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MMHE, Top Glove, Hovid, Boustead Plantations, Menang, D’Nonce and Sanbumi

TheEdge Wed, Jan 09, 2019 12:53am - 8 months ago

KUALA LUMPUR (Jan 8): Based on corporate announcements and news flow today, companies that may be in focus on Wednesday (Jan 9) may include the following: Malaysia Marine and Heavy Engineering Holdings Bhd, Top Glove Corp Bhd, Hovid Bhd, Boustead Plantations Bhd, Menang Corp (M) Bhd, D’Nonce Technology Bhd and Sanbumi Holdings Bhd.

Malaysia Marine and Heavy Engineering Holdings Bhd’s (MMHE) wholly-owned Malaysia Marine and Heavy Engineering Sdn Bhd has bagged a frame work agreement from Petroliam Nasional Bhd (Petronas) for the provision of engineering, procurement and construction (EPC) of fixed offshore structure works.

The frame agreement consists of two packages, namely fixed offshore structures of weight exceeding 7,500MT (Package A) and fixed offshore structures of weight not exceeding or equal to 7,500MT (Package B).

The agreement, valid for six years for both packages, is on a mini bidding basis, applicable to projects being managed under Petronas' Petroleum Agreement Contractors and covers all oil and gas blocks within Malaysia.

Top Glove Corp Bhd said it will take time to turn the operations of Aspion Sdn Bhd around, but the results will be obvious in between one and three years' time.

The group's executive chairman Tan Sri Lim Wee Chai told reporters today Aspion accounted for about 10% of its sales revenue per quarter, and the contribution from the subsidiary for the financial year ending Aug 31, 2019, will remain relatively small.

Hovid Bhd managing director David Ho Sue San and private equity firm TAEL Two Partners Ltd — via its special purpose vehicle Fajar Astoria Sdn Bhd — have secured 94.94% of the pharmaceutical company’s shares at the close of their takeover offer today.

The offerors held 784.07 million shares or 94.92% in Hovid as at the close of the offer and received acceptances for another 158,000 shares or 0.02% stake in the company on the final closing date.

The offer was launched on Oct 9, 2017.

Boustead Plantations Bhd has filed a suit claiming RM37.21 million from a unit of S P Setia Bhd in relation to a refund under the goods and services tax (GST).

Acting as the group's trustee, CIMB Islamic Trustees Bhd had filed the claim against Setia Fontaines Sdn Bhd for alleged breach of a sales and purchase agreement.

Boustead Plantations is claiming damages totalling RM37.21 million of GST that was chargeable on the land it sold to Setia Fontaines on Dec 22, 2016, as well as 8% interest per annum.

Menang Corp (M) Bhd has lost a lawsuit in the Industrial Court in relation to the dismissal of its former deputy managing director (MD) and deputy chief executive officer (CEO) Toh May Fook.

The court ruled that Toh’s dismissal was in breach of the rules of natural justice, and ordered the company to pay RM278,400 to Toh as compensation within 30 days.

Toh, 60, was terminated from his post of deputy MD and deputy CEO on July 19, 2016 by Menang’s former group MD and CEO Datuk Eddie Shun Leong Kwong.

D’Nonce Technology Bhd will undergo an investigative review following the findings of a special investigative audit into transactions made by former managing director and chief executive officer (CEO), Law Kim Choon.

The company said it has appointed Deloitte Corporate Solutions Sdn Bhd to perform the investigation.

On Dec 7 last year, the company announced it was suing Law as he had allegedly committed fraud and conspiracy of breaching fiduciary duties.

Sanbumi Holdings Bhd saw 13.06 million shares or a 5.77% stake traded off market today for a total of RM6.53 million.

The single block of shares was exchanged in a direct business transaction at 50 sen per share, representing an eight sen or 19% premium to the loss making group’s closing price of 42 sen today, which was a more than 20-year high.

Identities of the parties involved in the transaction were unknown at the time of writing.

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