HeiTech Padu, Axiata, AmanahRaya REIT, AmFirst REIT, RHB Bank, 7-Eleven Malaysia, MBSB, Awantec, MAA Group, UMediC, Systech, Pansar, Auro, Kimlun and AWC

TheEdge Thu, Apr 18, 2024 11:59pm - 1 month View Original

KUALA LUMPUR (April 18): Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday:

Datuk Farhash Wafa Salvador, former political aide to Prime Minister Datuk Seri Anwar Ibrahim, has ceased to be a substantial shareholder of HeiTech Padu Bhd, just one month after acquiring a 15.9% stake via a private vehicle in the company. The latest development comes after HeiTech Padu was awarded a contract worth RM190.01 million by the Ministry of Transport on April 15, inviting criticism that the group won the large contract due to Farhash's connection with Anwar. Amid controversy over govt contracts, Farhash ceases to be HeiTech Padu substantial shareholder after one month

Axiata Group Bhd and India’s Bharti Airtel Ltd signed a definitive agreement on Thursday to combine their Sri Lankan operations. Under a share swap deal, Axiata’s unit Dialog Axiata will acquire a 100% stake in Airtel Lanka, with issuance equivalent to 10.355% of Dialog shares to Bharti Airtel. The Telecommunications Regulatory Commission of Sri Lanka has granted its approval for the proposed merger, though the transaction is still pending other relevant approvals. Malaysia’s Axiata, Bharti Airtel of India to combine Sri Lankan ops

AmanahRaya Real Estate Investment Trust (REIT) is aiming to achieve a portfolio occupancy rate of at least 90% by the financial year ending Dec 31, 2025 (FY2025). It is counting on Vista Tower to bolster its earnings potential, as it expects the tower’s occupancy rate to reach 60% by July. The 63-storey office tower is part of an integrated development known as The Intermark located on Jalan Tun Razak, Kuala Lumpur. As at December 2022, its valuation stood at RM521 million. AmanahRaya REIT aims to raise occupancy rate to 90% by end-2025

AmFirst REIT said its net property income fell 7.82% to RM14.5 million for the fourth quarter ended March 31, 2024 (4QFY2024) from RM15.73 million a year earlier mainly due to higher property expenses. Revenue slipped 0.26% year-on-year to RM25.61 million from RM25.67 million, due to lower occupancy at several of its properties. It expects the office market to remain challenging due to oversupply while the retail sector is expected to grow at a moderate level amid soft consumer demand. AmFirst REIT 4Q net property income falls 7.8%, to distribute 1.18 sen per unit

RHB Bank has raised its target to provide over RM50 billion by 2026, after cumulatively mobilising RM23.8 billion in sustainable financial services by the end of the financial year 2023. Of this amount, RM11.3 billion was allocated to green initiatives, including renewable energy projects and energy efficiency solutions. It said it views sustainable financing as presenting more opportunities than challenges, rather than affecting its overall profit from financing activities. RHB sees opportunities in sustainability finance, aims to provide RM50 bil by 2026

7-Eleven Malaysia Holdings Bhd declared on Thursday an interim dividend of 2.7 sen per share for its financial year ended Dec 31, 2023 (FY2023). The dividend, its sole payout for the year so far, will be paid on May 28, with ex-date set on May 13. 7-Eleven saw its net profit for FY2023 jump more than four-fold to RM276.23 million from RM66.88 million in FY2022, boosted mainly by a divestment gain from the sale of its entire stake in Caring Pharmacy Group Bhd. 7-Eleven declares 2.7 sen dividend for FY2023

Malaysia Building Society Bhd (MBSB) has recommended a final dividend of 3.5 sen for FY2023. This would equate to a payout of RM287.78 million, based on the bank’s share base of 8.22 billion shares as at end-December 2023. Tthe proposed final dividend represents its sole payout for the 12-month period. For FY2023, MBSB's net profit rose 6.9% to RM491.81 million from RM460.19 million a year earlier, as lower operating income was offset by higher net other income. MBSB proposes 3.5 sen dividend for FY2023

AwanBiru Technology Bhd (Awantec) said trading in its shares will be suspended from April 26, after the group failed to submit its regularisation plan to the regulators for approval within the stipulated timeframe that ended on April 13. Awantec said the group faces the risk of being delisted if no appeal is submitted within five market days from the date of notification of delisting. Awantec was classified as an affected listed issuer in 2021 due to the termination of its wholly-owned unit Prestariang Systems Sdn Bhd’s membership in the Microsoft Partner Network. hAwantec faces trading suspension from April 26 after failing to submit regularisation plan

MAA Group Bhd, its major shareholder Tunku Datuk Yaacob Khyra and Turiya Bhd have been dropped as parties in the suit from Empire Holdings Ltd over MAA’s purchase of Turiya shares from a Bahrain-based bank. It is understood that the only parties remaining in the case are Empire as the appellant, and Bahrain-based Ithmaar Development Co Ltd and Ithmaar Bank BSC as respondents. This was per a consent judgement recorded before the Court of Appeal (COA), whereby Empire agreed to drop MAA, Yaakob and Turiya as parties in the appeal without liberty to file afresh. MAA Group exits legal bout over 2021 Turiya share acquisition under settlement deal

Bursa Malaysia Securities Bhd has approved the transfer of UMediC Group Bhd’s listing status from the ACE Market to the Main Market, under the 'health care' sector. The transfer will take effect immediately two market days upon the announcement to Bursa Securities on the transfer date via Bursa Link. The group believes its transfer to the Main Market would enhance its credibility and recognition, and reflect its current scale of operations. Bursa approves UMediC’s transfer to Main Market

IT services firm Systech Bhd said shareholders have endorsed its acquisition of Wilstech Sdn Bhd for RM20 million in cash and RM55 million in shares at 36 sen apiece. The acquisition of Wilstech also comes with a profit guarantee by the seller of an audited profit after tax of at least RM5 million for a year. The company has also secured approval for a one-for-four bonus warrant issue. It secured approval to issue up to 144 million new shares and to set up an employees’ share scheme of up to 15% of the total number of issued shares. Systech gets shareholders’ nod for acquisition, bonus shares issue

Pansar Bhd has secured a contract worth RM269.1 million to upgrade the capacity of a water treatment plant in Sibu, Sarawak. The construction and infrastructure outfit secured the job from Lembaga Air Sibu via an open tender, through its wholly-owned Perbena Emas Sdn Bhd. The 30-month job from May this year would require Pansar to upgrade the capacity of the Salim Water Treatment Plant from its current 150 million litres per day (MLD) to 300 MLD. Pansar bags RM269m job to upgrade water treatment plant in Sarawak

Timber products manufacturer Auro Holdings Bhd (formerly known as NWP Holdings Bhd) is proposing to venture into the food and beverage (F&B) business, more than a year after it diversified into the sand dredging business. The proposed diversification is aimed at expanding its revenue stream and reducing its reliance on the wood-based and sand-mining industries. Auro has been in the red for several years but has managed to trim its net loss to RM5.25 million for the financial year ended Feb 28, 2023 (FY2023) from RM17.38 million in FY2022. Auro forays into F&B business to cut dependence on wood-based and sand mining industries

Kimlun Corporation Bhd has bagged a construction contract worth RM150 million for the Aliva Mount Austin residential project from Astaka Development Sdn Bhd, a subsidiary of Singapore-listed Astaka Holdings Limited. The construction work is expected to be completed in the fourth quarter of 2026. As at Dec 31, 2023, Kimlun has an estimated construction balance order book of approximately RM1.9 billion. Kimlun bags RM150 mil contract for residential construction project in Johor

AWC Bhd has bagged two contracts worth a total of RM19.39 million for plumbing works. The first contract was awarded by the project's main contractor, IJM Construction Sdn Bhd, for the plumbing works at Hospital Kapar, Selangor. Valued at RM17.8 million, the subcontract is required to be completed within 26 months by May 22, 2026. The second contract to undertake plumbing works at the Vantage KUL 14 Data Centre is worth RM1.59 million. It was awarded by We Progress Centre Engineering Sdn Bhd and is scheduled to be completed by Feb 17, 2025. AWC secures plumbing jobs at Hospital Kapar and Cyberjaya data centre

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.

Related Stocks

AURO 0.160
AWC 1.050
AXIATA 2.790
BURSA 8.830
HTPADU 1.920
MAA 0.365
MBSB 0.915
PANSAR 0.590
REIT 838.730
SEM 1.980
TURIYA 0.450
UMC 0.710


Login to comment.