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TDM, Petron Malaysia, Hengyuan, Revenue Group, Parkson, IFCA MSC, Multi Sports, G Neptune and T7 Global

TheEdge Tue, Oct 22, 2019 11:48pm - 8 months ago

KUALA LUMPUR (Oct 22): Based on corporate announcements and news flow today, companies in focus on Wednesday (Oct 23) could include TDM Bhd, Petron Malaysia Refining & Marketing Bhd, Hengyuan Refining Co Bhd, Revenue Group Bhd, Parkson Holdings Bhd, IFCA MSC Bhd, Multi Sports Holdings Ltd, G Neptune Bhd and T7 Global Bhd. 

TDM Bhd’s subsidiary PT Rafi Kamajaya Abadi (PT RKA) has been sanctioned by the Indonesian government and ordered to stop all plantation activities at some 900ha of its plantation area in Kalimantan, which has been burnt recently.

The sanction will last for three years. Under the decree, PT RKA is also ordered to complete fire prevention facilities and infrastructure within 12 months from Oct 4, the date the sanction takes effect.

A check with the group’s Annual Report 2018 shows that the affected area makes up about 7% of TDM's total 12,645ha of planted oil palm land in Kalimantan.

Petron Malaysia Refining & Marketing Bhd and Hengyuan Refining Co Bhd confirmed today that crude oil vessels are unable to discharge crude oil at two refineries owned by them in Port Dickson.

They blamed the incident on a technical problem with their single buoy mooring facilities. Operations are anticipated to return to normal by early November.  

Their comments follow a Reuters report that two tankers carrying oil were unable to offload their cargo after a port facility that carries crude from the ships to the plants broke down.

Revenue Group Bhd, whose share price hit a record high today, has proposed a two-for-three bonus issue. The ACE Market-listed firm said it will issue up to 230.04 million bonus shares. 

Revenue said it decided on the bonus issue after due consideration of its financial performance and position. 

The stock closed at RM1.71 today, up by more than 4.5 times compared with its initial public offering price of 37 sen in July 2018. 

Parkson Holdings Bhd’s 54.97%-owned Hong Kong-listed subsidiary has secured loans totalling HK$3.9 billion (RM2.08 billion) for refinancing and general working capital needs. 

Parkson Retail Group Ltd (PRG) secured the loans from a syndicate of banks for a three-year term. 

Parkson said the loan agreement imposes a specific performance obligation on certain controlling shareholder of PRG. Parkson Holdings chairman and managing director Tan Sri Cheng Heng Jem and his wife Puan Sri Chan Chau Ha @ Chan Chow Har are deemed to have an interest in the 54.97% stake in PRG held by Parkson 

IFCA MSC Bhd inked a memorandum of understanding with Huawei Services (Hong Kong) to cooperate in a strategic partnership programme to explore project initiatives in the areas of DevOps, cloud AI, big data and knowledge sharing on innovative technology.

The MoU aims to record the parties' initial intent, and that it is their intention to ink definitive agreements on the planned cooperation.

The stock climbed as much as 11.5 sen to 50 sen upon resumption trading after the announcement, before closing at the day at 43.5 sen.

Multi Sports Holdings Ltd said Bursa Malaysia has rejected its application to delay the issuance of the China-based shoe manufacturer's 2019 annual report from Oct 31, 2019 to Dec 31, 2019. 

Multi Sports said the reason for failing to issue the annual report 2019 within the relevant timeframe to Bursa was due to resignation of the former auditors of the company, Messrs RT LLP. 

Multi Sports is at risk of having its share trade suspended next month, or subsequently delisted, should the company fail to submit its 2019 annual report within the stipulated time frame. 

G Neptune Bhd’s independent auditor has issued a disclaimer of opinion on the group's financial statements for the year ended June 30, 2019 (FY19). The auditor, Messrs Moore Stephens Associates PLT, had previously issued a disclaimer of opinion on G Neptune's financial statements for FY18 as well. 

Moore Stephens, in the auditor report filed with Bursa Malaysia by G Neptune today, said it is unable to obtain sufficient appropriate audit evidence on G Neptune's outstanding loan payables and accrued interest amounting to RM1.09 million and RM743,710 respectively.

Other concerns raised were the lack of audit evidence to confirm the accuracy of the RM385,912 for crystallisation of corporate guarantee granted to its subsidiary as well as remaining payables balances of the subsidiary of the group amounted to RM238,983. 

T7 Global Bhd has been awarded an umbrella contract by Petronas Carigali Sdn Bhd to provide integrated well services for intervention, workover, and abandonment for petroleum arrangement contractors (PACs).

T7 Global said the contract, awarded to its wholly-owned Tanjung Offshore Services Sdn Bhd, is for a five-year period starting from its commencement date of Sept 20, 2019 till Sept 19, 2024. 

The contract value shall be as per work order request, which is at the full discretion of the PACs. The contract is expected to contribute positively towards its earnings and net assets per share for its current financial year ending Dec 31, 2019.

Related Stocks

BURSA 8.400
GNB 0.060
T7GLOBAL 0.370
TDM 0.230


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