NWP Holdings, Cycle & Carriage Bintang, Omesti, Solarvest, Compugates, T7 Global and Green Packet

TheEdge Mon, Feb 10, 2020 11:32pm - 4 years View Original


KUALA LUMPUR (Feb 10): Based on corporate announcements and news flow today, stocks in focus on Tuesday (Feb 11) may include: NWP Holdings Bhd, Cycle & Carriage Bintang Bhd, Omesti Group Bhd, Solarvest Holdings Bhd, Compugates Holdings Bhd, T7 Global Bhd and Green Packet Bhd.

NWP Holdings Bhd’s group chief executive officer Datuk Seri Kee Soon Ling has been suspended from his duties with immediate effect, as the group investigates a potential breach of fiduciary duty in the past transactions involving a subsidiary of the group.

The timbre products manufacturer has also established an investigative working group to carry out the necessary investigation. During the investigation proceeding period, all the executive power accorded to the group chief executive officer will be suspended until further notice.

Cycle & Carriage Bintang Bhd shareholders will decide tomorrow (Tuesday) at an extraordinary general meeting (EGM) on the privatisation of C&C Bintang via a selective capital reduction (SCR) and repayment of RM2.20 per share. Its share price has been on a downtrend over the past few trading days. The stock fell 19 sen or 10.5% today to close at RM1.62, bringing a market capitalisation of RM163.21 million.

Omesti Group Bhd’s indirect subsidiary has secured orders worth RM35.7 million for the provision of hardware and software operated by the Inland Revenue Board (LHDN). The order involves the supply, delivery, installation and maintenance of hardware and software for the Hasil Integrated Tax System (HITS), operated by LHDN.

The order was received by Applied Business Systems Sdn Bhd (ABS) from Strateq Sdn Bhd. According to Omesti's annual report, ABS is indirectly wholly-owned by Microlink Solutions Bhd, which in turn is a 61.53%-owned subsidiary of Omesti.

Solarvest Holdings Bhd, whose share price surged over 20% earlier today before paring some gains, has been slapped with an unusual market activity query by Bursa Malaysia. Bursa requested Solarvest to respond whether it has any corporate development not yet announced to the public, or reports that may account for the unusual trading activity today. The stock closed at RM1.10, still seven sen or 6.8% higher than Friday (Feb 7)’s close.

Compugates Holdings Bhd has finally received approval from the Sepang Municipal Council (MPSp) to jointly develop Phase 1 of a 25.09ha agriculture land in Dengkil, Selangor. This is after over two years since it entered a conditional joint venture agreement with Jade Classic Sdn Bhd to develop a potential mixed development on the said land.

Based on preliminary plans, the proposed mixed development will comprise of 500 houses, 1,100 Rumah Selangorku homes and four blocks of 600 units of high rise mixed residential and commercial units. The estimated gross development value (GDV) of Phase 1 — with 418 units of houses, 278 units of Rumah Selangorku and the relevant infrastructure — is targeted to be RM230 million.

T7 Global Bhd has proposed to raise up to RM22 million in a private placement, to fund its ongoing projects. The placement involves the issuance of up to 55.17 million new shares, representing 10% of the group's total number of issued shares, to third party investors and at an issue price to be identified later.

Green Packet Bhd said today that its wholly-owned subsidiary Kiplepay Sdn Bhd has become the first fintech player in Malaysia to provide a white labelled e-wallet solution with Bank Negara Malaysia's (BNM) approval. Coupled with a payment gateway service, Green Packet said the white labelled e-wallet solution is a key strategic thrust to the group's overall fintech play, where it will provide a new revenue stream for the group.

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