IHH, MHB, UMW, Sime Darby, Dayang Enterprise, Pansar, Ann Joo, Engtex, Perdana Petroleum, PLB Engineering, UEM Sunrise, Harn Len

TheEdge Wed, Feb 14, 2024 11:20pm - 1 month View Original


KUALA LUMPUR (Feb 14): Here is a brief recap of some corporate announcements that made the news on Wednesday: IHH Healthcare Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, UMW Holdings Bhd, Sime Darby Bhd, Dayang Enterprise Holdings Bhd, Pansar Bhd, Ann Joo Resources Bhd, Engtex Group Bhd, Perdana Petroleum Bhd, PLB Engineering Bhd, UEM Sunrise Bhd, and Harn Len Corporation Bhd.

IHH Healthcare Bhd said Agilus Diagnostic Ltd, a subsidiary of its 31.17%-owned associate Fortis Healthcare Ltd, has decided to withdraw its initial public offer (IPO) application to the Securities and Exchange Board of India (Sebi). IHH said the withdrawal was due to "commercial considerations and in consultation and mutual agreement" with Agilus’s private equity investors and selling shareholders, namely International Finance Corp, NYLIM Jacob Ballas India Fund III LLC and Resurgence PE Investments Ltd. However, the healthcare group disclosed its intention to refile the IPO prospectus with Sebi for a proposed IPO in the future. — IHH’s Indian subsidiary withdraws plan for IPO

Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) incurred a net loss RM484.18 million for the year ended Dec 31, 2023 (FY2023), contrasting sharply with the RM67.77 million net profit recorded a year earlier, due to additional cost provisions recognised for ongoing heavy engineering projects and the adverse impact of the weakening ringgit against the US dollar on the hedging of receivables for a heavy engineering project. This was despite its full-year revenue doubling to RM3.31 billion from RM1.65 billion.

For the fourth quarter ended Dec 31, 2023 (4QFY2023), MHB's net profit tumbled 77.21% to RM6.18 million, from RM27.14 million in the previous year’s corresponding quarter, on lower operating income and higher finance costs. In contrast, its revenue more than doubled to RM1.12 billion in the quarter under review from RM424 million a year prior, driven by revenue from the heavy engineering segment, which surged 213% year-on-year to RM1.02 billion. — MHB closes FY2023 in the red as 4Q net profit tumbles 77%

UMW Holdings Bhd will be delisted from Bursa Malaysia next Monday to mark the completion of its privatisation by Sime Darby Bhd. Shares of UMW had been suspended by Bursa Malaysia last Friday, after the expiration of five trading days from the extended closing date of the takeover offer by Sime Darby. As of Jan 31, Sime Darby already held 98.86% of the total shares in UMW. — UMW shares to be delisted on Feb 19 as Sime Darby completes privatization

Dayang Enterprise Holdings Bhd secured two more contract extensions from Petronas Carigali Sdn Bhd for the provision of two accommodation work boats, namely Dayang Ruby and Dayang Opal. Value of the extensions, secured via its wholly-owned unit DESB Marine Services Sdn Bhd, was not given as they would be based on work orders issued by Petronas Carigali. Dayang Ruby's contract was extended for 203 days, starting from Nov 11, 2023, while Dayang Opal's was extended for 270 days from Nov 5, 2023. — Dayang Enterprise secures two more workboat contract extensions from Petronas Carigali

Pansar Bhd bagged a RM130 million contract from Borneo Development Corp (Sarawak) Sdn Bhd (BDC) to construct an infectious disease centre in Sg Jernang, Samarahan, Sarawak. Pansar said its wholly owned subsidiary Perbena Emas Sdn Bhd has signed a letter of acceptance from BDC for the tender of the proposed Sarawak infectious disease centre (package 1). The work period is for 30 months. — Pansar bags RM130 mil job in Sarawak

Ann Joo Resources Bhd group chairman Datuk Lim Kiam Lam has ceased to be a substantial shareholder in Engtex Group Bhd. Lim disposed of 2.9 million shares or a 0.66% stake in the pipe maker both on and off market last Thursday. This trimmed Lim’s shareholding in Engtex to 20.95 million shares or a 4.75% stake — below the 5% threshold required to be deemed a substantial shareholder. Lim has been paring his stake in Engtex since late December last year. From Dec 22 to the latest disposal last Thursday, he has disposed of a total 5.56 million shares, or a 1.26% stake, in the company. — Ann Joo chairman Lim Kiam Lam ceases to be substantial shareholder in Engtex

Perdana Petroleum Bhd has secured a new contract, along with a seven-month extension of an existing contract, from Saujana Marine Sdn Bhd, with a combined value of RM38.3 million. Perdana Petroleum said the new contract is related to the provision of a unit of accommodation work barge (AWB) of up to 240 days, with an extension option of up to 30 days, starting from Jan 15, with a contract value of RM22.1 million. Meanwhile, the contract extension relates to a work order extension for one unit of AWB for 220 days, commencing from Dec 24, 2023, with a contract value of RM16.2 million. Under both contracts, Perdana Petroleum will provide an AWB unit with crew and equipment to execute continuous service in accordance with the agreed scope of work to support Saujana Marine's project activities. — Perdana Petroleum secures new work barge job, extension of existing contract

PLB Engineering Bhd's external auditor flagged a material uncertainty that could cast significant doubt on its ability to continue as a going concern. The auditor, Grant Thornton Malaysia PLT, highlighted PLB Engineering’s net loss of RM27.97 million for the financial year ending August 31, 2023 (FY2023), with negative cash flows from operating activities at both the group level (amounting to RM14.79 million) and company level (RM3.81 million). PLB Engineering also saw its current liabilities exceed current assets by RM82.36 million, the auditor added. — PLB Engineering's auditor flags material uncertainty over group’s ability to continue as going concern

UEM Sunrise Bhd issued Islamic medium-term notes (IMTNs) worth RM500 million in nominal value. The notes were part of UEM Sunrise’s IMTN programme, which together with an Islamic commercial papers programme, have a combined aggregate limit of up to RM4 billion. UEM Sunrise said the proceeds from the new IMTNs will be used for the group’s shariah-compliant general corporate purposes. This includes the acquisition of new landbank, companies, investments, project development and infrastructure cost, capital expenditure, general expenditure, and refinancing of Islamic financing or outstanding loan facilities. — UEM Sunrise issues RM500 mil in Islamic medium-term notes

Harn Len Corporation Bhd managing director Low Quek Kiong has purchased a 1.6% stake in the oil palm planter for RM3 million. Low acquired the stake, comprising 9.1 million shares, via a “direct deal” at 33 sen apiece or a total of RM3 million last Thursday. The 33 sen purchase price is 21.4% lower than the Feb 8 closing price of 42 sen. Meanwhile, the Low family’s investment vehicle LNH Enterprise Sdn Bhd acquired a 0.07% stake in Harn Len, comprising 380,000 shares, via another direct deal also on Feb 8 for RM114,000 or 30 sen per share — a 28.6% discount over the 42 sen closing price. The transactions brought Low’s total stake in Harn Len to 52.34% — 47.65% of which is held under his family-owned companies. — Harn Len managing director Low Quek Kiong buys 1.6% stake in company

 

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