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MyEG, Green Packet, Tien Wah, Wah Seong, Handal Resources, BLand, Cymao, WCT and LBS Bina

TheEdge Mon, Jun 04, 2018 10:08pm - 1 year ago

KUALA LUMPUR (June 4): Based on corporate announcements and news flow today, companies in focus on Tuesday (June 5) may include: My E.G. Services Bhd, Green Packet Bhd, Tien Wah Press Holdings Bhd, Wah Seong Corp Bhd, Handal Resources Bhd, Berjaya Land Bhd (BLand), Cymao Holdings Bhd, WCT Holdings Bhd and LBS Bina Group Bhd.

My E.G. Services Bhd (MyEG) said news articles which appeared to insinuate that the company's contract for the management of illegal foreign workers for rehiring in Malaysia was terminated on an ad hoc basis were inaccurate and misleading. This is because the project adhered to its existing prescribed deadlines.

MyEG said that on Jan 23, 2017, it announced that the company had on that day received a notification letter from the Home Affairs Ministry in relation to the extension of the project until Dec 31, 2017 instead of Aug 15, 2016.

Furthermore, MyEG clarified that new registration under the project had ceased since Dec 31, 2017 in accordance to the Home Affairs Ministry's letter dated Jan 23, 2017.

The June 30, 2018 closing date as stated in the news articles "is the grace period to allow all remaining registrants to complete all pending procedures under the project".

Green Packet Bhd targets to return to profitability this year, driven by growth in its core business of solutions and communications.

Its chief executive officer Tan Kay Yen said the group is hopeful to see double-digit growth for its financial results in 2019 for both revenue and net profit, and will be driven by new business growth and existing business.

Tan expects to see single-digit growth for its existing business, while the new businesses like fintech and Internet of Things should post double-digit growth.

Tien Wah Press Holdings Bhd is eyeing a bite of the food packaging business in Vietnam, according to its executive chairman Steven Yen Wen Hwa.

Yen shared that the group has started planning on widening its clientele base in Vietnam, by utilising its existing capacity to serve the food packaging industry there.

This includes the printing of Heineken beer labels and mooncake packaging, he said, which may be commissioned as early as this year.

Wah Seong Corp Bhd group chief executive officer (CEO) Chan Cheu Leong has increased his stake in Handal Resources Bhd to 10.54%.

Chan had acquired 200,000 shares on June 1, thus upping his stake in Handal to 16.83 million shares, representing a 10.54% stake.

After nearly a decade of delays in project execution, Berjaya Land Bhd (BLand) has decided to call it a day. The property group is divesting its investment in a Vietnamese financial centre project at a loss.

BLand said it is selling off the entire 32.5% of total capital contribution in Berjaya Vietnam Financial Center Ltd (BVFC Ltd) to local firms Vinhomes Joint Stock Co and Can Gio Tourist City Corp for 884.93 billion Vietnamese Dong (RM154.86 million) cash.

BLand’s capital contribution in BVFC Ltd originally amounted to 967.31 billion Vietnamese Dong. The proposed disposal will result in an estimated loss of about RM25.1 million.

Cymao Holdings Bhd will dispose of two parcels of industrial land for RM12 million cash, which is more than half its market capitalisation at the moment.

Cymao Plywood Sdn Bhd, a wholly-owned subsidiary of Cymao, has entered into a sale and purchase agreement (SPA) with South Pacific Fish Processing Sdn Bhd for the disposal.

The disposal of land was a result of the closure of Cymao Plywood’s mill, which will enable the group to unlock the value of land and availability of additional funds for working capital requirements of the group.

The proceeds from the disposal of land will be channeled for the working capital requirements of the group.

WCT Holdings Bhd has withdrawn a proposal to grant share options to its independent non-executive directors from being put forward for voting in Wednesday’s annual general meeting (AGM).

The decision was made after taking into consideration feedback received from shareholders and stakeholders, and in consultation with the independent non-executive directors.

The independent non-executive directors are Tan Sri Marzuki Mohd Noor, Datuk Ab Wahab Khalil, Datuk Ng Sooi Lin and Ng Soon Lai.

LBS Bina Group Bhd has an alternative plan for its development project in Zhuhai, China although the joint development deal with NWP Holdings Bhd had lapsed.

The company’s group managing director Tan Sri Lim Hock San told EdgeProp.my that both LBS Bina and NWP Holdings were unable to come to an agreement with regard to certain terms in the Definitive Agreement.

He also gave assurance that the project will not be put on hold because of the termination of the partnership with NWP Holdings.

“The incident will not bring any impact to the project. We are now finalising the [project] planning,” he noted.

On May 30, both companies had agreed to revoke the Heads of Agreement to jointly develop 264 acres of land in Gaoxin district, Zhuhai in Guangdong, China, which was signed on March 5. They had recently announced the mutual termination of the agreement to jointly develop the project, in which LBS Bina has a 60% stake.

Related Stocks

BJCORP 0.260
CYMAO 0.300
HANDAL 0.380
LBS 0.500
MYEG 1.440
NWP 0.080
WCT 0.905


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