KUALA LUMPUR: Based on corporate announcements and news flow today, companies in focus on Thursday (Oct 24) may include: Gadang Holdings Bhd, IGB Real Estate Investment Trust (REIT), Kelington Group Bhd, Datasonic Group Bhd, Pestech International Bhd, Barakah Offshore Bhd, London Biscuits Bhd and IHH Healthcare Bhd.

Gadang Holdings Bhd’s net profit for its first quarter ended Aug 31, 2019 (1QFY20) fell 10% to RM14.85 million from RM16.54 million in the year-ago quarter, dragged by lower property contribution. This was despite a 14% rise in revenue to RM147.6 million from RM129.15 million, as it recognised higher work progress at its ongoing construction projects.

IGB Real Estate Investment Trust (REIT)’s distributable income for the third quarter ended Sept 30, 2019 (3QFY19) rose 1.3% to RM86.35 million from RM85.24 million a year ago. The trust, which owns Mid Valley Megamall and Gardens Mall, declared 2.31 sen of income distribution per unit.

IGB REIT said its net property income (NPI) rose 4.3% to RM100.7 million in the quarter from RM96.56 million previously, due to higher rental income and lower property operating expenses.

For the cumulative nine-month period (9MFY19), IGB REIT’s distributable income increased 1.5% to RM260.2 million, from RM256.5 million in the previous corresponding period. Nine-month NPI grew 4.5% to RM302.7 million from RM289.8 million.
 
Kelington Group Bhd said operations commenced today at its liquid carbon dioxide (LCO2) plant in Kemaman, Terengganu. The plant, operated by its 97.2%-owned subsidiary Ace Gases Sdn Bhd, can produce up to 50,000 tonnes of LCO2 per year. Ace Gases signed an agreement with Petroliam Nasional Bhd (Petronas) in November 2017 for the supply of carbon dioxide waste gas.
 
Datasonic Group Bhd has inked a shareholders agreement with South Korea’s Digent Co Ltd to form a joint venture company (JV Co) to jointly develop and market next generation biometric applications. Under the agreement, both parties will jointly form a company named Datasonic Digent Sdn Bhd (DDSB) in which Datasonic will have 60% equity, while Digent will hold 40%.

Pestech International Bhd is exploring opportunities to provide roof top solar power solutions and establish a green renewable energy initiative programme in the free commercial and industrial zone in Port Klang. This will be done in collaboration with Port Klang Free Zone Sdn Bhd (PKFZ), with whom it signed a Memorandum of Understanding today.

Barakah Offshore Bhd said the Export-Import Bank of Malaysia Bhd (EXIM Bank) has terminated loan facility agreements with the company. Its wholly-owned Kota Laksamana 101 Ltd (KL101) has received a notice of termination, recall, and demand from EXIM Bank, stating that it owes US$43.59 million (RM182.5 million) to EXIM Bank.

London Biscuits Bhd (LBB), which is set to be wound up,  has pledged cooperation in the interim liquidation process after the High Court today approved  the appointment of  an interim liquidator.

The LBB said Lim San Peen of  PricewaterhouseCoopers Advisory Services Sdn Bhd has been appointed as the interim liquidator.

IHH Healthcare Bhd is reportedly in talks to sell two of its major assets in India back to their original founder-promoters. The healthcare group has initiated discussions to cash out of its 62% stake in Hyderabad-based Continental Hospitals and 74% in Global Hospitals, by selling them back to the promoter family, Economic Times reported, quoting multiple sources.