(Sept 29): Here is a brief recap of some corporate announcements that made news on Thursday (Sept 29) involving Gamuda Bhd, AEON Credit Service (M) Bhd, Heng Huat Resources Bhd, UEM Edgenta Bhd, Gadang Holdings Bhd, KNM Group Bhd, Apex Equity Holdings Bhd, Poh Huat Resources Holdings Bhd, OpenSys (M) Bhd, Hiap Teck Venture Bhd, MISC Bhd, Barakah Offshore Petroleum Bhd, Berjaya Corp Bhd and Scientex Bhd.
Gamuda Bhd’s net profit increased 19.89% to RM255.24 million for the fourth quarter ended July 31, 2022 (4QFY22), from RM212.88 million a year earlier, on the back of improved earnings in the construction and property divisions. Earnings per share rose to 9.99 sen from 8.47 sen, according to the group’s filing with Bursa Malaysia. Quarterly revenue leapt 124% to RM1.87 billion from RM835.94 billion in 4QFY21, as construction works picked up on all fronts.
AEON Credit Service (M) Bhd's net profit was little changed for the second quarter ended Aug 31, 2022 (2QFY23), as stronger revenue was largely offset by higher impairment losses on financing receivables. Its impairment losses on financing receivables rose to RM149.95 million from RM92.27 million in 2QFY22, which led to an increase in its operating expenses during the quarter under review. The lender's net profit came in at RM75.65 million in 2QFY23 compared with RM75.48 million a year ago.
Heng Huat Resources Bhd received a notice of mandatory takeover offer from two substantial shareholders — its managing director Datuk H'ng Choon Seng and Goh Boon Leong — at 37.7 sen a share and 29.7 sen per warrant. The conditional mandatory takeover was triggered after the duo entered into a joint venture to “formalise corporation in the management of Heng Huat and its subsidiaries”. Their shares plus those held by parties acting in concert, are all housed under GH Consortium Sdn Bhd, which currently controls a 48.14% stake, or 359.25 million shares, exceeding 33.3% in Heng Huat. Accordingly, it is obliged to make a mandatory offer to acquire the remaining shares it does not own.
UEM Edgenta Bhd is investing RM13.5 million for a 60% equity interest in a facilities management services business in Riyadh, Saudi Arabia. The group said its wholly owned unit, Edgenta Arabia Ltd, is buying the stake in MEEM for Facilities Management Company (MEEM) from Mohammed Ibrahim Al-Subeaei and His Sons Investment Company (MASIC). MASIC, whose activities include asset management, direct investments and real estate investments, will continue to own the remaining 40% stake in MEEM.
Gadang Holdings Bhd has secured a RM188.8 million contract from the Public Works Department (JKR) to design and build the National Forensic Medicine Institute at Hospital Kuala Lumpur. Gadang said its wholly owned Gadang Engineering (M) Sdn Bhd has received and accepted a Letter of Acceptance from JKR for the contract. The contract shall commence upon site possession on Oct 12 this year and be completed by Oct 6, 2026.
KNM Group Bhd has bagged an engineering, procurement, construction and commissioning contract worth RM25.69 million from Petronas Gas Bhd (PetGas). The job involves "packed bed modification for special scheme inspection" at PetGas' Santong gas processing plant in Dungun, Terengganu. In a bourse filing, KNM said the contract awarded to its wholly owned subsidiary KNM Process Systems Sdn Bhd is for two years.
Apex Equity Holdings Bhd shareholders have rejected the proposal of a general mandate for issuance and allotment of new shares during the group’s extraordinary general meeting (EGM) on Thursday. On top of that, shareholders also blocked the resolution for payment of directors’ fees to non-executive directors who were appointed after the group’s annual general meeting in June; and a proposed alteration of the company’s existing memorandum and articles of association.
Poh Huat Resources Holdings Bhd’s net profit for the third quarter ended July 31, 2022 (3QFY22) jumped 64.2% to RM22.04 million from RM13.43 million in the same period a year earlier, boosted by strong turnover growth in its domestic operations. It declared a second interim dividend of two sen per share. The group’s revenue climbed 9.2% to RM166.52 million from RM152.49 million in 3QFY21, as production activities in both its Malaysian and Vietnamese operations ran smoothly on the back of sustained orders from its customers in North America.
OpenSys (M) Bhd obtained its shareholders' approval to transfer the group's listing from the ACE Market to the Main Market of Bursa Malaysia Securities at an extraordinary general meeting on Thursday. OpenSys, which expects to complete the transfer of listing by October, said in a statement that this exercise will enhance the group's reputation and increase its recognition and acceptance among investors. The group has a share of over 80% in Malaysia's cash recycling machine market.
Hiap Teck Venture Bhd recorded a net profit of RM24.48 million for the fourth quarter ended July 31, 2022 (4QFY22), a 59.53% drop from RM60.48 million in the same quarter last year amid lower profit margins for its downstream operating subsidiaries as a result of the higher cost of goods sold and the write-down of inventories to net realisable value. It proposed a first and final dividend of one sen per share. Quarterly revenue jumped 134.48% to RM386.5 million from RM164.83 million, mainly contributed by both higher sales volume and selling price.
AET, the Singapore-based maritime transport operator wholly owned by MISC Bhd, has signed a Memorandum of Understanding with Thailand's national energy company PTT for the construction of two Aframax oil tankers that will be powered by green ammonia. AET will select a suitable shipyard and the two zero-emission dual-fuel tankers are to be delivered to PTT for long-term charters in [the fourth quarter of 2025] and [the first quarter of 2026], the two companies said.
Barakah Offshore Petroleum Bhd and its subsidiary have withdrawn their appeal against the High Court decision dismissing their RM1.02 billion claim against Petronas Nasional Bhd (Petronas). “The appellants (Barakah Offshore and PBJV Group Sdn Bhd) have withdrawn the whole appeal with no order as to costs,” read the notice of discontinuance sighted by The Edge.
Chailease Berjaya Credit Sdn Bhd (CBC), a joint venture between Taiwan-based Chailease Holding Co Ltd and Berjaya Corp Bhd, is planning a RM1 billion bond sale as it expands its financing operations for new motorcycles, said Malaysian Rating Corp Bhd (MARC). MARC has assigned a preliminary rating of AA-(cg) on CBC's proposed RM1 billion medium-term notes programme. The rating outlook is stable.
Scientex Bhd's net profit slipped 12.4% to RM124.98 million in the fourth quarter ended July 31, 2022, from RM142.65 million a year earlier, hit by higher tax and interest expenses amid margin compression in its property segment. Scientex proposed a final dividend of five sen per share. The weaker results came about despite higher quarterly operating profit from improved packaging business sales, which also helped Scientex post a 14.52% increase in revenue to a record RM1.11 billion from RM970.36 million previously.