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Favelle Favco, UMW, Solution, Encorp, IHH and WZ Satu

TheEdge Wed, Sep 23, 2020 11:57pm - 1 month ago

KUALA LUMPUR (Sept 23): Based on corporate news flow and announcements today, companies that may be in focus tomorrow are Favelle Favco Bhd, UMW Holdings Bhd, Solution Group Bhd, Encorp Bhd, IHH Healthcare Bhd and WZ Satu Bhd.

Favelle Favco Bhd said three subsidiaries have bagged RM56.1 million in purchase orders for the group's cranes since Aug 27. The orders were received from ExxonMobile Exploration and Production Malaysia Inc, TES Inc and Noronha Holdings Pty Ltd (trading as Rhemza Cranes Pty Ltd). ExxonMobile made an offshore crane order with the rest making tower crane orders.

UMW Holdings Bhd's (UMW) subsidiary UMW Toyota Motor Sdn Bhd has succeeded in striking out a suit filed by businessman Deepak Jaikrishnan over three pieces of land in Selangor. The High Court also ordered Deepak to pay costs to UMW Toyota. Deepak had alleged that UMW Toyota, Boustead Holdings Bhd (with subsidiaries Bakti Wira Development Sdn Bhd and Cebur Megah Development Sdn Bhd), the Federal Land Commissioner and Suntrack Development Sdn Bhd had sought to deprive him of two plots of land in Kapar and Bukit Raja totalling 223 acres.

Solution Group Bhd's unit has inked an agreement to market and distribute Covid-19 vaccine by CanSino in Malaysia. The group said it will establish a fill and finish facility for the filling, finishing and final quality control of the CanSino vaccine. This facility will be located at its existing premises at Technology Park Malaysia in Bukit Jalil.

Encorp Bhd plans to raise RM5.51 million via a private placement to fund its business expansion activities and working capital requirements, as well as to address its public shareholding spread. The property developer said it will be placing 30.61 million shares — representing 10% of its share capital — to selected third-party investors. The group said RM3.76 million from the placement exercise would be used as working capital, which could be deployed for property development rebranding and marketing for Encorp Strand Mall and staff-related costs.

IHH Healthcare Bhd said the Indian Supreme Court has refused to prioritise hearing pleas to allow the group's open offer for shares in Fortis Healthcare Ltd. The court will hear the issue of the Fortis share sale along with the main case between Daiichi Sankyo and brothers Malvinder and Shivinder Singh. Daiichi Sankyo opposed further sale of Fortis shares to IHH, the court was told. The court gave Daiichi Sankyo two weeks to give its written response to the petition to allow the open offer for Fortis shares.

WZ Satu Bhd has filed a RM59.21 million lawsuit over the failure by its subsidiary to achieve the profit guarantee and shareholders' fund guarantee given in 2014 when the subsidiary was acquired. The group is suing Datuk William Tan Chee Keong, Choi Chee Ken and Pacific Trustees Bhd over WZS BinaRaya Sdn Bhd's failure to achieve the two guarantees stated in the share sale agreement. There were profit shortfall of RM59.21 million and shareholders' fund shortfall of RM58.96 million during the period of the guarantees.

Related Stocks

BSTEAD 0.620
ENCORP 0.180
FAVCO 2.310
IHH 5.100
SOLUTN 0.650
UMW 2.300
WZSATU 0.185


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