KUALA LUMPUR (May 7): Based on corporate announcements and news flow today, stocks in focus for Monday (May 10) may include the following: Genting Bhd, S P Setia Bhd, Scientex Bhd, Marine and General Bhd, Amcorp Properties Bhd, WCT Holdings Bhd, EP Manufacturing Bhd, Careplus Group Bhd, Pharmaniaga Bhd and Malaysia Smelting Corp Bhd.
Genting Bhd-owned Resorts World Las Vegas has announced a partnership with cryptocurrency exchange Gemini to explore future opportunities that will allow Gemini crypto wallet users to use the cryptocurrency facility for payments in the US-based casino and hotel entity. In a joint statement, Resorts World Las Vegas and Gemini said the partnership aims to make the former one of the most crypto-friendly resorts on the Las Vegas Strip.
S P Setia Bhd is selling eight parcels of plantation land in Johor to Scientex Bhd for RM518.1 million. S P Setia's wholly-owned Pelangi Sdn Bhd has inked a conditional sale and purchase agreement with Scientex’s wholly-owned Scientex Quatari Sdn Bhd for the disposal. The freehold plot of about 960 acres is in Tebrau, Johor Bahru, and is registered for agricultural use.
Marine and General Bhd (M&G) has secured an RM13 million work order award from PETRONAS Carigali Sdn Bhd for the provision of an anchor handling tug and supply vessel. The job is effective from June 2021 for a primary duration of 315 days from the commencement date.
M&G, which is involved in the upstream and downstream marine logistics business, said the order is expected to contribute positively to the group’s earnings for the financial period ending April 30, 2022.
Major shareholders of Amcorp Properties Bhd (Amprop) have proposed to take the company private via selective capital reduction (SCR) and repayment exercise of 90 sen per share. The repayment of 90 sen per share is at a 65% premium over its last traded price of 54.5 sen. The shareholders comprise Amcorp Group Bhd, Clear Goal Sdn Bhd and banker Tan Sri Azman Hashim together with Amprop Trust in which Azman has deemed interest.
WCT Holdings Bhd has clarified that its wholly-owned unit, Subang Skypark Sdn Bhd (SSSB), has proposed to re-concession and not to acquire the Sultan Abdul Aziz Shah Airport (formerly known as Subang Airport) as reported by several media organisations. The company also said that it plans to operate the airport the same way under a lease whereby the government would continue to own the land and Subang Airport.
EP Manufacturing Bhd (EPMB) has proposed a private placement of up to 31.6 million new shares in EPMB, representing up to 20% of its total shares, to third party investors to be identified later. It expects to raise gross proceeds of up to RM13.1 million — based on an illustrative issue price of RM0.42 per placement share — mainly to use as working capital.
A fat 51% profit margin boosted Careplus Group Bhd’s net profit to a record high of RM123.54 million for the first quarter ended March 31, 2021 (1QFY21), nearly triple the RM42.3 million it posted in the immediate preceding quarter. Quarterly revenue surged 86.6% quarter-on-quarter (q-o-q) to RM241.33 billion in 1QFY21 from RM129.33 billion in 4QFY20.
On a year-on-year (y-o-y) comparison, its quarterly revenue jumped 130.5% from RM447.25 million, while net profit leapt 11 times from RM1.14 million a year ago. Careplus declared an interim dividend of two sen per share for FY21, to be paid on June 16, compared with 0.5 sen a year ago.
Pharmaniaga Bhd has proposed a bonus issue of 1.06 billion shares on the basis of four bonus shares for every share held on an entitlement date to be announced later, to reward its shareholders.
Malaysia Smelting Corp Bhd returned to the black with a net profit of RM22.12 million in the first quarter ended March 31, 2021 (1QFY21) against a net loss of RM13.19 million a year before, as revenue increased by one-third to RM275.91 million from RM205.31 million a year ago, thanks to higher refined tin sales and more favourable average tin prices.