Gamuda, MMC, MISC, TMC Life Sciences, Scomi, Sapura Resources, Vizione, Cuscapi, Seacera, iDimension and Borneo Oil

TheEdge Mon, Oct 29, 2018 11:26pm - 5 years View Original


KUALA LUMPUR (Oct 29): Based on corporate announcements and news flow today, stocks in focus on Tuesday (Oct 30) may include: Gamuda Bhd, MMC Corp Bhd, MISC Bhd, TMC Life Sciences Bhd, Scomi Group Bhd, Sapura Resources Bhd, Vizione Holdings Bhd, Cuscapi Bhd, Seacera Group Bhd, iDimension Consolidated Bhd and Borneo Oil Bhd.

A jointly-owned unit of Gamuda Bhd and MMC Corp Bhd has been served an arbitration notice relating to the 329km Electrified Double Track Project (EDTP) between Ipoh and Padang Besar by Emrail, formerly known as Time Salam Sdn Bhd.

MMC-Gamuda Joint Venture Sdn Bhd (MGJV) was served an arbitration notice premised on Emrail’s alleged dispute arising out of the conditions of contract dated Dec 23, 2010 for the construction, completion, testing, commissioning and maintenance of track works for the EDTP.

MISC Bhd’s 51%-owned joint venture with PetroVietnam Technical Services Corporation has won a time charter contract to lease a floating storage and offloading vessel for US$176 million (RM735
million).

Idemitsu Kosan Co Ltd will lease the FSO for seven years, with the charter expected to commence by mid-2020.

TMC Life Sciences Bhd reported its best fourth-quarter performance in a decade, as its net profit for the quarter ended Aug 31, 2018 rose 2.2% to RM11.34 million from RM11.1 million in the previous year, thanks to lower total operating expenditure.

Higher patient load and higher intensity of cases handled pushed revenue up by 9.89% year-on-year to RM43.19 million.

The group proposed a single-tier final dividend of 1.83% or 0.183 sen for its 2018 financial year.

Subsidiaries of Scomi Group Bhd have been served a notice of demand for US$19.13 million (RM79.83 million) by the Export-Import Bank of Malaysia (EXIM) over the failure to pay the amount due under bank facilities.

Scomi Transit Projects Brazil (Sao Paulo) Sdn Bhd (STPB), a wholly-owned unit of Scomi Engineering Bhd (SEB), which is in turn a wholly-owned unit of the Scomi group, had been the borrower while SEB had acted as its guarantor.

“STPB and SEB are still in the process of negotiating with EXIM, have sought an extension of time and are still awaiting a decision from EXIM,” Scomi said.

Sapura Resources Bhd has partnered with Dilog Training and Services Sdn Bhd to collaborate for the provision of maintenance, repair and overhaul (MRO) services for narrow body commercial aircraft in Senai, Johor.

Sapura’s wholly-owned unit, Mercu Sapura Sdn Bhd (MSSB), signed a joint venture (JV) and shareholders agreement today with Dilog.

MSSB also intends to offer a call option for an equity interest of up to 29% in the JV company to Invation Aero Sdn Bhd, a joint venture between Sapura Aero Sdn Bhd, another fully-owned unit, and Destini Aviation Sdn Bhd, a wholly-owned unit of Destini Bhd.

Vizione Holdings Bhd’s net profit leapt 28 times to RM15.02 million for the first financial quarter ended Aug 31, 2018 from RM529,000 a year ago thanks to higher contributions from construction projects.

Quarterly revenue soared seven times to RM159.51 million from RM21.34 million a year ago due to construction work undertaken by the group’s subsidiary Wira Syukur (M) Sdn Bhd (WSSB), a company that was acquired by the group on Oct 9, 2017.

The group said that it foresees opportunities in the wake of the government’s fiscal policy in building more affordable homes in the short to medium term.

Cuscapi Bhd has filed a counter claim suit against former CEO Her Chor Siong and Hitachi Systems Digital Services (Singapore) Pte Ltd for allegedly engaging in a scheme to defraud and cause losses to the group.

Also named in the counter claim by Cuscapi (along with its subsidiary Cuscapi Malaysia Sdn Bhd) is Hitachi Systems’ CEO Ong Chin Hui, who was a shareholder of Cuscapi at the material time.

Cuscapi claimed the three had schemed to make “secret profits” arising from arrangements entered into with Hitachi Systems.

Three of Seacera Group Bhd's major shareholders had been forced to hive off their stakes, including its non-executive chairman Datuk Seri Mansor Masikon and managing director Zulkarnin Ariffin.

The duo and Datuk Ismail Osman were forced to sell down their stakes on the market by banks or stock broking firms, the tilemaker said in a response to an unusual market activity (UMA) query today.

Trading of Secera shares was suspended between 3.09pm and 4.03pm today.

iDimension Consolidated Bhd’s external auditors have expressed an adverse opinion on its audited financial statements for the first six months of 2018 (1H18), triggering the Guidance Note 3 (GN3) status.

The group’s external auditors, BDO had disagreed with the decision made by iDimension’s board to treat its subsidiary, IDB Interactive Sdn Bhd as a pure investment as opposed to a subsidiary to be consolidated.

However, iDimension believed it had acted in the fiduciary interests of the company and its shareholders by deconsolidating IDB’s financial statements as it could not corroborate or verify their accuracy.

Borneo Oil Bhd has made a loss in the 17-month period up to June 30, 2018 instead of a profit after its accounts were audited.

The material variance was mainly attributed to an additional provision of a share-based payment expense under MFRS-2 amounting to RM11.14 million.

That means Borneo Oil has sunk to a pre-tax loss of RM1.59 million for the period under review. It previously announced an unaudited pre-tax profit of RM9.62 million on Aug 28.
    

 

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Related Stocks

2194 0.000
7158 0.000
BORNOIL 0.010
CUSCAPI 0.175
DESTINI 0.030
EVD 0.140
GAMUDA 5.270
MISC 7.670
SAPRES 0.330
SEACERA 0.210
TMCLIFE 0.700
VIZIONE 0.045

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