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MRCB, George Kent, GETS Global, PRG, China Ouhua, Scicom, Axiata, CSC Steel and Stone Master

TheEdge Mon, Nov 05, 2018 11:16pm - 2 years ago

KUALA LUMPUR (Nov 5): Based on corporate announcements and news flow today, stocks in focus on Wednesday (Nov 7) may include: Malaysian Resources Corp Bhd, George Kent (M) Bhd, GETS Global Bhd, PRG Holdings Bhd, China Ouhua Winery Holdings Ltd, Scicom (MSC) Bhd, Axiata Group Bhd, CSC Steel Holdings Bhd and Stone Master Corp Bhd.

MRCB George Kent Sdn Bhd, a joint venture (JV) company between Malaysian Resources Corp Bhd (MRCB) and George Kent (Malaysia) Bhd, has bagged an RM11.86 billion contract to build the Light Rail Transit Line 3 (LRT 3) project from Bandar Utama in Petaling Jaya to Johan Setia in Klang.

"The contract sum includes a contingency or provisional sum of RM400 million, which, if not utilised, will reduce the contract sum," MRCB and George Kent said.

The figure is a further reduction to the RM16.6 billion announced in October. On Oct 17, the MRCB-George Kent JV had announced that it was notified by the Government that the LRT3 project will continue, but at a lower cost of RM16.6 billion — almost half or 47% of the earlier cost of RM31.45 billion in July. The implementation concept of the project was also remodelled from a project delivery partner regime to a fixed price contract regime.

GETS Global Bhd's external auditor Messrs PKF has flagged the existence of material uncertainty in its financial statements for the financial period ended June 30, 2018 (FP18) that may cast significant doubt on the group’s ability to continue as a going concern.

In a filing with Bursa Malaysia today, the transportation services company said its auditor had drawn attention to the group's net loss of RM12.25 million in FP18 and that its current liabilities exceeded its current assets by RM20.57 million.

As a result, the auditor also expressed its unmodified opinion on the results for FP18.

PRG Holdings Bhd plans to subscribe to up to 29.9% in Catalist-listed Capital World Ltd, which is engaged in property development activities in Malaysia.

The proposed investment will allow PRG to participate in Capital World's flagship project in Johor Baru, featuring four million sq ft of integrated development comprising a shopping mall, hotel, serviced suites and serviced apartments.

PRG said it has today entered into a non-binding Memorandum of Understanding (MoU) with Capital World for the proposed investment on the terms and subject to the conditions to be set out in a definite agreement.

China Ouhua Winery Holdings Ltd, which has made several announcements on the date to receive the transfer of land title ownership from a local authority in China after buying a 40-acre plot there, today announced that the transfer should be done in six months.

"The board of directors of China Ouhua wishes to update that the land title ownership has yet to be transferred to Yantai Fazenda Ouhua Winery Co Ltd (Yantai Ouhua)," China Ouhua said.

China Ouhua said as the land is a state-owned property, the group is "still [waiting] for the examination procedure and the approval on the land by the State-owned Assets Supervision and Administration Commission, and the decision of the District Mayor Administration Meeting".

Scicom (MSC) Bhd has been named as a second defendant in a lawsuit by Tawasol Al-Sharq Marketing Services, which is seeking US$416,930 in relation to alleged nonpayment of Tawasol invoices after Scicom had ceased to procure Tawasol’s services.

Scicom said it was served with a writ of summons and statement of claim filed at the Singapore High Court on July 29, 2018.

It added that it has received legal advice that there is no basis to the claim against the company.

Axiata Group Bhd has decided to cancel its dividend reinvestment scheme (DRS) on the electable portion of its interim dividend due to softer equity markets.

Axiata said the board of directors has decided, "after careful deliberation, to exercise its right to cancel the application of the DRS".

"In view of the softer equity markets, the board is of the view that a full cash dividend would offer shareholders better value at this point in time," it added.

Accordingly, the entitled shareholders of Axiata will receive the entire interim dividend of five sen per share for the financial year ending Dec 31, 2018 in cash on Nov 12.

Steel manufacturer CSC Steel Holdings Bhd has aborted its plan to acquire certain assets of YKGI Holdings Bhd.

It did not give a reason for the termination.

"The board of directors of CSC Steel wishes to inform that the proposed transaction has been aborted," it said.

Stone Master Corporation Bhd has appointed Datuk Sri Chew Han Ching as its chief executive officer and executive director effective immediately.

The marble and granite products maker said Chew, 66, brings with him over 35 years of experience in the property development and construction industry.

He takes over from the previous ED and acting CEO Fathi Ridzuan Ahmad Fauzi, who resigned on June 5, after only four months in the post.

Meanwhile, Datuk Eii Ching Siew @ Yii Ching Siew was redesignated from his position as the ED-cum-president of Stone Master to be the alternate director to Chew Han Ching.


Related Stocks

AXIATA 3.300
BURSA 8.200
GETS 2.280
GKENT 0.780
MRCB 0.435
PRG 0.180
SCICOM 0.910
STONE 0.030
YKGI 0.115


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