MMC, Gamuda, IOI Corp, AirAsia, EITA, DNex, Sunway, MKH, Tropicana Corp and Ipmuda

TheEdge Fri, Oct 26, 2018 10:58pm - 5 years View Original


KUALA LUMPUR (Oct 26): Based on corporate announcements and news flow today, stocks in focus for Monday (Oct 29) may include the following: MMC Corp Bhd, Gamuda Bhd, IOI Corp Bhd, AirAsia Group Bhd, EITA Resources Bhd, Dagang Nexchange Bhd, Sunway Bhd, MKH Bhd, Tropicana Corporation Bhd and Ipmuda Bhd.

The Ministry of Finance has announced that MMC-Gamuda KVMRT (T) Sdn Bhd, a joint-venture between MMC Corp Bhd and Gamuda Bhd, will remain the contractor for the underground works portion of the MRT Sungai Buloh-Serdang-Putrajaya line (MRT2) at an even lower cost of RM13.11 billion.

This is after the consortium agreed to a larger cost cut of 21.5% or RM3.6 billion, which is RM1.47 billion more than the reduction of RM2.13 billion previously offered, following renegotiatons between both sides on Oct 22.

IOI Corp Bhd sees two positive catalysts to further boost the group’s outlook in the current financial year ending June 30, 2019.

Chief executive officer Datuk Lee Yeow Chor sees an opportunity for the group to ramp up its palm oil exports to China from early next year in the wake of reduced soybean imports by Beijing, due to the US-China trade war.

Another positive factor is the rally in oil price which has boosted the prospects for biodiesel, as cheaper palm oil prices could boost biodiesel exports to Europe. CPO prices are also expected to be higher by early next year, on the back of lower seasonal oil palm production.

AirAsia Group Bhd's consolidated aircraft operating certificates (AOCs) comprising Malaysia, Indonesia and the Philippines saw total passengers increase by 9% in the third quarter ended Sept 30, 2018 to 10.8 million from 9.89 million a year earlier, on higher capacity.

Capacity or number of seats flown recorded by the consolidated AOCs rose 16% to 13.23 million seats from 11.4 million seats a year ago.

The total fleet size of AirAsia Group’s consolidated AOCs grew to 127 aircraft.

Passengers carried by its Malaysia operations rose 7%, Indonesia 5% and Philippines 23%.

EITA Resources Bhd's 60%-owned subsidiary TransSystem Continental Sdn Bhd has secured a contract from Tenaga Nasional Bhd (TNB) for a main substation extension worth RM18.28 million in Ayer Tawar, Perak.

Time for completion of the contract will be 912 days from the commencement date on Oct 23.

Dagang Nexchange Bhd's (DNex) 60%-owned subsidiary, Innovation Associates Consulting Sdn Bhd, has bagged a RM59.36 million maintenance contract from the Accountant General’s Department.

The tenure of the contract is from Aug 10, 2018 until Aug 9, 2019.

Sunway Bhd has formed a joint venture with MKH Bhd to undertake an RM504 million transit-oriented freehold mixed development on a 5.28-acre piece of land in Kajang.

The development will comprise commercial lots and residential units, including affordable homes, and is expected to be launched in the fourth quarter of next year, with completion within four years.

Through their subsidiaries, Sunway and MKH will hold a 60% and 40% equity stake respectively in Daksina Harta Sdn Bhd, the joint venture company.

Tropicana Corporation Bhd’s wholly-owned subsidiary Tropicana Development (Penang) Sdn Bhd (TDP) is disposing of its 55% stake in Tropicana Ivory Sdn Bhd (TISB) for RM70.7 million to Hemat Tuah Sdn Bhd.

Upon the completion of the disposal, TDP will no longer hold any equity interest in TISB, a joint venture between Tropicana Corp (via TDP) and Ivory Properties Group Bhd (via Ivory Utilities Sdn Bhd).

Ipmuda Bhd has come to an agreement with Maju Holdings Sdn Bhd for the latter to settle its RM7.19 million debt to the former by transferring 10 units of properties in the project known as Maju Kuala Lumpur.

The 10 properties, worth an aggregate purchase price of RM6.65 million, will settle part of the debt, with the balance RM538,902 coming from the transfer of additional units of properties from the same development, or by way of cash from Maju Holdings.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

2194 0.000
CAPITALA 0.710
DNEX 0.350
EITA 0.940
GAMUDA 5.270
IOICORP 3.980
IVORY 0.065
JSB 1.010
MKH 1.330
SUNWAY 3.500
SUNWAY-PA 3.100
TENAGA 11.380
TROP 1.220

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