KUALA LUMPUR (Oct 20): Here is a brief recap of some corporate announcements that made news on Thursday (Oct 20), involving Tenaga Nasional Bhd (TNB), Digi.Com Bhd (Digi), Hextar Industries Bhd, Caely Holdings Bhd, GIIB Holdings Bhd, Yinson Holdings Bhd, Dayang Enterprise Holdings Bhd, T7 Global Bhd, Keck Seng (Malaysia) Bhd, Pestech International Bhd, K-One Technology Bhd and ILB Group Bhd.

National utility Tenaga Nasional Bhd (TNB) will repower Sungai Perak power stations (SSJ Sungai Perak) with a capacity of 650.75 megawatt (MW) to support Malaysia’s renewable energy (RE) aspiration and ensure its sustainable business growth. TNB, via its wholly-owned unit, TNB Power Generation Sdn Bhd, has received approval from the Energy Commission to implement the Hydro Life Extension Programme for six stations in SSJ Sungai Perak, with an investment of RM5.8 billion commencing this year.

Digi.Com Bhd (Digi) saw its net profit for the third quarter ended Sept 30, 2022 (3QFY22) drop 15.45% to RM264.48 million from RM312.82 million a year ago, mainly due to tax provision from the prosperity tax and higher net finance costs, coupled with higher net loss on fixed assets written off and disposed of, as well as lower interest income. Quarterly revenue fell marginally to RM1.53 billion from RM1.58 billion in 3QFY21, as total service revenue declined by 1.8% year-on-year, despite robust postpaid, business-to-business and fibre growth. The weak 3QFY22 earnings dragged Digi’s net profit for the cumulative nine-month period (9MFY22) lower by 15.96% to RM720.67 million from RM857.55 million a year earlier, while revenue was down 3.38% to RM4.59 billion from RM4.75 billion in 9MFY21.

Hextar Industries Bhd posted a net profit of RM3.09 million for the fourth quarter ended Aug 31, 2022 (4QFY22), a big leap from RM232,000 in the same quarter last year, driven by higher average selling prices at the fertilisers division and recovery in heavy equipment and equipment rental divisions. The group said its revenue for the quarter jumped 105% to RM61.4 million, from RM29.96 million a year earlier. For the full financial year 2022 ended Aug 31, 2022 (FY22), the group’s net profit climbed several folds to RM8.86 million from RM1.64 million, as revenue more than doubled to RM257.82 million from RM123.04 million.

Caely Holdings Bhd’s new board of directors, led by executive chairman Ng Keok Chai, said Virdos Lima Consultancy (M) Sdn Bhd will resume its forensic audit into allegations of suspicious and irregular transactions at the Perak-based lingerie manufacturer’s wholly-owned subsidiary Caely (M) Sdn Bhd. In June, two months after its appointment as forensic auditor, Virdos Lima had called it quits, saying it could not continue with its forensic audit, as critical information was not available. When contacted on Thursday, a spokesperson for Caely told The Edge that Virdos Lima, with support from the company’s new board of directors, will be able to continue with its forensic investigation.

Independent investigative accountant Ferrier Hodgson MH Sdn Bhd (FHMH) has found that there were no fraudulent transactions or misconduct by GIIB Holdings Bhd as alleged by former executive director Wong Weng Yew. The suspicious transactions include the disposal of GIIB Rubber Compound Sdn Bhd’s machinery to Top Rate Engineering Works; the sale of assets by Big Wheel Green Tyres Sdn Bhd to Looe Chee Keong amounting to RM2.68 million, and the settlement of disputes owing from Looe of RM5 million respectively. They also included Goodway Marketing Sdn Bhd’s (GMSB) agreements and transactions with Project A Automotive Sdn Bhd, which include renovation costs of GMSB amounting to RM62,000, and rental deposits and utilities amounting to RM16,000, as well as advanced payments by Wong Ping Kiong to the GIIB from March 17, 2020.

Yinson Holdings Bhd has secured a one-month extension of its floating storage and offloading (FPSO) charter contract called FPSO Adoon for RM16.04 million. Yinson’s indirect unit Adoon Pte Ltd entered into an agreement with Addax Petroleum Development (Nigeria) Ltd to extend the contract from Oct 17 to Nov 16. 

Dayang Enterprise Holdings Bhd has been awarded a contract amendment and extension to provide offshore maintenance, construction and modification services from Petronas Carigali Sdn Bhd from Sept 20, 2022 to Dec 31, 2023. It did not disclose the value of the contract, clinched via its wholly-owned subsidiary Dayang Enterprise Sdn Bhd, as it is based on work orders issued by Petronas Carigali throughout the extended contract duration.

T7 Global Bhd’s unit has secured a work order from Hibiscus Oil & Gas Malaysia Ltd to undertake well workover, and plug and abandonment services. The two-year work order was awarded to Tanjung Offshore Services Sdn Bhd under the Pan Malaysia Umbrella Contract, on a call-out basis. 

Keck Seng (Malaysia) Bhd said it is allocating 20 acres of its land to the Pasir Gudang City Council to facilitate the development of a new administrative centre in the city. The allocation was made under an agreement signed by the group and its 99.8%-owned subsidiary, Lim & Lim Plantations Bhd, on Thursday. 

Pestech International Bhd’s unit is disposing of a transmission system project in Cambodia for US$118 million. Pestech said its 60% indirect-owned subsidiary Diamond Power Ltd has signed an agreement with Cambodian Transmission II Co Ltd, a wholly-owned subsidiary of Leader Transmission Ltd, to dispose of the 230kV Kampong Cham-Kratie transmission system.

K-One Technology Bhd is planning to form a joint venture company in Vietnam to conduct cloud computing business. Its wholly-owned unit G-AsiaPacific Sdn Bhd inked an agreement with Vietnet Distribution Joint Stock Company on Thursday. 

ILB Group Bhd is aborting its planned purchase of 1,124 sq metres of freehold commercial land with shoplots in Petaling Jaya for RM15.9 million. The logistics services company and Impian Nuri Sdn Bhd have mutually agreed to terminate the deal, after a condition precedent could not be fulfilled by the Oct 31 deadline.