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IHH, Pharmaniaga, Yinson, Reach Energy, Apex Equity, Serba Dinamik, Guan Chong, DNeX, GDeX, Widad, WZ Satu and Mega First

TheEdge Tue, Nov 19, 2019 12:29am - 8 months ago

KUALA LUMPUR (Nov 18): Based on corporate announcements and news flow today, companies in focus tomorrow (Nov 19) may include: IHH Healthcare Bhd, Pharmaniaga Bhd, Yinson Holdings Bhd, Reach Energy Bhd, Apex Equity Holdings Bhd, Serba Dinamik Holdings Bhd, Guan Chong Bhd, Dagang Nexchange Bhd (DNeX), GD Express Carrier Bhd (GDeX), Widad Group Bhd, WZ Satu Bhd and Mega First Corp Bhd.

IHH Healthcare Bhd is reportedly facilitating the planned sale of up to a 44% stake in SRL Ltd, the diagnostics arm of Fortis Healthcare Ltd. Private equity firms TA Associates, Warburg Pincus and ChrysCapital have been shortlisted to acquire the stake. Incoming investors will have to fork out at least Rs 1,750 crore or US$250 million, but the final deal size will depend on how much stake they eventually acquire. IHH holds 31.1% in Fortis.

Pharmaniaga Bhd confirms today that it has secured a five-year extension for the provision of logistics and distribution services to the Ministry of Health, that ends on Dec 31, 2024. It has also gained a 25-month interim extension for the provision of medicines and medical supplies to MoH facilities, starting Dec 1 this year, till Dec 31, 2021.

Yinson Holdings Bhd is raising US$800 million through the refinancing of its floating production, storage and offloading (FPSO) vessel John Agyekum Kufuor, which is currently operating offshore Ghana, from 13 banks.

Reach Energy Bhd has obtained “positive results” from testing the exploration well K-16 in its Emir Oil Concession Block onshore Kazakhstan, adding that K-16 is currently in extended well testing to further ascertain its commercial viability.

Shareholders of Apex Equity Holdings Bhd have reaffirmed their approval of the merger between its Kajang-based stockbroking unit JF Apex Securities Bhd and Mercury Securities Sdn Bhd, after an earlier vote had previously been invalidated. At Apex Equity's extraordinary general meeting today, the merger resolution was passed with shareholders and proxies attending the meeting holding 55.32% voting in favour, and 44.68% voting against.

Serba Dinamik Holdings Bhd managing director and chief executive officer Datuk Dr Mohd Abdul Karim Abdullah is feeling upbeat about the prospects of the company next year, thanks to better-than-expected order book performance as well as favourable growth catalysts from improved trade war sentiments. The company, which is maintaining its annual growth target of about 15% to 20% in top line and bottom line, aims to achieve an order book of about RM15 billion.

Cocoa processing company Guan Chong Bhd says FY19 will likely be a record earnings year for the company, after its 3QFY19 net profit grew 38% year-on-year to RM60.53 million from RM43.87 million, while revenue expanded 24% to RM744.61 million from RM598.78 million. It declared a third interim dividend of one sen per share in respect of FY19, payable on Jan 3, 2020. 

For the cumulative nine-month period, its net profit rose 38.4% to RM174.65 million from RM126.23 million, while cumulative revenue increased 33% to RM2.15 billion from RM1.61 billion.

Dagang Nexchange Bhd’s (DNeX) net profit grew 42.6% to RM9.48 million in 3QFY19 from RM6.65 million last year on lower income tax, despite a 2.07% decline in quarterly revenue to RM62 million from RM63.31 million. For  its nine-month period, net profit was down 3.65% to RM33.76 million from RM35.04 million last year, though revenue grew 9.45% to RM203.15 million, from RM185.6 million.

GD Express Carrier Bhd’s (GDeX) net profit shrunk 26.44% to RM4.76 million in 1QFY20, from RM6.47 million last year, due to margin squeeze. Quarterly revenue, however, grew 11.45% to RM83.04 million from RM74.51 million.

Widad Group Bhd’s wholly-owned unit which has been appointed as a subcontractor by Bumi Segar Indah Sdn Bhd (BSI) to undertake a RM120.03 million solid waste transfer station in Taman Beringin, Jinjang Utara, are both being sued by the project’s owners. 

KMK Power Sdn Bhd and KMK Green Ventures Sdn Bhd, both subsidiaries of KNM Group Bhd, filed the suit against Widad Builders Sdn Bhd (WBSB) and BSI on Nov 6, Widad said in a filing. 

KMK Power and KMK Green Ventures are seeking a declaration that WBSB’s transaction with BSI is void.  They are also claiming special damages inclusive loss of profit of RM35.75 million from WBSB and BSI.  

Widad said WBSB is of the view that WBSB is a third party to the project and it does not have any connection between KMK Power and KMK Green Ventures and BSI. WBSB has filed an application to strike out the claim on the basis that there is no cause of action against WBSB, and the matter is fixed to Nov 25, 2019 in the High Court, for case management.  

WZ Satu Bhd is planning to raise up to RM72.3 million from a renounceable rights issue of irredeemable convertible preference shares (ICPS) that comes with free detachable warrants.

The ICPS will be issued to shareholders at an entitlement date to be fixed on the basis of three ICPS for every four shares held and one free detachable warrant (Warrant B) for every four ICPS subscribed for. 

Of the proceeds to be raised, up to RM71 million will be used to fund future construction and/or project financing activities, while the remainder will be used for working capital and to defray estimated expenses in relation to the proposals.

Mega First Corp Bhd’s net profit fell 61.68% to RM14.62 million for the third quarter ended Sept 30, 2019 (3QFY19), from RM38.16 million a year earlier, no thanks to lower earnings in its power and property segments. Quarterly revenue declined 42.71% to RM125.51 million from RM219.069 million a year ago, mainly due to a decrease in construction revenue recognition.

For the nine-month period (9MFY19), Mega First’s net profit fell 28.14% to RM70.49 million or 17.5 sen per share, from RM98.1 million or 25.12 sen last year, while revenue decreased 22.47% to RM506.4 million from RM653.19 million.

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