Leong Hup, Uzma, Kim Teck Cheong, BDB, Kanger, Magni-Tech, Dolphin, AppAsia and CIMB

TheEdge Tue, Mar 10, 2020 12:32am - 1 year ago


KUALA LUMPUR (March 9): Based on corporate announcements and news flow today, companies that may be in focus on Tuesday (March 10) may include: Leong Hup International Bhd (LHI), Uzma Bhd, Kim Teck Cheong Consolidated Bhd (KTC), Bina Darulaman Bhd (BDB), Kanger International Bhd, Magni-Tech Industries Bhd, Dolphin International Bhd, AppAsia Bhd and CIMB Group Holdings Bhd.

Malaysia’s largest fully integrated poultry producer Leong Hup International Bhd (LHI) is acquiring a feed mill in Vietnam for a total consideration of RM67.03 million, to diversify into aquatic feed.

LHI said following the acquisition and upon installation of an additional production line for poultry feed, LHI’s combined capacity in Vietnam is expected to increase by up to 17.5% per annum. Hence, the group expect to derive synergistic benefits in feed production by way of cost and capital efficiencies.

Uzma Bhd’s wholly-owned subsidiary MMSVS Group Holding Co Ltd has been awarded a contract by Mubadala Petroleum’s MP B5 (Thailand) Ltd, for the provision of coil tubing services, with a total sum value of about RM23 million.

This brings to three, the number of contracts secured by the group since last week, with an accumulated value of approximately RM160 million.

Consumer packaged goods distributor Kim Teck Cheong Consolidated Bhd (KTC) has been appointed by Petronas Dagangan Bhd as its master distributor to widen the distribution and sale for twelve selected product categories.

The appointment covers for all Mesra and Mini Mesra Stores in Sabah and Sarawak, with effect from 1 March 2020, for a period of three years.

Kim Teck Cheong said the appointment will enable the company to further expand its portfolio of distribution and enhance the procurement capabilities of third party brands and products, by strengthening the convenient store channel across Sabah and Sarawak.

Bina Darulaman Bhd (BDB), Kedah’s state-owned construction company, has been awarded the state's road maintenance contract by the Kedah state government, valued at about RM210 million.

The duration of the contract is for thirty-six months, starting from the date of site possession on 23 March 23, 2020.

Kanger International Bhd has signed a 10-year lease agreement for two of its commercial buildings located in Ganzhou City, China. The initial rental income per year for both commercial buildings amount to approximately RM11.1 million, and is subject to scheduled rent increases.

For the financial year ended Dec 31, 2019 (FY19), Kanger reported a net profit from continuing operations of RM8.8 million.

Magni-Tech Industries Bhd posted an 8.31% drop in net profit for its third quarter ended Jan 31, 2020 (3QFY2020) to RM32.66 million or 7.53 sen per share, from RM35.62 million or 8.21 sen per share a year earlier, due to higher operating costs incurred, relative to revenue and negative forex impact.

It declared a single tier interim dividend of 2.8 sen per share.

The group expects its operating environment to be challenging for the forthcoming quarter, due to the Covid-19 outbreak that poses negative impact on global economy and consumer spending.

Dolphin International Bhd’s wholly-owned subsidiary Dolphin Engineering (M) Sdn Bhd (DESB) is claiming special damages totalling RM3.26 million against its subcontractor Tori Construction, which is involved in the Lubok Antu Palm Oil Mill project in Sarawak.

DESB has filed a writ of summons and statement of claim in the High Court in Kuching, to seek the claim.

Digital platform developer AppAsia Bhd announced it will be diversifying into the money lending business via providing flexible financing schemes that focus on segments which are underserved by licensed financial institutions.

The group anticipates that the moneylending business will potentially contribute 25% or more of the group’s net profits, which will result in a diversion of 25% or more of the group’s net assets.

CIMB Group Holdings Bhd has appointed its group chief operating officer Omar Siddiq Amin Noer Rashid as officer-in-charge with immediate effect, following the resignation of group chief executive officer Tengku Datuk Seri Zafrul Abdul Aziz, upon his appointment as the new finance minister.

Prior to joining CIMB, Omar Siddiq was the head of group wholesale banking at RHB Bank Bhd, and also former executive director and group chief financial officer at Malaysia Airlines Bhd.






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