TT Vision, Berjaya Corp, Samaiden, Meta Bright, MyNews, Poh Kong, VS Industry, FGV, AEON Credit, Astro and Ecoscience International 

TheEdge Wed, Sep 27, 2023 12:07am - 5 months View Original

KUALA LUMPUR (Sept 26): Here is a brief recap of some corporate announcements that made news on Tuesday: TT Vision Holdings Bhd, Berjaya Corp Bhd (BCorp), Samaiden Group Bhd, Meta Bright Group Bhd, MyNews Holdings Bhd, Poh Kong Holdings Bhd, VS Industry Bhd, FGV Holdings Bhd, AEON Credit Service (M) Bhd, Astro Malaysia Holdings Bhd and Ecoscience International Bhd.

Khazanah Nasional Bhd has continued offloading its stake in Penang-based automated test equipment (ATE) maker TT Vision Holdings Bhd, this time selling a 1.92% stake for RM10.8 million. The sovereign fund via Malaysian Technology Development Corp Sdn Bhd offloaded six million shares or a 1.28% stake on Sept 22, and three million shares or a 0.64% stake a day prior.The disposals pared Khazanah Nasional’s stake in TT Vision to 16.94% or 79.26 million shares.

Berjaya Corp Bhd (BCorp) has disposed of a 2.24% stake in Berjaya Land Bhd (BLand), ahead of its end-September deadline to comply with a public shareholding spread requirement of 20%. BCorp disposed of 110 million shares in BLand held under Juara Sejati Sdn Bhd via a direct business transaction on Sept 22.

Renewable energy specialist Samaiden Group Bhd is partnering with hospitality group Meta Bright Group Bhd (MBGB) to pursue business opportunities and accelerate the growth of renewable energy solutions, particularly for the mining sector, within the Asia-Pacific (APAC) region. The two companies have inked a partnership agreement for the collaboration that aims to establish a strategic relationship focused on mutual advancement in the clean energy sector.

MyNews Holdings Bhd continued to bleed in the third quarter ended July 31, 2023 (3QFY2023) after it posted a wider net loss of RM2.16 million compared with RM1.45 million reported in the same period last year, mainly due to higher selling and distribution costs. Quarterly revenue, however, rose by 9.16% to RM185.79 million from RM170.2 million, fuelled by the increase in number of outlets and improvement in overall in-store sales.

Poh Kong Holdings Bhd’s net profit plummeted 83.3% to RM4.98 million or 1.21 sen per share in the fourth quarter ended July 31, 2023 (4QFY2023), from RM29.84 million or 7.27 sen per share a year ago, due to a fall in sales volume and increased operating expenses. Quarterly revenue fell 23.9% to RM315.66 million, compared to RM414.66 million posted a year earlier, mainly due to weak market sentiment and a decrease in demand for gold jewellery products.The board recommended a final single tier dividend of two sen, subject to shareholders' approval at the forthcoming annual general meeting.

Electronic manufacturing services (EMS) provider VS Industry Bhd closed its financial year 2023 (FY2023) on a stronger note than FY2022, following an 85.7% jump in its net profit for the fourth quarter ended July 31 to RM66.08 million from RM35.59 million in the previous year's corresponding quarter, as it recorded a higher revenue on increased sales orders from existing customers. Quarterly revenue climbed 15.7% to RM1.16 billion from RM1 billion previously. Earnings per share (EPS) for the quarter rose to 1.72 sen, from 0.93 sen.

FGV Holdings Bhd has appointed former Ministry of Foreign Affairs secretary general Tan Sri Rastam Mohd Isa as the plantation giant’s chairman effective immediately.Rastam succeeds Datuk Shahrol Anuwar Sarman who has been redesignated as a non-independent and non-executive director. Rastam’s career in the foreign ministry spans three decades, where he headed various missions overseas — including Pakistan, Bosnia-Herzegovina, and Indonesia.

AEON Credit Service (M) Bhd’s net profit for the second quarter ended Aug 31, 2023 (2QFY2024) soared 59% to RM120.19 million from RM75.65 million reported in the same period last year, supported by higher transaction and financing volume.Quarterly revenue surged 18.2% to RM471.73 million compared to RM399.17 million, mainly attributable to stronger loan and financing growth.Meanwhile, the group also declared an interim dividend of 28.5 sen per share, to be paid on Nov 2.

Analysts covering Astro Malaysia Holdings Bhd have cut target prices (TPs) and earnings forecasts for the pay-TV provider, following disappointing results for the second quarter ended July 31, 2023 (2QFY2024). Astro shares hit an all-time low in the early session on Tuesday, after the results. The counter opened two sen lower at 49 sen and hit its all-time low of 46.5 sen, before paring losses to trade at 47.5 sen, still down 3.5 sen or 6.86% in the early session. It closed down 4.5 sen or 8.82% at 46.5 sen, with a market capitalisation of RM2.4 billion.

Ecoscience International Bhd has secured a RM38.02 million contract for the construction of a building and substation in Kerling, Selangor.The company’s wholly-owned unit Ecoscience Manufacturing & Engineering Sdn Bhd has accepted the letter of award from Thens Architect, which issued the contract on behalf of non-governmental organisation Maitreya Moral Society Malaysia. Ecoscience said the construction comprises a six-storey building with a two-storey basement, an electrical substation and others.

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