Axiata, Genting Malaysia, Sime Darby, MAHB, Perdana Petroleum, Eco World, TNB, Global Oriental, Nestcon, OM, Capital A, PetGas and Land & General

TheEdge Fri, Sep 16, 2022 01:08am - 1 year View Original

(Sept 15): Here is a brief recap of some corporate announcements that made news on Thursday involving Axiata Group Bhd, Genting Malaysia Bhd, Sime Darby Bhd, Malaysia Airports Holdings Bhd, Perdana Petroleum Bhd, Eco World Development Group Bhd, Tenaga Nasional Bhd, Global Oriental Bhd, Nestcon Bhd, OM Holdings Ltd, Capital A Bhd, Petronas Gas Bhd and Land & General Bhd.

Axiata Group Bhd moved a step closer to merging the telecommunication operations of its subsidiary Celcom Axiata Bhd with Norwegian Telenor Group’s unit DiGi.Com Bhd, after the Securities Commission Malaysia approved the plan. The completion of the proposed transaction will now be subject to the approval of Bursa Malaysia and by both Axiata and DiGi.Com shareholders. In June, the Malaysian Communications and Multimedia Commission had issued a notice of no objection to the proposed merger.

Genting Malaysia Bhd submitted a bid for the award of a new 10-year gaming concession for the operation of casino games of fortune in Macau. The bid was submitted by its indirect subsidiary, GMM SA, to the Macau Special Administrative Region (SAR) on Thursday, the group said in a bourse filing. The tender for the gaming concession gives the opportunity for the group to expand its business in the leisure and hospitality sector, as well as diversify its geographical footprint and participate in the recovery prospects of the Macau gaming segment.

Sime Darby Bhd said there is no final decision yet on whether the group will revive plans to list its healthcare unit on the Bursa Main Market. The diversified group will continue to explore all options, including an IPO for its 50%-owned subsidiary Ramsay Sime Darby Health Care Sdn Bhd (RSDH), after talks with IHH Healthcare Bhd to buy 100% of RSDH from its owners were terminated.

Malaysia Airports Holdings Bhd (MAHB) total passenger movements jumped 130% year-on-year (y-o-y) to 7.95 million in August from 3.46 million — the highest passenger volume recorded in 2022. In a statement to Bursa Malaysia, MAHB's network of airports recorded a 178% surge in international passenger movements to 3.3 million from 1.19 million. This was partly driven by the summer holiday period and visa relaxation in Saudi Arabia from July 30. Domestic passenger movements also grew 105% to 4.7 million from 2.27 million.

Perdana Petroleum Bhd said it has secured two work order awards worth RM11.6 million from Petronas Carigali Sdn Bhd that involve the provision of anchor handling tug and supply vessels with crew and equipment to perform 24-hour services for assisting and servicing drilling rigs, offshore installation, derrick barges, towing and anchor jobs.

Eco World Development Group Bhd (EcoWorld)’s net profit grew 32% to RM46.39 million for the third quarter ended July 31, 2022 (3QFY22) from RM35.15 million a year ago, thanks to lower finance costs, coupled with cost savings on selling and administrative expenses. Revenue fell 1.1% to RM443.97 million from RM448.91 million, the property developer’s bourse filing showed. The group declared an interim dividend of one sen per share with ex-date on Oct 4.

Tenaga Nasional Bhd (TNB) has received a sum of RM1.9 billion from the Federal government for the imbalance cost pass-through (ICPT) mechanism. The amount comprised the latest tranche of RM1.6 billion, adding on to another RM300 million received previously, a company spokesperson said. A back-of-the-envelope calculation shows this will offset 19.4% of TNB's outstanding under-recovery of the ICPT totalling RM9.81 billion as of end-June.

Global Oriental Bhd is acquiring three shop units in Pavilion Bukit Ceylon, Kuala Lumpur for RM30 million, as part of its development of a 39-storey premium service residence project. The shops units, priced at RM12.5 million, RM11.4 million and RM6.1 million respectively, are being purchased from Jelita Orientasi Sdn Bhd, Global Oriental said in a bourse filing.

The agreement between Nestcon Bhd and Singapore Exchange-listed Hatten Land Ltd to form a joint venture to supply, construct and manage solar photovoltaic (PV) plants and facilities in Malaysia has been terminated. Nestcon said its wholly owned subsidiary Nestcon Sustainable Solutions Sdn Bhd received a notice of termination of the JV agreement from Hatten Land's unit Hatten Renewable Energy Sdn Bhd (HRE) due to internal change in HRE's business strategy and growth goals in its energy division.

OM Holdings Ltd (OMH), via its subsidiary OM Materials (S) Pte Ltd (OMS), has fulfilled conditions to acquire the remaining 25% interest in its key Malaysian operating subsidiaries — OM Materials (Sarawak) Sdn Bhd and OM Materials (Samalaju) Sdn Bhd — from Cahya Mata Sarawak Bhd for a total cash consideration of US$120 million (RM526.62 million).

AirAsia plans to enlarge its Indonesian and Philippine operations beyond their pre-pandemic levels by the first quarter of next year, riding on better tourism and connectivity prospects. Capital A Bhd chief executive officer Tan Sri Tony Fernandes said the huge tourism potential and economic performances are among drivers for AirAsia’s growth in both countries over the next five years.

Petronas Gas Bhd (PetGas) said it has not issued any proposal or tender for an alleged 700km pipe replacement project from Johor's Segamat district to Terengganu's Kertih town.

Land & General Bhd (L&G) expects demand for the property sector to remain stable, despite challenges such as the anticipation of rising interest rates as well as increasing cost of materials and labour. L&G managing director Low Gay Teck said the current overnight policy rate of 2.5% is still below the threshold of 3% recorded during the pre-Covid-19 period.

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