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IOI Properties, Sime Darby Property, S P Setia, Alliance Bank, Chin Hin, WZ Satu, Seacera, Fibon, Zecon, PRG and Pharmaniaga

TheEdge Sat, Nov 09, 2019 01:19am - 1 week ago


KUALA LUMPUR (Nov 8): Based on corporate announcements and news flow today, companies that may be in focus on Monday (Nov 11) may include the following: IOI Properties Group Bhd, Sime Darby Property Bhd, S P Setia Bhd, Alliance Bank Malaysia Bhd, Chin Hin Group Bhd, WZ Satu Bhd, Seacera Group Bhd, Fibon Bhd, Zecon Bhd, PRG Holdings Bhd and Pharmaniaga Bhd.

IOI Properties Group Bhd's wholly-owned Singaporean subsidiary Progressive View Pte Ltd has set up a S$2 billion euro medium-term note (EMTN) programme, whose proceeds will be used for its capital expenditure, working capital and refinancing of existing borrowings.

Sime Darby Property Bhd, S P Setia Bhd and Alliance Bank Malaysia Bhd will be deleted from the MSCI Global Standard Indexes' MSCI Malaysia Index, following MSCI Inc's latest semi-annual index review. The changes in constituents for the MSCI Global Standard Indexes will take place on Nov 26.

Chin Hin Group Bhd's subsidiaries are selling RM76.45 million worth of real estate assets to major shareholders to raise cash which will be used to repay bank loans and finance the building material distributor's working capital needs.

The real estate assets will be sold to companies owned by Chin Hin major shareholders, namely co-founder and deputy chairman Datuk Seri Chiau Beng Teik, managing director Chiau Haw Choon and Datin Seri Wong Mee Leng.

WZ Satu Bhd's former executive director Datuk William Tan Chee Keong and former alternate director Choi Chee Ken are suing the group for the loss of the value of security and bonus shares and warrants amounting to some RM17 million after selling their company to WZ Satu in March 2014.

WZ Satu has received a writ of summons and amended statement of claim, both dated Oct 24, from Tan and Choi.

Seacera Group Bhd’s external auditors said Seacera’s accompanying financial statements give a true and fair view of the financial position of the group as at June 30, and of its financial performance and its cash flows for the period in accordance with Malaysian Financial Reporting Standards.

In an independent auditor’s report lodged with Bursa Malaysia Securities, Seacera’s external auditors Messrs Afrizan Tarmili Khairul Azhar said they conducted their audit in accordance with approved standards of auditing in Malaysia, and International Standards on Auditing.

Fibon Bhd is partnering with EZAuto Asia Sdn Bhd, via a Memorandum of Agreement, to discuss, explore and collaborate on business opportunities in relation to the provision of financing access and capital solutions for users of the EZAuto Platform which are currently dependent on banks on the financing needs.

EZAuto Platform is a scalable platform that is capable in fostering economic cooperation in the global automotive industry.

Zecon Bhd’s auditor Messrs Crowe Horwath had highlighted a material uncertainty in the group’s financial statements for the fiscal year ended June 30, 2019, which has cast significant doubt on the group’s ability to continue as a going concern.  

PRG Holdings Bhd has mutually cancelled the plan to buy the entire stake of a loss-making retail company from its 54.19%-owned Hong Kong-listed subsidiary Furniweb Holdings Ltd.

In conjunction with this termination, Furniweb had entered into a subscription agreement with Ignatius International Private Ltd as the subscriber to subscribe for 35% stake in PMIL at the subscription price of RM6.45 million (HK$12.18 million), said PRG.

The Government has agreed to provide a 25-month interim period for procurement of drugs to Pharmaniaga Bhd after its concession ends on Nov 30, said Health Minister Datuk Seri Dr Dzulkefly Ahmad.

He said the interim period from Dec 1, 2019 to Dec 31, 2021 was to ensure that there was no supply chain disruption in the supply and distribution of medicines to the Health Ministry's facilities nationwide.








Related Stocks

ABMB 2.770
BURSA 6.070
CHINHIN 0.910
FIBON 0.380
IOIPG 1.170
PHARMA 2.140
PRG 0.695
SEACERA 0.375
SIME 2.340
SIMEPROP 0.795
SPSETIA 1.310
WZSATU 0.210
ZECON 0.330

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