Ancom, Nylex, WCT, AirAsia, Sapura Energy, ConnectCounty and Asia Media

TheEdge Wed, Jan 09, 2019 10:24pm - 5 years View Original


KUALA LUMPUR (Jan 9): Based on corporate announcements and news flow today, companies that may be in focus on Thursday (Jan 10) may include the following: Ancom Bhd, Nylex Bhd, WCT Holdings Bhd, AirAsia Group Bhd, Sapura Energy Bhd, ConnectCounty Holdings Bhd and Asia Media Group Bhd.

Ancom Bhd and Nylex Bhd today reassured shareholders that their operations remain unaffected by the four-day remand of their top executive Datuk Siew Ka Wei by the Malaysian Anti-Corruption Commission.

Siew is the executive chairman of Ancom and the group managing director of Nylex, which is a subsidiary of Ancom. He is also a substantial shareholder in both companies.

Siew was remanded over an alleged abuse of power involving a government contract worth more than RM99 million, which took place during his tenure as chairman of Tourism Board of Malaysia.

WCT Holdings Bhd, which is substantially owned by Tan Sri Desmond Lim of the Pavilion group with a 19.67% stake, and China-based China Communications and Construction Group (CCCG), will jointly develop the first residential project at the Tun Razak Exchange (TRX) here, with an estimated gross development value (GDV) of RM1.1 billion.

Its joint venture company with CCCG, CORE Precious Development Sdn Bhd, officially held the groundbreaking ceremony today and is understood to still be in the midst of tendering the project to a main contractor. CORE Precious is 20%-owned by WCT and the other 80% is owned by CCCG.

The development features two serviced residence towers and one serviced apartment tower and is scheduled to be completed around the end of 2022.

AirAsia Group Bhd, which is divesting its aircraft leasing business to entities managed by BBAM Ltd Partnership, said plans to lease five of the aircraft to third party airlines with an enterprise value of US$173.67 million have been aborted.

However, it added that the transfers of the other aircraft and aircraft engines to BBAM units comprising FLY SPA, Incline B SPA and Herondell SPA have been completed.
 
In a separate statement, AirAsia said its cargo and logistics arm, RedCargo Logistics Sdn Bhd, has secured its first direct partner, Main Market-listed Tasco Bhd. Tasco is an NYK Group company providing global freight forwarding services.

SEB Upstream Sdn Bhd (SUP), a joint venture between Sapura Energy Bhd and OMV Aktiengesellschaft (OMV AG), plans to obtain financing facilities from local and foreign financial institutions and/or its Austrian partner for between US$350 million (RM1.46 billion) and US$550 million (RM2.29 billion) to repay part of its debt and for working capital.

In a filing with Bursa Malaysia today, Sapura Energy said SUP will use US$350 million to partially repay the amount owing by it to Sapura Energy of US$890 million (RM3.7 billion) and the rest for working capital.
 
ConnectCounty Holdings Bhd’s wholly-owned China-based unit Rapid Conn (Shenzhen) Co Ltd (RCC) has divested a 31% stake in its subsidiary, Shenzhen Rapid Power Co Ltd, for a total of 2.33 million yuan, or approximately RM1.4 million. Sale proceeds will be utilised for working capital purposes.

The transfer of shares was done as part of RCC’s equity restructuring of subsidiaries due to changing business circumstances in China.

The Chinese market contributed about 56% to group revenue in the financial year ended December 31, 2017, but the China operations reported a segmental loss of RM591,253 that year.

Asia Media Group Bhd saw 12 million of its shares, representing a 5.01% stake in the digital transit media advertiser, traded off market today for a total of RM1.68 million or at 14 sen apiece.

The identities of the parties involved in the transaction were not known at the time of writing.

However, Asia Media said in an earlier filing that its single largest substantial shareholder, Wong SK Holdings Sdn Bhd, a private vehicle of Asia Media's founder-cum-chief executive officer Datuk Wong Shee Kai, had disposed of 12 million shares in an off-market transaction on Dec 20.

This pares down Wong's shareholding in Asia Media to 14.55%, nearly half from the 27.2% stake he held as at April 2 last year, as stated in the company's annual report.

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