UEM Sunrise, Eco World, AirAsia, MSM, 7-Eleven, LFE, JF Technology, Guan Chong, Hil Industries, MSCM and Westports

TheEdge Tue, Oct 06, 2020 12:39am - 3 years View Original


KUALA LUMPUR (Oct 5): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Tuesday) include: UEM Sunrise Bhd, Eco World Development Group Bhd, AirAsia Group Bhd, MSM Malaysia Bhd, 7-Eleven Malaysia Holdings Bhd, LFE Corp Bhd, JF Technology Bhd, Guan Chong Bhd, Hil Industries Bhd, MSCM Holdings Bhd and Westports Holdings Bhd.   

UEM Sunrise Bhd has proposed to merge with Eco World Development Group Bhd (EcoWorld) in a deal that will entail an exchange of securities, confirming a report by The Edge. Under the deal, holders of shares and warrants in EcoWorld will swap the securities for new shares and warrants in UEM Sunrise, whereby new shares in UEM Sunrise will be issued at a proposed 44.3 sen each to holders of EcoWorld shares — for all shares held in the latter at an exchange price of 46.9 sen. Upon completion of the proposed merger, EcoWorld will become a wholly-owned subsidiary of UEM Sunrise and be delisted. After the merger, Khazanah Nasional Bhd — through UEM Group — will remain the single largest shareholder of UEM Sunrise, as well as EcoWorld on a collective basis.  

AirAsia Group Bhd said its 33%-owned associate AirAsia Japan Co Ltd (AAJ) is ceasing operations due to “highly challenging operating conditions”.  

Datuk Khairil Anuar Aziz has been axed as MSM Malaysia Bhd’s group CEO, after the sugar company’s board found his clarification about an adjustment to write off inventories that amounted to RM36.6 million, unacceptable. He had been placed on a leave of absence since Sept 8, over the issue. Fakhrunniam, currently FGV Holdings Bhd's group investment officer, was appointed as interim MSM CEO, when Khairil was placed on his leave of absence. At the time of his appointment, Fakhrunniam was also tasked to conduct a comprehensive review of the production recording and reporting system for MSM Johor. 

Caring Pharmacy Retail Management Sdn Bhd, a 75%-owned unit of 7-Eleven Malaysia Holdings Bhd, is acquiring equity interest, as well as business assets in several pharmaceutical outlets for a combined cash consideration of RM48.86 million. These include a 67% equity interest in The Pill House Pharmacy Sdn Bhd for RM25.51 million and a 60% stake in Wellings Pharmacy Sdn Bhd for RM19.9 million. It is also buying certain business assets in three outlets currently held by Farmasi Sri Nibong Sdn Bhd for RM3 million, as well as in Farmasi Sri Nibong (Pekaka) Sdn Bhd for RM450,000. 

LFE Corp Bhd is planning to raise up to RM39.25 million — equivalent to 87% of its market capitalisation of RM44.88 million — through a rights issue, mainly to fund its 51% stake acquisition in Cosmo Property Management Sdn Bhd (CPMSB) and for working capital. About RM20.99 million of the RM27.54 million purchase consideration for the 51% stake in CPMSB will be satisfied in cash, and the remaining RM6.55 million via the issuance of 65.55 million new LFE shares at 10 sen a share.   

JF Technology Bhd has proposed a bonus issue with free warrants on the basis of three bonus shares and two free warrants for every one existing share held at an entitlement date to be announced. 

Guan Chong Bhd plans to raise up to RM800 million from the issuance of Islamic medium-term notes (sukuk wakalah) to support the group's ongoing expansion of its international operations.    

Property developer Hil Industries Bhd, which is also a one-stop custom injection moulder of engineering plastics, is venturing into the face mask and medical devices industry in a bid to capitalise on the Covid-19 pandemic play. Its unit Hil Medic Sdn Bhd has received approval from the Medical Device Authority, which is part of the Ministry of Health, for the manufacturing of its three-ply surgical grade face mask and face shields.  

MSCM Holdings Bhd, which will be known as Hong Seng Consolidated Bhd effective tomorrow, is partnering with a pharmaceutical company, RP Integrated Bhd, to pursue distributorship and opportunities relating to medical drugs and vaccines from China.

Westports Holdings Bhd said its subsidiary has been slapped with a RM120.58 million bill by the Inland Revenue Board for additional tax liabilities, inclusive of penalties, for years of assessment from 2013 to 2018. The port operator said the additional tax assessment is in relation to the annual lease payment made by wholly-owned subsidiary Westports Malaysia Sdn Bhd to the Port Klang Authority, totalling RM299.9 million for the six years. It also involves the deferred revenue of RM7.97 million in 2018. 

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






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