Star Media, T7, Omesti, Malton, DRB-Hicom, Astro, MMAG and Brahim’s

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KUALA LUMPUR (Sept 15): Based on corporate announcements and news flow today, stocks in focus on Thursday (Sept 17) may include: Star Media Group Bhd, T7 Global Bhd, Omesti Bhd, Malton Bhd, DRB-Hicom Bhd, Astro Malaysia Holdings Bhd, MMAG Holdings Bhd and Brahim's Holdings Bhd.

Star Media Group Bhd will be embarking on a retrenchment exercise to cut its headcount after its Mutual Separation Scheme (MSS) failed to yield the expected headcount reduction. In an internal notice sighted by theedgemarkets.com, chief financial officer Sam Au said the retrenchment exercise will commence in the fourth quarter of this year.

T7 Global Bhd has landed a contract worth RM16.93 million from the East Coast Economic Region Development Council (ECERDC) to build the Endau-Mersing Fish Processing Park in Endau, Johor. The group’s unit Tanjung Offshore Services Sdn Bhd had received a letter of award dated Aug 28 from ECERDC for the project, which runs from Sept 9, 2020 to March 8, 2022.

Omesti Bhd has bagged a contract worth RM14.44 million from the Road Transport Department (JPJ) for maintenance of the Automated Awareness Security System. The group’s indirect 51%-owned subsidiary Formis Network Services Sdn Bhd received the letter of award from JPJ yesterday. It said the duration of the project is 18 months — from Sept 14, 2020 to March 13, 2022.

Malton Bhd, which has received an unusual market activity (UMA) query from Bursa Malaysia today over the sharp increase in its share price recently, said it is unaware of what could have caused this. Last Tuesday (Sept 8), Malton's share price jumped 9.5 sen or 23.47% to 50 sen with a one-year-high volume of 52.59 million units. On Monday (Sept 14), the stock climbed to 59 sen, its highest in 12 months. Today, it settled 1.5 sen lower at 57.5 sen, after 16.16 million shares were done.

DRB-Hicom Bhd's 51.1%-owned unit Proton Holdings Bhd will be taking orders for its X50 crossover sport utility vehicle (SUV) tomorrow. The X50 rolled off the production line at Proton's Tanjung Malim plant for the first time today, according to the national carmaker. The plant saw a RM1.2 billion extension in 2019.

Astro Malaysia Holdings Bhd's net profit for its second quarter ended July 31, 2020 (2QFY21) jumped 81% to RM133.65 million, from RM73.84 million in the preceding quarter of 1QFY21, due to lower content costs and impairment of receivables, offset by higher merchandise costs, as a percentage of revenue. Quarterly revenue grew 3.62% to RM1.09 billion from RM1.05 billion, mainly due to increase in merchandise sales, offset by a drop in advertising revenue. The group declared a higher dividend of 1.5 sen for 2QFY21 to be paid out on Oct 14, up half a sen from one sen per share for 1QFY21.

MMAG Holdings Bhd has entered into an exclusive agreement that will see it provide ICT, worker transport and logistics services to a company involved in the East Coast Rail Line (ECRL) megaproject. The group’s unit MMANTAP Sdn Bhd had entered into an exclusive partnership agreement with manpower consultant JR Joint Resources Holdings Sdn Bhd.

Loss-making Brahim's Holdings Bhd has parted ways with its white knight MRI VC Bhd, which inked a heads of agreement in December 2019 with Brahim's to help the company with its regularisation plan. The deal was called off after taking into consideration current uncertainties surrounding the group's business, global economy and financial markets, the group said in a bourse filing.

Tan Choe Choe