RHB Bank, Utusan Melayu, Can One, Kian Joo, Pasukhas Group, Petronas Dagangan, Malayan United Industries, Vertice, SCGM, AirAsia Group, Eco World Development, Eco World International, Protasco, Perdana Petroleum and Jaks

TheEdge Fri, Dec 14, 2018 12:33am - 5 years View Original


KUALA LUMPUR (Dec 13): Based on corporate announcements and news flows today, stocks on focus on Friday (Dec 14) may include: RHB Bank Bhd, Utusan Melayu (Malaysia) Bhd, Can One Bhd, Kian Joo Can Factory Bhd, Pasukhas Group Bhd, Petronas Dagangan Bhd, Malayan United Industries, Vertice Bhd, SCGM Bhd, AirAsia Group Bhd, Eco World Development Group Bhd, Eco World International Bhd, Protasco Bhd, Perdana Petroleum Bhd and Jaks Resources Bhd.

RHB Bank Bhd said the group and its wholly-owned subsidiary RHB Investment Bank Bhd have received Bank Negara Malaysia’s approval to establish a subsidiary in Vietnam.

This follows RHB Investment Bank’s proposed acquisition of the remaining 51% equity interest in Vietnam Securities Corp that it does not already hold for 121.63 billion dong (RM21.7 million) in cash.

Utusan Melayu (Malaysia) Bhd executive chairman Datuk Abd Aziz Sheikh Fadzir has resigned just six months after being appointed to the post.

According to a stock exchange filing by the Umno-controlled media group, he resigned “due to other personal business commitments”.

Abd Aziz, 55, took over as executive chairman on June 7 from Tan Sri Mohamad Fatmi Che Salleh, who along with four other directors had resigned due to changes in the Umno leadership after Barisan Nasional’s loss in the 14th general election.

Can-One Bhd is buying another 2.17 million shares or a 0.49% stake in Kian Joo Can Factory Bhd and will subsequently extend a mandatory general offer to the minority shareholders of Kian Joo at an offer price of RM3.10 per share.

In a filing with Bursa Malaysia today, Can-One said its wholly-owned subsidiary Can-One International Sdn Bhd has entered into a conditional share sale agreement with Tan Kim Seng for the 0.49% stake in Kian Joo for RM6.71 million or RM3.10 per share cash.

Upon completion of the proposed acquisition, Can-One will see its shareholding in Kian Joo increase to 33.39% from 32.9% presently.

Pasukhas Group Bhd’s wholly-owned unit, Pasukhas Green Assets Sdn Bhd, has proposed to establish an Islamic Medium Term Note Programme of RM200 million in nominal value to fund its acquisitions and capital requirement needs.

In an exchange filing today, Pasukhas said the programme, which will be established under the syariah principle of Wakalah Bi Al-Istithmar together with Murabahah, will have a tenure of 20 years from the date of its first issuance.

Proceeds raised will be used to finance Pasukan Green’s acquisitions of projects, which may include a company, and to fund its working capital needs, it added.

Petronas Dagangan Bhd (PDB) has appointed its head of retail business, Aadrin Azly, as the group’s new chief operating officer, effective Jan 1.

In a statement today, PDB managing director and chief executive officer Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir said Aadrin has knowledge and experience of the PDB business at the grass root level, as well as breadth at various Petronas business value chain.

Tan Sri Khoo Kay Peng has resigned as the executive chairman of Malayan United Industries Bhd (MUI), after more than four decades of helming the company, and will be replaced by his son Andrew Khoo Boo Yeow.

In a statement today following the announcement of the resignation, MUI said Andrew had been appointed by its board of directors as their executive chairman after assuming the role of group chief executive officer on Jan 1.

Vertice Bhd is planning to divest a 60% equity interest in its fashion retail business to its founder and executive deputy chairman Seow Khim Soon for RM32.62 million.

Under the agreement signed today, Seow will be relinquishing his directorship in the group to concentrate his efforts on managing the fashion retailing business parked under Kumpulan Voir Sdn Bhd, and to absolve from any potential conflict of interests.

Upon completion of the disposal, which will see Kumpulan Voir becoming its 40% associated company, Vertice will continue to provide corporate guarantee to the banking facilities procured by Kumpulan Voir, said Vertice in a stock exchange filing.

SCGM Bhd saw its net profit fall 68.6% to RM1.65 million for the second financial quarter ended Oct 31, 2018 (2QFY19) from RM5.26 million a year ago, due to higher resin prices, finance cost as well as increased operating expenditure incurred by both its old and new plants in Johor during the current quarter under review.

Quarterly revenue, however, was up 10.2% to RM57.43 million from RM52.11 million a year ago on higher local sales demand for plastic packaging products.

It also declared a second interim dividend of 0.5 sen per share for the financial year ending April 30, 2019 (FY19), payable on Jan 18, 2019.

For the cumulative six months (1HFY19), SCGM posted a 75% decline in net profit to RM2.71 million from RM10.85 million a year ago, while revenue climbed 7.1% to RM113.23 million from RM105.77 in 1HFY18.

AirAsia Group Bhd says it has received "no less than 13 expressions of interest and also offers" from prospective buyers, including US private investment firm Castlelake LP, for its aircraft leasing unit and a number of its remaining aircraft assets.

In a bourse filing today, AirAsia said the company, however, has not entered into any legally binding contract with any of the parties involving the sale of the leasing unit or a significant number of aircraft, "with values over and above the prescribed thresholds under the Main Market Listing Requirements of Bursa Malaysia Securities Bhd".

Eco World Development Group Bhd's (EcoWorld) net profit doubled to RM68.53 million or 2.33 sen a share in the fourth quarter ended Oct 31, 2018 (4QFY18) from RM33.7 million or 1.14 sen a share.

Its quarterly revenue, however, was 32.79% lower at RM607.58 million versus RM904.06 million due to completion of some major projects and delivery of a significant number of completed property units to customers by subsidiaries.

For its full financial year ended Oct 31, 2018 (FY18), EcoWorld's net profit declined 21.02% to RM165.59 million or 5.62 sen per share from RM209.65 million or 7.25 sen per share, while its revenue was down 26.04% to RM2.17 billion from RM2.94 billion.

Eco World International Bhd (EWI) is aiming to acquire land in London to build an additional 5,000 built-to-rent (BtR) homes over the next five years.

This comes on top of 12 existing sites in London with the potential to deliver some 4,000 units, said EWI chief executive officer Datuk Teow Leong Seng.

Protasco Bhd said today its subsidiary HCM Engineering Sdn Bhd received a termination letter from Turnpike Synergy Sdn Bhd (TSSB) for the construction of the Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) due to the delay in the project's implementation.

Perdana Petroleum Bhd has decided not to proceed with a private placement to raise up to RM109 million, which was first announced in May 2017.

It decided to scrap the plan after taking into consideration its on-going corporate debt restructuring exercise under Bank Negara Malaysia, as well as the prevailing weak market conditions of the past six months.

JAKS Resources Bhd saw its rights issue of warrants undersubscribed by 62.48%, although it still managed to meet its minimum subscription level and raised gross proceeds of RM25.61 million.

That means a take-up rate of only 37.52% or 102.43 million of the total 272.97 million rights warrants available for subscription.

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






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