KUALA LUMPUR (March 28): Here is a brief recap of some corporate announcements that made news on Tuesday (March 28): ECA Integrated Solution Bhd, Eastern & Oriental Bhd (E&O), Meta Bright Group Bhd, Comintel Corp Bhd, Apollo Food Holdings Bhd, Lim Seong Hai Capital Bhd (LSH Capital), Carimin Petroleum Bhd, Mikro MSC Bhd, Puncak Niaga Holdings Bhd, Enra Group Bhd, Sarawak Consolidated Industries Bhd (SCIB) and Scomi Group Bhd.

ACE Market-listed ECA Integrated Solution Bhd announced a net profit of RM4.13 million, with a revenue of RM10.64 million for its first quarter ended Jan 31, 2023 (1QFY2023). The automated manufacturing solutions provider posted an earnings per share (EPS) of 71 sen. While there is no official comparative figure following ECA’s ACE Market debut in November 2022, executive director Chua Lye Hock said in a statement that its reported 1QFY2023 net profit “accounted for more than half of our full year FY2022 net profit”.

Eastern & Oriental Bhd (E&O) has proposed to pay RM46.95 million to purchase the remaining 40% equity interest in E&O-PDC Holdings Sdn Bhd from Penang Development Corporation, to enable E&O to wholly own the Seri Tanjung Pinang reclamation and development concession. “E&O-PDC owns 30% of Tanjung Pinang Development Sdn Bhd (TPD), while the remaining 70% is held by Permaijana Ribu (M) Sdn Bhd, a wholly owned indirect subsidiary of E&O.” TPD holds the concession rights to the reclamation and development of Seri Tanjung Pinang.

Meta Bright Group Bhd announced that its wholly owned subsidiary FBO Land (Setapak) Sdn Bhd has issued offer letters regarding its solar programme to five mosques and surau in Johor, to which the five clients have accepted the letters.  The offer letters entail the design, finance, installation, construction, commission, operation and maintainance of the solar photovoltaic (PV) generating plants at the client’s site — leveraging on FBO’s status of a registered solar PV investor. The five letters bring Meta Bright’s order book to about RM15.45 million.

Comintel Corp Bhd posted a net profit of RM5.57 million for its fourth quarter ended Jan 31, 2023 (4QFY2023), compared to a net loss of RM7.90 million a year earlier, thanks to higher revenue from its construction segment. The group registered an earnings per share of 1.85 sen, versus a loss per share of 5.64 sen for 4QFY2022. Quarterly revenue jumped 174.97% to RM74.16 million from RM26.97 million previously, as the construction segment’s contribution rose to RM73.8 million from RM25.9 million, through its wholly owned subsidiary Binastra Builders Sdn Bhd (formerly known as Total Package Work Sdn Bhd).

Apollo Food Holdings Bhd’s quarterly net profit more than doubled year-on-year to RM10.82 million in the third quarter ended Jan 31, 2023 (3QFY2023) from RM5.08 million a year ago, on higher margins and sales revenue. Quarterly earnings per share improved to 13.52 sen from 6.35 sen in 3QFY2022. Quarterly revenue rose by 30.95% to RM71.08 million, versus RM54.28 million. This is due to higher revenue contributions from its manufacturing, marketing and distribution segment. Net margins rose to 15.22%, from 9.36% a year ago. It is the confectionary maker’s strongest results since the quarter ended July 3, 2015 (1QFY2016), when it booked a RM11.19 million net profit on RM49.93 million revenue.

Shareholders of LEAP Market-listed Lim Seong Hai Capital Bhd (LSH Capital) have paved the way for the construction-related products and service provider to transform into a full-fledged construction and construction-related services and solutions provider. This came after minority shareholders at an extraordinary general meeting (EGM) on Tuesday (March 28), unanimously approved the acquisition of building construction contractor Astana Setia Sdn Bhd and Lim Seong Hai Ventures Sdn Bhd (LSH Ventures), a debt settlement cum share subscription agreement with LSH Ventures, and diversification of its business to include property development activities.The corporate proposals entail a combined outlay of RM157.64 million, which will be fully funded via the issuance of 350.31 million new LSH Capital shares at 45 sen apiece.

Carimin Petroleum Bhd has secured a work order to provide an anchor-handling tugboat for Petronas Carigali Sdn Bhd for a period of about six months. The work order awarded to its wholly owned subsidiary Carimin Marine Services Sdn Bhd on Feb 17 is for up to 184 days, with an extension option of up to 30 days. While the value of the contract is not known, Carimin said it is expected to contribute positively to the group’s earnings over the duration of the contract.

Just weeks after completing a private placement exercise, ACE Market-listed Mikro MSC Bhd has proposed to undertake another private placement of up to 97.22 million new shares, equivalent to 15% of its total issued share capital, to part-finance the purchase of a 10% stake in a biomass fuel exporter. The shares are to be placed out to third-party investors to be identified and secured at a later date. The company expects to raise RM15.56 million from the exercise, based on an indicative issue price of 16 sen per share, which represents a discount of 11.75% of the counter’s five-day volume weighted average market price up to and including March 24.

Puncak Niaga Holdings Bhd has bagged a RM82.86 million water pipe replacement sub-contract in Johor. Its wholly owned subsidiary Puncak Niaga Construction Sdn Bhd was awarded the sub-contract by Jalur Cahaya Sdn Bhd, the main contractor for the pipe replacement project. The subsidiary will undertake the replacement of existing pipes with new pipes in Johor Bahru, Kulai, Pontian, Kota Tinggi and Mersing. It added that the project is expected to be completed by Jan 17, 2024, with a defect liability period of 12 months from the issuance of the certificate of practical completion.

Enra Group Bhd has bagged a bareboat charter contract worth at least US$9.32 million (RM41 million) for the provision and chartering of its chemical/oil tanker Ratu Enra. Its subsidiary Hexagon Energy Logistics Sdn Bhd had on Monday (March 27) entered into the bareboat charter contract with 7Seas Maritime Transportation — FZCO, a company incorporated in the United Arab Emirates. The contract has a tenure of five years, with a mutual option to extend it further for another five years.

Sarawak Consolidated Industries Bhd (SCIB) has bagged an engineering, procurement, construction and commissioning (EPCC) sub-contract valued at RM16.8 million from Majestika Sdn Bhd. The civil engineering specialist said its unit SCIB Industrialised Building System Sdn Bhd has secured the sub-contract for the construction of a school, Sekolah Kebangsaan Tambay, in Kota Samarahan, Sarawak, over a duration of 14 months. SCIB group managing director Rosland Othman said this project comes on the heels of having been awarded a project to rebuild a school in Serian, Sarawak, that was announced earlier in the month, valued at RM20.65 million.

After failing to make an RM8 million settlement payment to Malayan Banking Bhd (Maybank), Practice Note 17 (PN17) company Scomi Group Bhd is slated to be delisted from the stock exchange on Friday (March 31). Bursa Malaysia Securities said it has rejected Scomi’s request to vary the terms of the condition for the company to pay the RM8 million to Maybank by March 15, and dismissed its appeal for a further extension of time to submit its regularisation plan. “In the circumstances, the securities of the company shall be removed from the Official List of Bursa Securities on Friday,” it said.