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AirAsia, Alam Maritim Resources, APFT, KNM, Malaysia Pacific Corp, Protasco, Sapura Resources and Zelan

TheEdge Mon, Mar 11, 2019 11:21pm - 11 months ago

KUALA LUMPUR (March 11): Based on corporate announcements and news flow today, companies that may be in focus on Tuesday (March 12) may include the following: AirAsia Group Bhd, Alam Maritim Bhd, APFT Bhd, KNM Group Bhd, Malaysia Pacific Corp Bhd, Protasco Bhd, Sapura Resources Bhd and Zelan Bhd.

AirAsia Group Bhd has amended its sale and purchase agreement for its RM3.12 billion aircraft sale to Castlelake LP to include the share sale of five Merah Aviation entities, for the paid-up share capital of US$1.

The amendment for the deal would see Castlelake L.P.-controlled entities AS Air Lease Holdings 5T DAC and AS Air Lease 8 (Offshore) LP buying the entire equity stake of five Merah Aviation entities, with the previous SPA only involving just one Merah Aviation entity. The aircraft will be transferred to Merah Aviation before being sold to the Castlelake L.P. entities.

Alam Maritim Resources Bhd has bagged an RM40 million four-year contract to provide underwater inspection services for Carigali Hess Operating Co Sdn Bhd facilities.

Its subsidiary Alam Maritim (M) Sdn Bhd won the contract from Carigali Hess, and will deal in the inspection of Carigali Hess Jackets, pipelines and floating storage and offloading unit (FSO) with the contract set to last from Sept 5,2018 till Sept 4, 2022, with a possible one-year extension

Practice Note 17 (PN17) company APFT Bhd has received a letter  from four of its shareholders that hold an 11.26% stake in the group’s shareholdings to hold an Extraordinary General Meeting to remove and replace the group’s current directors Laxmi Devi  Murugan, Logonathan Vadivelu and Datuk Mohd Ismail Hamdan, while proposing the appointment of a new executive director in the form of Siva Kumar Kalugasalam.

The shareholders — Heng Yong Kang @ Wang Yong Kang, Tan Pow Choo @ Wong Seng Eng, Koh Boon Poh and Tan Bee Yook — hold an aggregate 151.09 million shares or 11.26% stake in the flight simulator company.

KNM Group Bhd has launched arbritratioon proceedings against Lukoil Uzbekistan Operating Company LLC for over US$96 million in unpaid works it carried out as a contractor in gas-condensate fields in Uzbekistan since Dec 3,2010.

Its wholly-owned unit, KNM Process Systems Sdn Bhd, submitted the request for arbitration against Lukoil with the Institute of the Stockholm Chamber of Commerce in Sweden today.

The group is seeking claims and damages in relation to unpaid invoices for work done, costs arising from the breach of contract, costs from design changes, additional works, prolongation of the contract and financial losses

Malaysia Pacific Corp Bhd is selling off its Wisma MPL building on Jalan Raja Chulan for RM189 million to Asia New Venture Capital Holdings Sdn Bhd in order to settle its RM148.54 million debt with RHB Bank Bhd, with the debt being a redemption sum for the land the building occupies.

Protasco Bhd has filed a law suit against its former sub-contractor Kuasatek (M) Sdn Bhd for a breach of contract. Protasco is also claiming a full refund of the RM2.96 million paid by its unit HCM Engineering Sdn Bhd to Kuasatek as part of an adjudication decision in July 2018.

It claims Kuasatek had breached a March 2016 contract to provide mechanical and engineering works for a four-story building with basement car parks in Bukit Jalil, Kuala Lumpur that was supposed to be occupied by the Asian Football Confederation (AFC), the governing body of Asian football.

Sapura Resources Bhd’s chief financial officer (CFO) Rosenah Mohd Hassan, 56, has resigned, citing "personal reasons", leaving the position vacant after one year and nine months on the job — with no replacement announced.

She was appointed as CFO on July 3, 2017, concurrently with her appointment as the group’s chief corporate officer (CCO).

Zelan Bhd has launched arbirtraion proceedings against NRY Architects for as much as RM305.4million over the latter’s breach of contract over the construction of buildings for the International Islamic University Malaysia (IIUM) in Kuantan. Zelan is also claiming a refund on the value of cost savings for deviation iterms amounting to RM5.97 million, as well as a declaration from NRY that it had failed to carry out its contractual obligations.

Furthermore, it is also claiming for the loss of income stemming from availability charges, asset management services charges and compounding interest charges from financial institutions of some RM261.12 million and general damages and liquidated damages, both to be determined by the tribunal, as well as all costs of the arbitration.

Related Stocks

ALAM 0.145
APFT 0.005
KNM 0.255
MPCORP 0.120
SAPRES 0.490
ZELAN 0.075


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