energy storage industry.

Cycle & Carriage Bintang Bhd (CCB) has returned to the black with a net profit of RM3.39 million in the first quarter ended March 31, 2021, from a net loss of RM9.63 million a year ago due to higher vehicle unit sales, lower operating expenses and financing costs. Revenue increased by 36% to RM292.83 million from RM215.91 million.

On a separate matter, CCB’s largest shareholder Jardine Cycle & Carriage Ltd, which made a fresh bid to privatise the country's largest dealer of Mercedes-Benz at RM2.40 per share last month, has extended the takeover offer deadline from April 28 to May 12.

Freight Management Holdings Bhd said it is not aware of any reasons for the steep rise in its share price, in its response to an Unusual Market Activity (UMA) query from Bursa Malaysia today. The stock soared 29.8% or 45 sen today to a record high of RM1.96. Trading volume ballooned to 12.78 million shares. Today's sharp rise added RM125.66 million to the company's market capitalisation of RM547.28 million.

Cypark Resources Bhd has inked an agreement with the Melaka State government to participate in a Waste-To-Energy public-private partnership at Sungai Udang, Melaka.

Tashin Holdings Bhd is acquiring land and buildings next to its existing factory in Perai, Penang, for RM43.5 million as it seeks to increase its production capacity to process slit coils, steel sheets and steel products. The expansion will see its annual production capacity for steel processing and products manufacturing facilities increase to 222,720 tonnes per annum from 149,520 tonnes currently.

S Kanagaraju