KomarkCorp, Topmix, PavREIT, Axis REIT, KIP REIT, Cypark, Crest Builder, Capital A, Gadang, Haily, DXN, Inta Bina, Comfort Gloves, AHB

TheEdge Tue, Apr 23, 2024 11:38pm - 2 months View Original


KUALA LUMPUR (April 23): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

KomarkCorp Bhd, which lost its defamation suit against The Edge Communications Sdn Bhd in the High Court last month, is appealing against the court's decision, which found that the media company had not defamed it in an article about the manipulation of penny stocks that was published nearly three years ago. It said it had filed a notice of appeal on April 22. — KomarkCorp appeals against High Court's ruling that The Edge did not defame the company

Newly-listed Topmix Bhd marked a premium of 11 sen or 35.48% against its initial public offering (IPO) price of 31 sen to close at 42 sen, with 124.78 million shares traded on its maiden trading day. At 42 sen apiece, the surface decorative company’s market capitalisation stood at RM165.42 million. Looking ahead, the company expects its expansion in the northern region of Peninsular Malaysia to boost its earnings growth. — Topmix eyes northern region for expansion amid development boom

While the opening of The Exchange TRX is anticipated to intensify competition in the malls sector, Pavilion Real Estate Investment Trust (PavREIT) said footfalls at its malls nearby — Pavillion KL and the connected Pavilion Elite — remain unaffected, and they are still enjoying over 95% occupancy rates. Pavilion KL and the Pavilion Elite remained PavREIT's largest earnings contributors, accounting for about 77% and 10.3% respectively of its full FY2023 net property income (NPI) of RM459.11 million. — PavREIT says Pavilion KL, Elite's footfalls unaffected by opening of TRX mall

Axis Real Estate Investment Trust (Axis REIT) reported a 39.5% surge in its net trust income for the first quarter ended March 31, 2024 to RM42.27 million from RM30.3 million a year earlier, attributable to post-development contributions from Bukit Raja Distribution Centre 2, and new tenancies in its Shah Alam Distribution Centre 3. Property income climbed 7.6% year-on-year to RM75.54 million from RM70.17 million. It declared a distribution of 2.3 sen per unit for the quarter. — Axis REIT sees 40% jump in 1Q net trust income, to distribute 2.3 sen per unit

KIP Real Estate Investment Trust (KIP REIT) said its net property income (NPI) for the third quarter ended March 31, 2024 (3QFY2024) rose 10.1% to RM18.1 million from RM16.43 million a year ago, mainly due to stronger performance from its retail properties. Revenue rose 12.5% year-on-year to RM24.55 million from RM21.82 million, on the back of higher contributions from the group’s four malls in the central region. A distribution per unit of 1.6 sen was declared for 3QFY2024, payable on May 28. — KIP REIT’s 3Q net property income up 10.1%, to double AUM in three years

Cypark Resources Bhd said its 100MW Large Scale Solar 3 (LSS3) hybrid solar plant project in Merchang, Terengganu, will transition to full commercial operations by next month, as it has achieved initial operations as of April 21. The group said the plant consists of 83MWac (megawatt, alternating current) ground-mounted solar photovoltaics and 32MWac floating solar photovoltaics. In an interview with The Edge last year, Cypark executive chair Datuk Ami Moris said the LSS3 project is a 21-year concession asset that would generate recurring revenue streams for the group. — Cypark's LSS3 solar plant in Terengganu set for commercial operations next month

Construction and engineering contractor Crest Builder Holdings Bhd said it has secured a condominium project valued at RM486 million in Mont Kiara. The project, awarded by Kiaramas Development Sdn Bhd, involves the construction of three condominium blocks with car park podiums in Jalan Desa Kiara. The contract period is 42 months starting from May 2. — Crest Builder bags RM486m condominium project in Mont Kiara

Capital A Bhd unit AirAsia Consulting Sdn Bhd is still in the pre-qualification stage for the acquisition of Sri Lankan Airlines. However, AirAsia Consulting has yet to submit a bid with due diligence yet to be carried out, its chief executive officer Subashini Silvadas told The Edge. Reuters reported on Monday that the AirAsia group is among six bidders for Sri Lanka's state-run carrier, as the nation looks to reduce losses incurred by government-owned enterprises under a US$2.9 billion (RM13.8 billion) International Monetary Fund programme. — Capital A’s unit in RFQ process for SriLankan Airlines, no price bid yet

Gadang Holdings Bhd said it will appeal to the Economic Planning Unit (EPU) for a waiver of the Bumiputera equity requirement to facilitate its acquisition of a 21.08-acre land in Kwasa Damansara. It said the EPU had on Monday rejected its proposed acquisition as it did not meet the 30% Bumiputera equity ownership requirement. Gadang had in November 2023 entered into an agreement with Kwasa Development (3) Sdn Bhd (KD3) to acquire the land for RM114.78 million, to be developed into a residential project. — Gadang to lodge appeal over Bumi equity requirement in Kwasa Damansara land acquisition

Haily Group Bhd has secured a RM109.5 million contract to undertake the construction and completion of 332 units of double-storey terrace houses in Pontian, Johor. The contract was awarded to its wholly-owned unit Haily Construction Sdn Bhd from Mandy Corp Sdn Bhd, a wholly-owned subsidiary of Gadang Holdings Bhd. The value of the latest contract is higher than Haily’s market value of RM93.62 million. Including the latest win, Haily has announced four contractor project awards since the start of 2024, with contract value totalling approximately RM247.09 million. — Haily bags RM109.5 mil housing jobs in Johor from Gadang’s unit

DXN Holdings Bhd posted a 43.23% rise in net profit to RM79.02 million for its fourth quarter ended Feb 29, 2024 (4QFY2024), from RM55.17 million a year ago. Quarterly revenue grew 16.21% to RM470.64 million from RM405 million in 4QFY2023, primarily attributed to increased revenue contributions from Latin America and India. For the full year, the group’s net profit increased 12.9% to RM310.99 million from RM275.4 million in FY2023, while revenue expanded 12.6% to RM1.8 billion from RM1.6 billion. It declared a dividend of one sen per share, payable on May 30. — DXN’s 4Q net profit up 43%, seeks to expand market presence in Brazil

Inta Bina Group Bhd has bagged a contract worth RM169.67 million from Next Delta Sdn Bhd to develop a serviced apartment project in Country Heights. The job scope involves the development of two blocks of serviced apartments, one podium block comprising parking lots and facilities, as well as a guard house in Tropicana Metropark, Country Heights. The construction period would be 33 months from the commencement date, it added. — Inta Bina bags RM170m serviced apartment job in Country Heights

Comfort Gloves Bhd said a fire took place at its three-storey warehouse and packing department in Taiping, Perak Tuesday morning. While the cause of the fire and the actual extent of the damage remained unknown, the company said the fire outbreak did not result in any death or casualty and its production line was unaffected. “Preliminary assessment reveals that the fire incident would not have a material impact on the financials and operations of the group," said Comfort Gloves. — Comfort Gloves reports fire at new Taiping warehouse

Office furniture maker AHB Holdings Bhd’s planned acquisition of a 51% stake valued in automotive distributor CAF Motor Sdn Bhd was mutually terminated due to unfulfilled precedent conditions. AHB in July 2023 announced that it had entered a non-binding term sheet with CAF Motors’ sole shareholder, CAF Global Tech Sdn Bhd for the acquisition. The 51% stake in CAF Motors was valued at RM10 million. “The termination of the term sheet does not have any financial impact on the company and its subsidiaries,” it added. — AHB's proposed acquisition of EV automotive distributor scrapped

 

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