KUALA LUMPUR (Jan 3): Based on corporate announcements and news flow today, stocks in focus on Monday (Jan 6) may include: FGV Holdings Bhd, MMC Corp Bhd, Guocoland (Malaysia) Bhd, Kejuruteraan Asastera Bhd (KAB), London Biscuits Bhd, Tadmax Resources Bhd and YLI Holdings Bhd.

FGV Holdings Bhd has entered a two-year MoU with MMC Corp Bhd’s Johor Port Bhd to explore buying a 25% stake in Fauji Akbar Portia Marine Terminals (FAP), a dry bulk terminal in Port Qasim, Pakistan. FAP extended the invitation to select a potential investor to acquire the stake in order to fund its expansion plan. Johor Port and FGV’s 65:35-owned JV in Pakistan will form another JV to prepare and submit its interest in acquiring the stake.

Guocoland (Malaysia) Bhd’s 68%-owned GLM Emerald Industrial Park (Jasin) Sdn Bhd is selling a plot of 263.8 ha freehold agricultural land in Jasin, Melaka for RM119.26 million, which will net the group a RM35.35 million gain. The bulk of the sale proceeds will be used for working capital and/or be distributed to GLM Emerald Industrial Park's shareholders. The disposal is expected to be completed in the first half of 2020.

Kejuruteraan Asastera Bhd (KAB) is going to acquire a 30% stake or 37,500 shares of in the enlarged issued share capital of LeveragEdge Sdn Bhd (LSB) for RM2.1 million, to enter the solar energy industry. KAB entered an HoA with LSB and LSB director Loo Chun Keat today.  LSB provides solar photovoltaic and energy efficiency solutions while Loo is an existing director in LSB.  

London Biscuits Bhd’s  external auditor Messrs Nexia SSY PLT (Nexia) resigned today, as the audit firm does have enough resources to provide reasonable professional due care to the company and its subsidiaries. Nexia was reappointed at London Biscuits AGM on  March 29,2019 until its next AGM. London Biscuits said it will take the necessary steps to appoint another firm as its external auditor for the financial year ended Sept 30,2019 (FY19).

The Ministry of Energy Science, Technology, Environment and Climate Change has given Tadmax Resources Bhd the all-clear to proceed with the development of a 1,200MW combined-cycle gas turbine (CCGT) power plant in Pulau Indah. Tadmax is collaborating with Selangor state-linked Worldwide Holdings Bhd and Korea Electric Power Corp for the plant. The plant is to be constructed within three years and scheduled commercial operations are expected to start on Jan 1, 2024.

Tan Sri Syed Mohd Yusof Tun Syed Nasir has resigned from his position as YLI Holdings Bhd’s independent and non-executive chairman today. MD Datuk Samsuri Rahmat will replace Syed Mohd Yusof as chairman.  Executive director Seah Heng Ching will become YLI’s new MD.

Former Royal Malaysian police counter-terrorism unit head Datuk Jalaludin Ibrahim has been appointed as its independent and non-executive director. Meanwhile, executive director Ali Sabri Ahmad resigned today.

Ali Sabri has ceased to control any voting shares in  YLI’s largest shareholder Suasana Karisma Sdn Bhd, which holds a 31.62% stake. Seah has become a substantial shareholder in YLI through Suasana Karisma, with Samsuri maintain his stake in the vehicle.