KUALA LUMPUR (April 27): Here is a brief look at some corporate announcements and news flow on Wednesday (April 27), involving MN Holdings Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd (MHB), Top Glove Corp Bhd, Unisem (M) Bhd, GIIB Holdings Bhd, Petronas Gas Bhd (PetGas), Shin Yang Shipping Corporation Bhd, ViTrox Corporation Bhd, IGB Real Estate Investment Trust (REIT), Ireka Corp Bhd, CapitaLand Malaysia Trust (CLMT), Kossan Rubber Industries Bhd, British American Tobacco (Malaysia) Bhd, Fraser & Neave Holdings Bhd, Anzo Holdings Bhd and SP Setia Bhd.
ACE Market-bound MN Holdings Bhd has secured contracts worth RM32.5 million of underground utilities and substation engineering services and solutions in Selangor and Johor. The company said its unit Mutu Nusantara Sdn Bhd has received a letter of award from Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd, appointing it to be the subcontractor to provide horizontal directional drilling construction works for RM7.8 million.
Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) has inked a strategic alliance with Singapore-headquartered Dyna-Mac Holdings Ltd for a consortium agreement to cooperate and jointly bid on targeted international projects. The deal was signed between Malaysia Marine and Heavy Engineering Sdn Bhd and Dyna-Mac Engineering Services Pte Ltd.
Top Glove Corp Bhd's wholly-owned subsidiary TG Excellence Bhd will cancel RM40 million worth of Islamic bonds under the latter's RM3 billion perpetual sukuk programme on Friday (April 29) pursuant to TG Excellence's buy-back transaction notification, according to the bonds' facility agent Hong Leong Investment Bank Bhd (HLIB). HLIB, however, did not specify the duration and annual profit rate of TG Excellence's perpetual sukuk.
Unisem (M) Bhd's net profit for the first quarter ended March 31, 2022 rose 11.63% to RM50.69 million from RM45.41 million, driven by higher sales volume as well as improvement in average selling prices. Revenue increased 13.5% to RM424.45 million versus RM373.94 million.
Technical rubber compound provider GIIB Holdings Bhd has announced a further 14-day suspension of Wong Weng Yew as one of its executive directors as an external independent auditor had just commenced an investigation into Wong's previous handling of the company's accounts. The
suspension was previously extended until April 25, pending the evaluation of his reply to a show-cause letter issued to him. At the time, no reason was
stated for the suspension or the show-cause letter.
Petronas Gas Bhd (PetGas) plans to set aside some RM1.4 billion in capital expenditure for the current year, compared with RM1.2 billion last year, as it
expects a step-up in maintenance activities for major projects announced last year, in line with its growth aspirations. The five projects for which a final
investment decision was made last year are a 42km lateral gas pipeline to Pulau Indah, new oxyalkylate facilities, a new lateral gas pipeline in Sepang, the Southern Peninsular Gas Utilisation expansion, a new compressor station in Kluang and the Terengganu Crude Oil Terminal off-gas rerouting project in Kerteh.
Shin Yang Shipping Corporation Bhd has proposed to acquire 100% of Piasau Gas Sdn Bhd for RM22.8 million cash in an acquisition it said would strengthen and complement the shipbuilding activities of the group. Piasau Gas is principally engaged in the business of manufacturing, distribution and marketing of industrial gases, provision of services and maintenance and trading in welding equipment and machinery.
ViTrox Corporation Bhd’s net profit in the first quarter ended March 31 jumped by almost 63% to RM50.02 million from RM30.7 million a year ago, underpinned by higher revenue and stronger US dollar. Revenue expanded 42.5% to RM185.28 million from RM129.88 million, due to strong sales demand from both Automated Board Inspection and Machine Vision System.
IGB Real Estate Investment Trust (REIT), which owns the Mid Valley Megamall and The Gardens Mall, saw its net property income for the first quarter ended March 31, 2022 soar 72.7% to RM107.71 million from RM62.38 million a year ago. The investment trust attributed the higher property income to reversal for impairment of trade receivables in the quarter under review and lower rental support given to tenants, which helped boost its revenue.
Ireka Corp Bhd has appointed Messrs Baker Tilly Monteiro Heng PLT as its new external auditor for the financial year ended June 30, 2022 until the next AGM. Ireka recently received a written notice from Crowe Malaysia PLT indicating its intention to resign as the external auditors of the company owing to a lack of audit resources.
CapitaLand Malaysia Trust (CLMT) posted a 45% rise in net property income to RM36.1 million for the quarter ended March 31, 2022, from RM24.9 million in the previous year’s corresponding quarter, on the back of a gradual reopening of more economic sectors. Distributable income amounted to RM20.5 million or 0.95 sen per unit, while revenue grew 19% to RM67.59 million from RM56.66 million a year earlier.
Kossan Rubber Industries Bhd posted a 91% plunge in net profit to RM90.1 million in the first quarter ended March 31, from RM1.04 billion a year ago, as demand for gloves and their average selling price normalised following greater control of Covid-19 infections worldwide. Revenue fell 68.5% to RM690.63 million from RM2.19 billion due to lower revenue from its gloves and clean-room division.
British American Tobacco (Malaysia) Bhd (BAT Malaysia) has urged the government to focus on tackling the tobacco black market, which is expected to
see an increase in activity following the reopening of borders on April 1. BAT Malaysia managing director Nedal Salem said the black market currently commands 60% of the total market and causes a loss of RM5 billion in tax revenue every year.
Fraser & Neave Holdings Bhd’s (F&N) net profit fell 9.32% to RM93.87 million for the second quarter ended March 31, 2022, from RM103.51 million a year ago, on commodity price pressures and forex translation loss from a weaker baht. Revenue inched up 1.47% to RM1.11 billion from RM1.09 billion, supported by Malaysia’s food & beverage improved performance. F&N declared an interim dividend of 27 sen per share, to be paid on May 31.
Bursa Securities had issued a show-cause notice to integrated contractor and timber service provider Anzo Holdings Bhd over the suspension and delisting of its securities. Anzo said the regulator has informed the company to furnish it with representations by May 6 as to why a suspension should not be imposed on the trading of its shares, as well as why Anzo should not be delisted.
Property developer S P Setia Bhd has proposed to undertake a renounceable rights issue of new class C Islamic redeemable convertible preference shares (RCPS-i C) to raise up to RM1.18 billion on an entitlement date to be determined later. The group intends to utilise the proceeds raised to redeem all outstanding RCPS-i B which were issued in December 2017 and to repay borrowings. As at April 8, 2022, it had 1.18 billion RCPS-i B amounting to RM1.04 billion in issue.