Sunway REIT, IGB REIT, IGB Commercial REIT, CLMT, Sapura Energy, Samaiden, Avillion, MFM, Uzma, SCIB

TheEdge Wed, Jan 31, 2024 12:12am - 2 months View Original

KUALA LUMPUR (Jan 31): Here is a brief recap of some corporate announcements that made the news on Tuesday: Sunway Real Estate Investment Trust, IGB Real Estate Investment Trust, CapitaLand Malaysia Trust, Sapura Energy Bhd, Samaiden Group Bhd, Avillion Bhd, Malayan Flour Mills Bhd, Uzma Bhd and Sarawak Consolidated Industries Bhd.

Sunway Real Estate Investment Trust's (Sunway REIT) net property income (NPI) decreased by 7.2% to RM135.7 million for the fourth quarter ended Dec 31, 2023 (4QFY2023) from RM146.2 million a year earlier, on higher reversal of doubtful debt provision the impact of increased Imbalance Cost Pass-Through (ICPT) electricity charges across all segments. Revenue for the quarter, meanwhile, inched up 2% to RM190.5 million from RM186.7 million, primarily driven by the retail and hotel segments, buoyed by strong retail footfall and healthy retail sales, as well as higher tourist arrivals during festive seasons and school holidays. Sunway REIT declared a final income distribution of 4.68 sen per unit — to be paid on Feb 29 — bringing its total distribution per unit (DPU) for FY2023 to 9.3 sen. — Sunway REIT 4Q net property income falls 7%, declares 4.68 sen DPU

Higher rental income lifted IGB Real Estate Investment Trust’s (IGB REIT) NPI by 9.08% to RM115.24 million for 4QFY2023 from RM105.64 million recorded in the same period a year earlier, as it posted a 6.6% rise in revenue to RM158.47 million from RM148.71 million previously. Sister company IGB Commercial REIT logged an NPI of RM32.86 million for 4QFY2023, 20.51% higher than the RM27.27 million recorded a year earlier, as revenue increased by 15.13% to RM56.92 million from RM49.44 million previously on higher average occupancy rate of properties. IGB REIT declared an income DPU of 2.7 sen, bringing total DPU for FY2023 to 10.47 sen. This is higher than the 9.86 sen declared for FY2022. IGB Commercial REIT, on the other hand, announced an income DPU of 1.75 sen — raising total income distribution for FY2023 to 3.49 sen — slightly higher than the 3.42 sen declared for FY2022. — IGB REIT, IGB Commercial REIT net property income up in 4Q on higher rental income, increased occupancy

CapitaLand Malaysia Trust (CLMT) reported a 54.4% jump in its NPI for 4QFY2023 to RM63.02 million from RM40.8 million a year ago, as it reported a 57.5% rise in revenue to RM108.51 million from RM68.9 million previously. The trust announced a DPU of 2.24 sen for the July 1, 2023 to Dec 31, 2023 period, payable by March 2024. This will raise its total DPU for FY2023 to 4.17 sen, from FY2022's 4.01 sen. It posted stronger earnings for FY2023, with its NPI jumping 42.6% to RM217.4 million from FY2022's RM152.5 million, while annual gross revenue rose 43.4% to RM395.4 million from RM275.82 million a year earlier. — CapitaLand Malaysia Trust pays 2.24 sen DPU as 4Q net property income jumps 54.4%

Sapura Energy Bhd has been served with a €50 million (RM256.16 million) arbitration claim from the developer of the Yunlin offshore wind farm project over alleged contract breaches. The oil and gas engineering firm said it has, together with its wholly-owned Sapura Offshore Sdn Bhd (SOSB), been served with a request for arbitration by Yunneng Wind Power Co Ltd, which has made a provisional claim of €50 million for the alleged contract breaches. Yunneng, it said, also reserved its right to further specify and expand its claims, and to claim for any damages incurred. — Sapura Energy slapped with RM256m arbitration claim over alleged contract breaches in Taiwan wind farm project

Samaiden Group Bhd has received approval to construct and operate a biomass power plant in Tangkak, Johor, with an installed capacity of seven megawatts, as it aims to supply a net export capacity of six megawatts to Tenaga Nasional Bhd (TNB). This is following the Feed-in Tariff approval certificate received by the group's indirect wholly-owned subsidiary Samaiden Biomass Energy Sdn Bhd from the Sustainable Energy Development Authority Malaysia in a letter dated Jan 22, 2024. The agreement to supply the electricity to TNB spans 21 years and is scheduled to commence on Jan 22, 2027. — Samaiden to build 7MW biomass power plant in Johor

After falling into the limelight due to being listed as one of the assets former finance minister Tun Daim Zainuddin failed to declare to the Malaysian Anti-Corruption Commission (MACC), Avillion Bhd has assured that it is business as usual for the company. On Monday, Avillion and 23 of its subsidiaries were listed among 71 assets in the MACC’s charge sheet in charging Daim for failing to declare his assets to the anti-corruption body. The former finance minister pleaded not guilty before Sessions Court judge Azura Alwi to one charge pertaining to disclosure of assets. — Daim-linked Avillion says business as usual

The largest shareholders of Malayan Flour Mills Bhd (MFM) saw their stakes in the flour miller rise due to the mandatory conversion of redeemable convertible unsecured loan stocks (RCULS). MFM executive deputy chairman cum managing director Teh Wee Chye converted a total of 98.57 million units of five-year 5% RCULS 2019/2024 into ordinary shares at five sen apiece, for an aggregate sum of RM49.28 million. The conversion of the RCULS raised Teh’s stake in MGM to 23.11%. Meanwhile, the group’s second largest shareholder Datin Seri Azlin Arshad converted 24.87 million loan stocks at a total exercise price of RM12.43 million. This raised her stake in the group to 7.96%. — MFM’s largest shareholders up stakes via mandatory RCULS conversion

Uzma Bhd’s 70%-owned unit Malaysian Energy Chemical & Services Sdn Bhd has won a contract from Hibiscus Oil & Gas Malaysia Ltd for the supply of chemicals and related services to the PM3 offshore fields over a five-year period between Nov 16, 2023 and Nov 15, 2028. The PM3 Commercial Arrangement Area project is located in Northeast Malay Basin, offshore Malaysia and Vietnam. The job scope involves the supply of integrated production, integrity and water injection chemical and associated services. The value will be based on work orders issued by the client. — Uzma unit wins five-year supply contract for Hibiscus Petroleum’s 35%-owned PM3 offshore fields

Sarawak Consolidated Industries Bhd (SCIB) deems the RM21.62 million cash it plans to fork out for five leasehold plots in Demak Laut Industrial Park in Kuching, Sarawak, as “fair and reasonable”, after taking into account the prices of comparable properties in the same location. It also noted that it has no authority to respond on behalf of the department and the Sarawak state government in regards to exempting the group from having to pay the fourth and fifth instalment payments for the land — RM7.44 million in total or 34.4% of the total price tag — in the event the factory is completed within three years. — SCIB defends land purchase without valuation as still ‘fair and reasonable’

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