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Advancecon, ARB, Axis REIT, Cypark, Gas Malaysia, Gunung Capital, IOI Corp, Majuperak and MUI

TheEdge Tue, Dec 24, 2019 11:09pm - 2 months ago

KUALA LUMPUR (Dec 24): Based on corporate announcements and new flow today, stocks in focus for Thursday (Dec 26) may be as follows: Advancecon Holdings Bhd, ARB Bhd, Axis REIT, Cypark Resources Bhd, Gas Malaysia Bhd, Gunung Capital Bhd, IOI Corp Bhd, Majuperak Holdings Bhd and Malayan United Industries Bhd.

Advancecon Holdings Bhd won a RM21.27 million contract from Sime Darby USJ Development Sdn Bhd to undertake earthworks and related works in Bandar Bukit Raja 2, Klang. The works are expected to be completed by April 5, 2021.

ARB Bhd's subsidiaries terminated two memoranda of understanding (MoUs) for planned IT projects in Cambodia, as there was a failure to finalise the terms of proposed collaborations. The MoUs were signed on July 10.

One MoU with Chean Chhoeng Thai Group Co Ltd was to explore collaboration in the Internet of Things solutions and IT-related hardware and software in Phnom Penh.

The other MoU with HK Yue Tai Life Insurance PLC (HKYT) was intended to explore the potential collaboration in enterprise resource planning system and IT-related hardware and software for HKYT's operations in Cambodia.

Axis REIT is to acquire a leasehold 22,528 sq m property in Bukit Raja, Klang for RM37 million from Lion Steelworks Sdn Bhd.

The market value of the property is RM39 million as of Oct 28, and its net book value is RM2.6 million as of June 30.

The land currently houses Lion Steelwork's factory, which is fully used.

Upon the acquisition, Lion Steelworks will lease the land from Axis REIT at RM225,000 a month for two years and five months, with the option to renew for another two terms of one year each.

The acquisition is expected to be completed by the first quarter of 2020.

Cypark Resources Bhd and consortium partner Impian Bumiria Sdn Bhd won a competitive bid to develop a large scale solar photovoltaic (LSSPV) plant of 100 megawatts of alternating current in Marang, Terengganu.

The Energy Commission, which awarded the contract, had yesterday selected five bidders for the LSSPV plants in Malaysia, slated for commercial operation in 2021.

Gas Malaysia Bhd is to implement the new average base tariff for the utilisation of the natural gas distribution system under the government's Incentive-Based Regulation framework.

The approved average base tariff for the regulatory period beginning Jan 1, 2020, to Dec 31, 2022, is RM1.573 per gigajoule (GJ) per day.

Meanwhile, the approved surcharge to the average base tariff for the period beginning Jan 1, 2020 to Dec 31, 2021, is 52 sen per GJ per day.

The new average base tariff will be applicable for three years beginning Jan 1, 2020, to Dec 31, 2022.

Gunung Capital Bhd has won a service contract with a value of up to RM44.23 million from the Ministry of Defence.

The group is to provide school bus transportation for the children of armed force personnel throughout Malaysia in the south, east and north zones, Sabah and Sarawak.

This translates into the provision of services for 77 army camps over five zones, with 233 44-seater buses and 85 25-seater buses deployed.

The contract is to last from Jan 1, 2020, to Dec 31, 2022, comprising 33 months of school sessions.

All 84 estates and 14 mills in Malaysia belonging to IOI Corp Bhd have been certified under the Malaysian Sustainable Palm Oil (MSPO) standard, making it the plantation firm 100% MSPO certified. The group's final estate obtained its certification on Nov 28.

Majuperak Holdings Bhd is to conduct a private placement consisting of 25.71% or no more than 10% of the total number of issued shares.

The proceeds will be used to raise funds for capital expenditure, the repayment of bank borrowings and for a facility management project.

RM2.32 million of the expected proceeds have been earmarked for a facility management project involving the provision of clinic support service in Perak Melaka.

RM1.34 million will be used as capex for solar power plant upkeep, office renovation and the purchase of new equipment.

RM2 million will be used to settle an existing overdraft facility with Bank Islam Malaysia Bhd.

The proposal is expected to be completed in the first half of 2020.

Malayan United Industries Bhd (MUI) is selling a 4.1ha plot of freehold land in Scotland for £7.2 million (RM38.8 million), for a gain of £2.9 million (RM15.6 million) to Scottish property developer AR Land Investments Ltd.

About 50% of the proceeds will be used to pay bank borrowings, with the balance used for working capital.

Upon disposal, MUI's gearing level would go down to 1.29 times, from the 1.36 times currently, while its borrowings would be cut to RM802.82 million from RM822.23 million posted at the end of FY19.

The disposal is to be completed in three months' time.

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