Amanahraya REIT, Bursa Malaysia, Boustead Holdings, CMMT, DWL, George Kent, JAG, Sapura Energy and SC Estate Builder

TheEdge Fri, May 01, 2020 12:21am - 1 year ago

KUALA LUMPUR (April 30): Based on corporate announcements and news flow today, companies in focus on Monday (May 4) might be as follows: Amanahraya Real Estate Investment Trust (REIT), Bursa Malaysia Bhd, Boustead Holdings Bhd, Capitaland Malaysia Mall Trust (CMMT), DWL Resources Bhd, George Kent (M) Bhd, JAG Bhd, Sapura Energy Bhd and SC Estate Builder. 

Amanahraya REIT announced Abdul Aziz Abdul Rasheed had been appointed as its new chief executive officer, some 15 months after Zalila Mohd Toon had vacated the position on Jan 31, 2019 — three months after she was appointed. 

Prior to joining Amanahraya REIT, Abdul Aziz, 44, was senior manager (investment projects) in AREA Management Sdn Bhd. He was also the head of engineering at AXIS REIT Managers Bhd between May 2013 to February 2017. 

Bursa Malaysia Bhd’s 1QFY2020 net profit rose by 38% to RM64.73 million, from RM46.86 million a year earlier, on the back of higher revenue. Revenue came in 19% higher at RM150.75 million from RM126.53 million. 

The increase in revenue was mainly built on growths in trading revenue and derivative market trading revenue, following a higher trade volume. 

Boustead Holdings Bhd ushered in former Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin as its new independent and non-executive chairman, nine months after the position was left vacant by former chairman General Tan Sri Panglima Mohd Ghazali Che Mat (who retired on July 31, 2019).

As Johor Menteri Besar from 2013 to 2018, Mohamed Khaled was also chairman of Johor Corp Bhd. He was also Minister of Higher Education from 2008 to 2012, Minister of Entrepreneur and Co-operatives Development from 2004 to 2008 and Deputy Minister of Works from 1990 to 2004.

Capitaland Malaysia Mall Trust (CMMT) has committed to RM35 million in rental relief for shopping mall tenants in non-essentials services during the Movement Control Order (MCO). The trust said this is inclusive of the 14-day rental waiver implemented during phase one of the MCO from March 18 to March 31, and the government’s provision of a 15% discount on electricity tariffs.

DWL Resources Bhd said Datuk Shahril Mokhtar has resigned as its managing director after a year on the job, citing “personal and other commitments”. The market talk is that the former Prasarana Malaysia Bhd managing director and Mass Rapid Transport Corp Sdn Bhd (MRT Corp) chief executive officer may return to helm MRT Corp. 

George Kent (M) Bhd closed its fourth quarter ended Jan 31, 2020 with a net profit of RM6.77 million, down 65.56% from RM19.66 million the year before, on lower contribution from its engineering division. The lower engineering segment contribution was mainly due to lower revenue and gross profit margin — due in particular to reduced pace of work on the LRT3 project.

Quarterly revenue fell 28.59% to RM82.4 million, mainly as engineering contribution fell 35% to RM52.1 million. The metering segment's revenue also fell 13% to RM30.3 million. 

JAG Bhd’s unit Jaring Metal Industries Sdn Bhd (JMI) has received approval from the Ministry of International Trade and Industry to operate during the MCO. It had received the letter on April 19, and was allowed to resume its operations on April 22. JMI is involved in scrap and recycling. As part of the approval, JMI must adhere to MITI’s standard operating procedures during the MCO. 

Sapura Energy Bhd is expecting another two challenging years, following this year’s unprecedented oil market downturn. CEO Tan Sri Shahril Shamsuddin said project postponements have become inevitable, following oil prices crashing below US$20 a barrel, as a result of oversupply caused by the escalation in Covid-19 lockdowns. 

The group, however, is on a better footing than during the 2014 downturn, Shahril said, noting its exposure to the subsea services and engineering and construction segments are areas for growth once things have stabilised. 

SC Estate Builder’s independent and non-executive chairman Datuk Cheng Lai Hock has resigned due to personal commitments. Managing Director Loh Boon Ginn will be taking over as executive chairman. Loh is a substantial shareholder of the group via SC Estate World Sdn Bhd, which holds a 10.79% stake in the company. His sister Loh Shy Ming is a non-executive director of SC Estate Builder, while another sister, Loh Shy Tyug, is a non-independent and non-executive director.

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