IJM Corp, 7-Eleven, Maybank, Southern Cable, Ancom Nylex, ECM Libra, MN Holdings, MGRC, Scomi, Bina Darulaman, Integrated Logistics, Ecoscience International and UMediC

TheEdge Tue, Jul 19, 2022 12:51am - 1 year View Original

KUALA LUMPUR (July 18): Here is a brief look at some corporate announcements and news flow on Monday (July 18), which include IJM Corp Bhd, 7-Eleven Malaysia Holdings Bhd, Malayan Banking Bhd (Maybank) , Southern Cable Group Bhd (SCable), Ancom Nylex Bhd, ECM Libra Group Bhd, MN Holdings Bhd, Malaysian Genomics Resource Centre Bhd (MGRC), Scomi Group Bhd, Bina Darulaman Bhd (BDB), Integrated Logistics Bhd, Ecoscience International Bhd and UMediC Group Bhd (UMC).

IJM Corp Bhd has proposed an inaugural RM360 million nominal value sukuk murabahah to be issued under an Islamic medium term notes programme based on the Shariah-principle of murabahah. This was following a subscription agreement signed between IJM Corp's wholly-owned subsidiary Fairview Valley Sdn Bhd with CIMB Investment Bank Bhd and CIMB Islamic Bank Bhd.

7-Eleven Malaysia Holdings Bhd is weighing exiting its pharmacy chain Caring Pharmacy Group Bhd, Bloomberg said according to sources. The company could seek a valuation for the retailer of about RM1.78 billion in a deal. 

Malayan Banking Bhd (Maybank) has received an "AA" rating from MSCI ESG Ratings for the second consecutive year. Maybank said the leadership rating of "AA" places it among the top 36% of 189 diversified banks rated globally based on the MSCI ACWI Index (All Country World Index), of which only 4% achieved the highest rating of "AAA". 

Southern Cable Group Bhd (SCable) has bagged a RM293.8 million contract to supply power cables to Tenaga Nasional Bhd (TNB) for a one-year period from July this year, with an optional extension for another year. SCable managing director Tung Eng Hai said the latest letter of award (LOA) will enhance the group’s earnings prospects for the current financial year ending Dec 31, 2022 and onwards.

Ancom Nylex Bhd had a bumper profit year in the financial year ended May 31, 2022 (FY22). The chemical group's net profit for the fourth quarter ended May 31, 2022 (4QFY22) climbed more than four times or 330% to a record high of RM31.92 million, from RM7.42 million in the same period last financial year, mainly on improved sales performances by its industrial chemicals and agricultural chemicals divisions.

ECM Libra Group Bhd deputy chairman Datuk Lim Kian Onn, who launched a mandatory general offer (MGO) in May,  had not received sufficient valid acceptances for him to control over 50% of the group’s voting shares when the offer closed on Monday (July 18). At market close, Lim and persons acting in concert with him held in aggregate a 41.91% stake in the group. The MGO is conditional upon the offeror receiving valid acceptances, that resulted in him controlling over 50% of the shareholding.

MN Holdings Bhd has bagged a contract worth RM26.9 million for the engineering, procurement, construction and commissioning (EPCC) of an interconnection facility for a large scale solar photovoltaic (LSSPV) plant in Chuping, Perlis. The job is to start immediately and be completed by Sept 30, 2023. With this contract, MN Holdings has successfully increased its order book to approximately RM258 million.

Malaysian Genomics Resource Centre Bhd (MGRC) has appointed HLB Ler Lum Chew PLT as its external auditor for the financial year ended June 30, 2022, after the resignation of Crowe Malaysia PLT last month as the company's auditor. MGRC said Crowe resigned as its term had exceeded a period of five years.

Scomi Group Bhd and RC Asia Engineering Sdn Bhd (RCA), a privately-held railway track specialist, have mutually agreed to discontinue their joint venture after the agreement lapsed on Friday (July 15). The ailing oil and gas service provider blamed delays in commencement of the tenders of potential projects, for the JV being scrapped.

Bina Darulaman Bhd (BDB) has appointed Mohd Iskandar Dzulkarnain Ramli as president and chief executive officer with effect from Monday (July 18). Mohd Iskandar first joined the company in 2014 as head of group corporate planning and enterprise risk management and was appointed as chief operating officer in 2018.

Integrated Logistics Bhd, which has changed its name to ILB Group Bhd, said the company’s shares will be traded and quoted under the new name with effect from 9am on Tuesday (July 19). 

Ecoscience International Bhd’s share price was trading below its initial public offering price (IPO) of 30 sen on its maiden day, although the company’s order flow is unlikely to be affected by the current sharp fall in crude palm oil prices. Ecoscience opened at a discount at 29 sen against its IPO price. The counter was traded between a high of 29.5 sen and a low of 25.5 sen on Monday, before it closed at 26 sen. Its trading volume was at 66.79 million shares. The company has a market capitalisation of RM88.4 million based on share price of 26 sen.

UMediC Group Bhd (UMC), which is en route to list on Bursa Malaysia's ACE Market on July 26, said the retail portion of its IPO was oversubscribed by 46.81 times. UMC, which allocated 18.7 million new shares under its IPO for the Malaysian public, said it received 7,888 applications from this category of investors for 893.92 million new shares.

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