CTOS, Bermaz, Kumpulan Jetson, Tropicana, Eversendai, Reservoir Link Energy, JAG, Lee Swee Kiat, Prolintas

TheEdge Wed, Mar 13, 2024 10:55pm - 3 months View Original


KUALA LUMPUR (March 13): Here is a brief recap of some corporate announcements that made the news on Wednesday.  

Retirement Fund Inc (KWAP) emerged as a substantial shareholder in CTOS Digital Bhd amid heavy selling pressure on Tuesday (March 12) following an unfavourable outcome towards the group in a legal dispute. Malaysia's public sector pension fund bought 28.81 million shares on the open market, raising its holdings to 135.51 million shares or a 5.87% stake in CTOS. The credit reporting agency also disclosed that KWAP’s fund manager disposed of 1.37 million shares on the same day, paring its shareholdings to 134.14 million shares or a 5.81% stake. — KWAP emerges as CTOS substantial shareholder amid share price volatility following recent legal dispute

Bermaz Auto Bhd, which mainly assembles Mazda-branded vehicles, reported its net profit fell 19.23% in the third quarter from a year earlier dragged by lower sales. Net profit for the three months ended Jan 31, 2024 (3QFY2024) fell to RM70.5 million or 6.04 sen per share compared with RM87.29 million or 7.5 sen per share in the corresponding quarter a year ago. Revenue for the quarter dropped 8.14% year-on-year to RM896.51 million, from RM975.97 million. For its first nine months (9MFY2024), net profit rose 28.41% to RM260.82 million from RM203.12 million while revenue climbed 20.88% to RM3 billion from RM2.48 billion, thanks to higher sales volume from the domestic operations. — Bermaz Auto's 3Q net profit falls 19% on lower car sales, pays 4.25 sen dividend

Kumpulan Jetson Bhd’s wholly owned unit received a notice of arbitration from its former client O&C Makok Isola Sdn Bhd (OCMI) in relation to an RM88.03 million job to build four blocks of serviced apartments in Jalan Yap Kwan Seng. OCMI is seeking to claim RM30.88 million, or a sum to be assessed by the Tribunal for the additional costs relating to the appointment of a replacement contractor to complete the works. Other OCMI claims include liquidated damages, reimbursement of all and any over payment of works, advance payment under the contract, interest and cost and expenses of the arbitration. — Kumpulan Jetson's unit receives arbitration notice related to RM88m job awarded five years ago

Tropicana Corp Bhd and Pantai Kok Resort Development Bhd have mutually agreed to terminate a 44.61-acre land development at Padang Mat Sirat, Langkawi. Tropicana inked the joint development agreement with Pantai Kok Resort in April 2019 to develop the land at Padang Mat Sirat across 15 years, with an estimated gross development value (GDV) of RM3.02 billion. The termination enables the group to save on such development costs associated with the Pantai Kok land, which will allow the group to allocate financial resources more efficiently towards the other existing businesses. — Tropicana calls off collaboration agreement with Pantai Kok Resort to develop land at Langkawi

Construction group Eversendai Corp Bhd has secured four new projects worth RM5.4 billion in Saudi Arabia, the United Arab Emirates and India, making its outstanding order book rise to a record high of RM6.6 billion. The project in Saudi Arabia, in collaboration with Albawani Company Ltd, is for the structural steel signature building at the Trojena Ski Village, a year-round mountain resort destination. Meanwhile, the project in UAE involves structural steel works for the Wynn Al Marjan Island Integrated Resort Development in Ras Al Khaimah — which will feature a 1,500-room hotel with shopping, meeting and convention facilities, restaurants and lounges, entertainment and other amenities. On the other hand, its subsidiary in India has secured two structural steel projects for the Rupa IT Building and the Rupa Crystal IT Building. — Eversendai surges to four-year high after bagging RM5.4 bil projects

Reservoir Link Energy Bhd through its wholly owned subsidiary Reservoir Link Sdn Bhd has secured a contract from Petronas Carigali Sdn Bhd for the provision of well leak repair equipment and services, with the value based on the number of works executed. The scope of work includes providing engineering consultancy, diagnostic and rectification services of well leak issues, and testing on sealant performance, among others. — Reservoir Link Energy secures five-year well-leak repair contract from Petronas Carigali

JAG Bhd has proposed a bonus issue of 125.36 million new shares on the basis of one bonus share for every five existing shares held. It is also planning a bonus issue of up to 376.07 million free warrants on the basis of three warrants for every five existing shares held. It said the bonus issue of both the new shares and warrants is intended to reward existing shareholders. The bonus shares will be issued as fully paid, at no consideration and without capitalisation of the company’s reserves. — JAG proposes one-for-five bonus issue of shares with three-for-five free warrants

Mattress manufacturer Lee Swee Kiat Group Bhd (LSK) announced that it is proposing a bonus issue of up to 83.91 million new shares where shareholders will get one bonus share for two existing shares held. The entitlement date for the corporate exercise will be determined at a later date upon receipt of relevant approvals. The proposal is the "most appropriate avenue to reward its shareholders" by raising their equity participation in the company and maintaining their percentage equity shareholding without incurring any cost, among others. — Lee Swee Kiat announces one-for-two bonus issue

Prolintas Infra Business Trust has fixed the final price of its initial public offering (IPO) at 95 sen per unit, unchanged from the initial price set, valuing the highway concession owner at RM1.05 billion. At that price, the IPO raised RM445.3 million for the trust's sole shareholder Projek Lintasan Kota Holdings Sdn Bhd (PLKH) from selling a 49% stake. PLKH is wholly owned by state-controlled asset management company Permodalan Nasional Bhd. This follows the close of the retail offering and the completion of the bookbuilding process under the institutional offering on March 12, Prolintas Infra. The trust is set for listing on March 25. — Prolintas Infra Business Trust's final IPO price fixed at 95 sen apiece

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