TNB, Deleum, BFood, BCorp, Iskandar Waterfront, Ge-Shen, EcoFirst, HCK Capital, Masteel, SMRT, Nylex

TheEdge Tue, Mar 05, 2024 12:33am - 2 months View Original

KUALA LUMPUR (March 5): Here is a brief recap of some corporate announcements that made news on Monday. Tenaga Nasional Bhd (TNB), Deleum Bhd, Berjaya Food Bhd (BFood), Berjaya Corp Bhd (BCorp), Iskandar Waterfront City Bhd, Ge-Shen Corp Bhd, EcoFirst Consolidated Bhd, HCK Capital Group Bhd, Malaysia Steel Works (KL) Bhd (Masteel), SMRT Holdings Bhd and Nylex Malaysia Bhd.

Tenaga Nasional Bhd (TNB) guided that the prolonged outage of Manjung 4 power plant may lead to capacity revenue loss of RM400 million this year, prompting analysts to moderate their earnings growth forecasts. Further, its power generation unit may also experience reduction in the so-called capacity rate financing (CFR) — fixed payment to cover debt service — for some of its other power plants leading to lower revenue, Tenaga told analysts who attended its earnings briefing. — Tenaga flags RM400m capacity payment loss to analysts

Oil and gas services outfit Deleum Bhd is seeking to acquire a 70% stake in valves company OSA Industries Indonesia (OSAII) for US$7 million (RM33.1 million) to fortify its power and machinery (P&M) business in Indonesia. The acquisition by its unit Deleum Services Sdn Bhd represents 70% of OSAII’s total valuation of US$10 million, subject to due diligence and finalisation of definitive agreements.  Deleum has entered the heads of agreement (HOA) with five parties, including OSAII and its shareholders Ong Siow Aik and OSA Industries Pte Ltd, to undertake due diligence on the acquisition target. — Deleum eyes regional growth with US$7 mil acquisition

Tycoon Tan Sri Vincent Tan said that the boycott of the local Starbucks coffee chain is “unnecessary”, as the US brand does not own any share in the Malaysian operations. Starbucks Corp, based and listed in the US, has no shares in the coffee chain’s operations in Malaysia, Tan stressed. Starbucks in Malaysia is operated by Berjaya Food Bhd (BFood), controlled by Berjaya Corp Bhd (BCorp), which in turn was founded by Tan. BFood, which relies on Starbucks for some 90% of its revenue, has lost some 25% of its market value on Bursa Malaysia since Israel ramped up its deadly strikes in Palestine, following the Hamas attack on Oct 7. — Berjaya’s Vincent Tan says Starbucks boycott unnecessary

Iskandar Waterfront City Bhd has unveiled its 10-year development plan comprising three projects in Johor Bahru, with an aggregate gross development value (GDV) of RM4.33 billion. The 10-year development plan comprises the RM3.5 billion waterfront township Tebrau Bay, RM500 million mixed waterfront development Danga Rivera, and RM330 million mixed-use development project Danga Heights. — Iskandar Waterfront outlines RM4.3 bil development projects in Johor in 10-year plan

Ge-Shen Corp Bhd, whose share price has climbed 144% year-to-date, has proposed to purchase a 40% stake in electronics manufacturing services (EMS) firm Local Assembly Sdn Bhd for RM48 million cash, which is to be partially funded via proceeds from a private placement exercise. To fund the deal, Ge-Shen plans to raise RM91.2 million via a private placement of 39.48 million placement shares or 30% of its enlarged share base to independent investors to be determined later. — Ge-Shen buys 40% in Local Assembly after LTKM scraps RTO with the EMS firm

EcoFirst Consolidated Bhd has proposed to dispose of a piece of vacant land in Shah Alam at a loss to HCK Capital Group Bhd for RM34 million cash, saying this will release the burden of monthly loan instalments of about RM1.35 million to its financier. The proposed disposal, at RM34 million, "would be a great stress relief to the group’s cash flow as compared to retaining the land for a potential loss-making development," it added. As at Nov 30, 2023, EcoFirst’s total borrowings stood at RM268.54 million, while its cash and bank balances totalled RM9.52 million. — Cash-strapped EcoFirst to dispose of vacant land in Shah Alam to HCK Capital

Malaysia Steel Works (KL) Bhd (Masteel) has appointed Johor Corp Bhd (JCorp) president and CEO Datuk Syed Mohamed Syed Ibrahim as its independent and non-executive chairman. Syed Mohamed, 65, is replacing Datuk Ikhwan Salim Sujak, 67, who retired at the end of his one-year term on Feb 28. — Masteel appoints JCorp president Syed Mohamed as chairman

ACE Market-listed SMRT Holdings Bhd has been awarded a project by Pito AxM Platform (PAPI) to deploy its managed ATM infrastructure solutions in the Philippines through its wholly owned subsidiary N’osairis Technology Solutions Inc (NTSI). SMRT did not disclose the value of the project, which will take place over three years, with NTSI deploying its solutions at the designated ATM sites by the end of 2024. — SMRT lands ATM infrastructure project in the Philippines

After failing to submit its regularisation plan, which led to the suspension of its shares on Feb 7, Nylex Malaysia Bhd has now been given another six-month extension by Bursa Malaysia Securities Bhd to address its Practice Note 17 (PN17) status. Nylex said Bursa Securities has pushed the regularisation submission deadline to July 26, after the company missed its Jan 26 deadline. Despite granting the extension, Bursa Securities, however, dismissed the company’s appeal against the suspension of its shares. — Nylex gets another six-month extension till end-July to submit regularisation plan

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