MAHB, MBSB, Cypark, Uzma, Heineken, Taliworks, Teo Seng, Aemulus, Deleum, Kumpulan Jetson, Ageson, Fibromat

TheEdge Tue, May 14, 2024 11:29pm - 4 weeks View Original

KUALA LUMPUR (May 14): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

Malaysia Airports Holdings Bhd (KL:AIRPORT), or MAHB, is ready to have Mohamed Rastam Shahrom at the helm of the airport operator permanently after seven months as acting group chief executive officer, according to sources. Sources told The Edge that MAHB will soon announce Mohamed as the next group CEO. "A company cannot be without a CEO for too long," said one of the sources. Mohamed's name was touted among a group of potential CEOs bandied about to take the top job at MAHB in February. They included the airport operator’s former CEO Datuk Mohd Shukrie Mohd Salleh and its CFO from 2006 to 2015, Faizal Sham Abu Mansor. — MAHB to name Mohamed Rastam as permanent CEO soon, sources say

Former TIME dotCom Bhd (KL:TIMECOM) chief financial officer Shahnaz Farouque Jammal Ahmad has joined Malaysia Building Society Bhd (KL:MBSB) as the banking group’s new CFO. Shahnaz will be replacing Ramanathan Rajoo, who will transition into the role of a special adviser to MBSB. The changes will take effect from June 1, MBSB informed Bursa Malaysia. Shahnaz, 49, was the CFO of TIME dotCom for almost three years before stepping down on March 15. Prior to that, he was the chief executive officer of group wholesale banking and CFO of CIMB Group. — Ex-TIME dotCom CFO Shahnaz Farouque joins MBSB

Cypark Resources Bhd (KL:CYPARK) group chief executive officer Datuk Daud Ahmad has resigned from his post, effective from Tuesday. Daud, a co-founder and substantial shareholder, stepped down from the role to “provide the opportunity for Cypark to transition into its next phase as Malaysia’s leading Bumiputera-led renewable energy company”, Cypark said in a filing. “Executive chair Datuk Ami Moris and executive director Muhammad Ashraf will lead the company through a leadership transition over the next 12 months, in concert with the ongoing strategic review the company has embarked upon,” Cypark added. — Cypark CEO Daud Ahmad resigns to facilitate 'transition into leading renewable energy player'

Uzma Bhd (KL:UZMA) has secured a letter of award from ExxonMobil Exploration Production Malaysia Inc for non-rig assisted electric wireline logging equipment and services in West Malaysian waters. Uzma in a filing said its wholly owned subsidiary Uzma Engineering Sdn Bhd was awarded with the three-year contract effective from May 3, 2024 to May 2, 2027. The oil and gas service provider did not disclose the value of the contract, saying it is a call-off contract based on the agreed rates and work orders issued by ExxonMobil. — Uzma wins three-year contract from ExxonMobil

Heineken Malaysia Bhd's (KL:HEIM) net profit rose 11.42% to RM122.48 million for the first quarter ended March 31, 2024 (1QFY2024), from RM109.93 million a year earlier, driven by higher beer sales during the Chinese New Year and cost management. The brewery’s revenue for the quarter under review increased by 6.61% to RM789.17 million, from RM740.22 million previously. No dividends were declared for the quarter. — Heineken Malaysia's 1Q net profit 11% higher on CNY sales

Taliworks Corp Bhd (KL:TALIWRK) has posted a 49.4% year-on-year increase in its first quarter net profit amid an increase in the bulk water supply rate for its water treatment and supply division, and a higher share of results from jointly controlled entity Grand Sepadu (NK) Sdn Bhd, on the back of a toll compensation by the government. The earnings improvement for the quarter ended March 31, 2024 (1QFY2024) was also driven by cost optimisation and higher traffic in the toll highway segment, higher sundry income and lower finance costs incurred during the quarter, Taliworks said in a filing. Net profit for the January-March period stood at RM15.03 million, against RM10.06 million in the previous year’s corresponding quarter, as revenue remained relatively flat at RM93.33 million, compared with RM93.53 million previously. — Taliworks starts 2024 on strong footing with 49% jump in earnings

Teo Seng Capital Bhd's (KL:TEOSENG) first quarter (1Q) net profit rose 42.11% to RM34 million from RM19.68 million a year ago, on higher egg sales, improved raw material costs, and government subsidies that eased operational expenses. Quarterly revenue rose 3.6% to RM190.1 million from RM183.4 million in the previous January-March period, mainly driven by improved revenue from the poultry farming segment. Teo Seng declared a first interim dividend of 2.5 sen per share, up half a sen from the same quarter last year, payable on June 3. — Teo Seng 1Q net profit up 42% on higher egg sales, government subsidies

Automated test equipment company Aemulus Holdings Bhd (KL:AEMULUS) remained in the red for its sixth straight quarter even as net losses narrowed in the second quarter from a year earlier on lower expenses and higher revenue.Net loss for the three months ended March 31, 2024, was RM2.04 million, or 0.31 sen per share, compared to RM6.61 million, or 0.70 sen per share, in 2QFY2023. Revenue surged 76% year-on-year to RM9.32 million from RM5.29 million thanks to higher demand. — Aemulus logs sixth straight quarter of losses, flags slowdown in China

Deleum Bhd's (KL: DELEUM) 60%-owned unit has entered into a settlement agreement with six of the 10 defendants in its RM19.88 million civil lawsuit against its own executives, Petronas Carigali Sdn Bhd executives and its sub-contractors over an alleged illegal scheme. Under the agreement, Deleum Technology Solutions Sdn Bhd (DTS) — formerly known as Deleum Primera Sdn Bhd (DPSB) — will have to discontinue the suit against the six defendants and pay a sum of RM834,225 to one of the defendants, as part of outstanding invoices. Besides that, another one of the defendants will admit liability and pay RM100,000 to DTS, as part of the settlement. — Deleum unit enters into settlement agreement in suit over alleged illegal scheme

The High Court has ruled that the requisition notice from 10 shareholders of Kumpulan Jetson Bhd (KL:JETSON) seeking an extraordinary general meeting (EGM) to remove the directors of the construction group is invalid. Judge Wan Muhammad Amin Wan Yahya also ruled that any further action taken regarding the requisition notice is null and void, and granted the group RM10,000 in costs, said Kumpulan Jetson in a filing. The legal action was initiated by Kumpulan Jetson last December after the group turned down the requisition notice on the grounds that the 10 shareholders did not collectively hold at least 10% of the group's shares on the day of the request. — Kumpulan Jetson shareholders' requisition notice to remove directors ruled invalid by court

Ageson Bhd (KL:AGES), whose external auditor raised concerns about its receivables as well as its subsidiaries’ revenues and asset valuation, announced that consultant Virdos Lima Consultancy (M) Sdn Bhd did not find any “material adverse findings from its independent assessment”. In October last year, the engineering construction firm’s external auditor Messrs Jamal, Amin & Partners raised concerns about certain audit issues in its financial statements for the 18-month financial period ended Dec 31, 2022.  — Ageson says 'no material adverse findings' from independent assessment

Soil erosion control products manufacturer Fibromat (M) Bhd (KL:FBBHD) has proposed to transfer its listing from the LEAP Market of Bursa Malaysia to the ACE Market, as it sees the need for larger fundraising exercises from the equity capital market. As part of the transfer, Fibromat said it will undertake the issuance of new shares to the public and a larger pool of selected investors, for the purpose of complying with the public shareholding spread requirement as well as raising new capital for the company.  — Fibromat seeks transfer from LEAP Market to ACE Market for larger fundraising exercises

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