Kumpulan Jetson, Protasco, MyNews, MCE, SMIS, Epicon, Rimbunan Sawit, PT Resources, AEON Credit, Foundpac

TheEdge Thu, Dec 21, 2023 11:59pm - 3 months View Original

KUALA LUMPUR (Dec 21): Here is a brief recap of some corporate announcements that made news on Thursday: Kumpulan Jetson Bhd, Protasco Bhd, MyNews Holdings Bhd, MCE Holdings Bhd, SMIS Corp Bhd, Epicon Bhd, Rimbunan Sawit Bhd, PT Resources Holdings Bhd, AEON Credit Service (M) Bhd, and Foundpac Group Bhd.

Kumpulan Jetson Bhd has turned down a requisition from 10 shareholders to convene an extraordinary general meeting (EGM) to remove five company directors. This as the group held just 9.45% stake — less than the 10% required to call for the EGM — said the company, who claimed the shareholdings of six individuals including Lee Yee Wee, Shaun Sai Wen Fei, Teo Chor Eng, Tey Giap Leong, Muhd Alamin Ramli and Jason Ching Chou-Yi were wrongly stated in the notice. — Kumpulan Jetson rejects requisition for EGM

Protasco Bhd has initiated bankruptcy proceedings against former director Datuk Tey Por Yee and his associate Datuk Ooi Kock Aun, demanding a total sum of RM123.37 million from each of them. This followed a ruling by the Kuala Lumpur High Court on Aug 30, which ordered Tey and Ooi to pay the company RM84.64 million for breach of fiduciary and statutory duties related to a 2014 sale and purchase agreement to acquire 63% stake in PT Anglo Slavic Indonesia (PT ASI) for US$22 million. The duo filed a motion to stay the execution of the judgement, but it was dismissed on Nov 22. The Shah Alam High Court has scheduled case management for Tey on March 12, 2024, and for Ooi on March 13. — Protasco files bankruptcy notices against ex-director Tey and associate Ooi, demands RM123 mil from each

MyNews Holdings Bhd returned to the black in the fourth quarter ended Oct 31, 2023 (4QFY2023) with a net profit of RM947,000, compared with a net a net loss of RM82,000 a year earlier, as quarterly revenue rose 3.08% to RM186.16 million from RM180.6 million driven by the increase in the number of outlets and improvement in the overall in-store sales. For the full year, MyNews narrowed its net loss to RM10.7 million from RM19.62 million in FY2022, with revenue rising 15.67% to RM730.24 million from RM631.33 million. The group currently operates 460 myNEWS (including 26 Supervalue) stores, 131 CU outlets and 19 WHSmith stores. — MyNews returns to the black with RM947,000 net profit in 4Q

MCE Holdings Bhd, whose share price has risen by 42% this month, saw its net profit in the first quarter ended Oct 31, 2023 (1QFY2024) jump 39.4% to a record high of RM4.88 million from RM3.49 million a year ago, as revenue rose 8.48% to RM41.27 million from RM38.56 million, primarily driven by higher sales in the automotive parts segment, on sustained demand for products by local carmakers. — MCE Holdings' 1Q profit jumps 39% on increased demand

Automotive interior furnishing and components supplier SMIS Corp Bhd is selling a 35% stake in its Indonesian subsidiary PT Grand Surya Techno Tbk (PTGST), reducing its stake to 60%, to Japan-based Sugihara Co Ltd for US$1.37 million (RM6.4 million). SMIS said Sugihara intends to extend its relationship with SMIS and to have strategic participation in the operations of PTGST in Indonesia via the proposed disposal. — SMIS Corp sells down stake in Indonesian subsidiary

Stage and express bus service operator Epicon Bhd (formerly known as Konsortium Transnasional Bhd) is establishing a consortium with a unit of Permodalan Negeri Selangor Bhd (PNSB) to develop an affordable housing project in Rawang, Selangor. The housing project, Rumah Idaman MBI, will have 2,251 housing units, said Epicon, who also expressed intensions to explore future collaborations of such nature. — Epicon partners PNSB’s unit to develop affordable housing in Rawang

Sarawak-based plantation group Rimbunan Sawit Bhd has proposed to dispose of 9,935 hectares of oil palm land in Miri for a total of RM165 million to Mahawangsa Sungai Bok Plantation Sdn Bhd. It intends to utilise RM86.11 million of the proceeds to repay borrowings and reduce its gearing level to 0.61 times, from 0.99 times. Another RM19.1 million will be used for replanting, and RM59.12 million for working capital. — Rimbunan Sawit to sell oil palm land in Miri for RM165 mil to help repay debts

PT Resources Holdings Bhd net profit doubled to RM18.7 million for the second quarter ended Oct 31 (2QFY2024) from RM8.34 million a year ago, despite lower revenue, thanks to the group having secured supplies at competitive prices through bulk purchasing. Quarterly revenue decreased by 10.9% to RM111.7 million from RM125.4 million a year ago, dragged by a decline in overseas sales. For 1HFY2024, its net profit rose by 47.5% to RM23.39 million from RM15.86 million a year before, while revenue inched up 1.1% to RM243.3 million from RM240.65 million, as rise in overseas sales led by China offset decline in Malaysia. — PT Resources' net profit doubles to RM18.7 mil in 2Q, thanks to strategic bulk purchasing

AEON Credit Service (M) Bhd net profit rose 2.3% year-on-year for the third quarter ended Nov 30, 2023 (3QFY2024) despite a 16.4% increase in revenue, due to higher impairment losses, coupled with an increase in interest expenses. Net profit rose to RM85.55 million from RM83.63 million, while revenue climbed to RM486.51 million from RM417.84 million, amid stronger loan and financing growth. For the cumulative nine-month period (9MFY2024), the group’s net profit dropped by 5.4% to RM305.1 million, from RM322.35 million in the previous corresponding period, although revenue increased 16.8% to RM1.41 billion from RM1.21 billion. — AEON Credit delivers flattish earnings growth in 3Q amid higher impairments, interest expenses

Foundpac Group Bhd has proposed to acquire a leasehold industrial land in Bayan Lepas, Penang, for RM41.88 million from Bluemetal Sdn Bhd. The precision engineering parts maker, which is currently operating in six factories across Penang and Kedah, said it is buying the land to consolidate its production operations in Penang into a single premise for enhanced efficiency and potential cost savings. — Foundpac buys industrial land in Penang for RM42 mil

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