KUALA LUMPUR (April 18) : Here is a brief look at some of the corporate announcements and news flow on Monday (April 18) involving Gamuda Bhd, Sime Darby Plantation Bhd, Capital A Bhd, Reservoir Link Energy Bhd, PLS Plantations Bhd, Bumi Armada Bhd, Eco World Development Group Bhd (EcoWorld), Caely Holdings Bhd, Cengild Medical Bhd, GIIB Holdings Bhd and Sarawak Cable Bhd (SCable).
Gamuda Bhd says its four Klang Valley highway concession holding companies have each separately accepted the respective takeover offer extended by Amanah Lebuhraya Rakyat Bhd and sent their written acceptances to ALR on Monday (April 18). The concession holding companies — Kesas Holdings Bhd (KESAS), Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (SPRINT), Lingkaran Trans Kota Holdings Bhd (LITRAK) and Projek Smart Holdings Sdn Bhd (SMART) — are expected to start separate negotiations with ALR to finalise the terms and conditions of the respective definitive agreements for the disposals.
Sime Darby Plantation Bhd's foreign shareholding rose to 9.48% in March, the highest since September 2020. According to updates on the company’s website, the group’s foreign shareholding increased to the current level from 9.24% in February. In September 2020, the group’s foreign shareholding stood at 9.55%.
As countries continued to reopen following high vaccination rates, senior executives at Capital A Bhd, the holding company for AirAsia Aviation Group, called on governments across Asia to further ease travel restrictions in order to revive the global economy. The company said Covid-19 tests required by many countries in Asia, which cost more than some of its airfares, made the overall cost of air travel burdensome for most of the ordinary travellers that it serves.
Separately, The Star reported, quoting Transport Ministry secretary-general Datuk Isham Ishak, that air ticket prices have come down by 30% after the Malaysian Aviation Commission agreed to a compromise for the festive season. Isham said Mavcom would come out with an official statement detailing the new rates in the near future.
Reservoir Link Energy Bhd announced on Monday that its wholly-owned Reservoir Link Sdn Bhd has received a letter of award from Roc Oil (Sarawak) Sdn Bhd for the provision of tubing cutter and tubing cutting. Reservoir Link said the contract is for a period of one year, effective April 11, 2022 to April 10, 2023. It did not disclose the value of the contract.
AM Holdings Bhd's wholly-owned subsidiary RAM Sustainability Sdn Bhd said durian planter PLS Plantations Bhd is establishing a starting point for its environmental, social, and governance (ESG) journey by subjecting itself to the rigours of a sustainability rating and positioning that transparency is a priority, even though it points to PLS’ high ESG risk profile. RAM Sustainability chief executive officer Promod Dass said PLS must be commended for this effort, and that RAM Sustainability looks forward to monitoring PLS' sustainability progress.
Bumi Armada Bhd announced that the group and its subsidiary Bumi Armada Navigation Sdn Bhd have been named in prosecutions initiated by the Indian Central Bureau of Investigation (CBI) and the Indian Enforcement Directorate (ED) with the Trial Court at Rouse Avenue in New Delhi, India. Bumi Armada said the group and Bumi Armada Navigation at a hearing on Monday respectively, entered appearance in the proceedings to demonstrate their willingness to fully cooperate with the CBI and the ED and to aid and assist them and the Court in these ongoing proceedings.
Eco World Development Group Bhd's (EcoWorld) wholly-owned subsidiary Hasrat Budi Sdn Bhd has launched a lawsuit against Revolusi Asia Sdn Bhd, Entomo Malaysia Sdn Bhd and Raveenderen Ramamoothie, seeking to recover, among others, costs incurred totalling RM524,787 and general damages to be assessed by the court.
Caely Holdings Bhd announced on Monday (April 18) that the authorities have issued a freeze order on the bank accounts of the lingerie maker, which also said it is not aware of any wrongdoing that led to the authorities’ move. Caely, however, did not specify which authorities issued the freeze order on its bank accounts.
Healthcare service provider Cengild Medical Bhd debuted on the ACE Market of Bursa Malaysia on Monday (April 18), surging to a high of 51 sen, an 18 sen or 54.55% premium over its initial public offering (IPO) price of 33 sen. The counter opened up 16.5 sen at 49.5 sen on Monday. The stock, which saw 98.81 million shares done, was the most actively traded stock on Monday morning.
Technical rubber compound provider GIIB Holdings Bhd, formerly Goodway Integrated Industries Bhd, said the committee overseeing the investigation process into allegations against one of its executive directors, Wong Weng Yew, requires more time to seek proposals from the independent audit firm and any other experts, if required, to investigate the matter. Last week, GIIB announced that it had suspended Wong from his roles in the company and its subsidiaries since March 28, and the suspension was extended to April 25 to facilitate the investigation into his management and handling of the glove business and the group's accounts.
Sarawak Cable Bhd (SCable) has teamed up with privately-held Hercules Engineering (Sea) Sdn Bhd to jointly revitalise the business of SCable's wholly-owned steel fabricating subsidiary Sarwaja Timur Sdn Bhd, and to develop synergies between SCable and and Hercules in order to bring Sarwaja Timur to the next level of success for the mutual benefit of both groups. The principal activities of Sarwaja Timur are manufacturing, fabrication, galvanising and sale of steel structures.