KUALA LUMPUR (June 23): Based on corporate announcements and news flow today, companies in focus tomorrow (June 24) may include: Serba Dinamik Holdings Bhd, Astro Malaysia Holdings Bhd, Sunway Bhd, Dagang NeXchange Bhd, BSL Corporation Bhd, AEON Co (M) Bhd, Scientex Bhd, Magni-Tech Industries Bhd, Binasat Communications Bhd, Kejuruteraan Asastera Bhd and JHM Consolidation Bhd.
Serba Dinamik Holdings Bhd said its board of directors will meet on Friday (June 25) to decide whether or not to expand the scope of work to be undertaken by the proposed independent reviewer with regards to audit matters flagged by its external auditor KPMG PLT, Meanwhile, KPMG said it sees no basis for the legal action taken by Serba Dinamik, which accused the firm of tarnishing its corporate image by raising concerns over its financial accounts.
Market talk is rife that Astro Malaysia Holdings Bhd will announce its partnership agreement with Netflix "soon", which The Edge understands could be as early as this week. The Edge also understands that the actual service will not take place immediately after the signing announcement and will be available on the Astro box in a couple of months. When contacted, Astro said it was not able to comment on the matter. In a results call with analysts yesterday evening, Astro said that it would be signing another tie-up with a subscription-based video-on-demand service "soon" but did not share the timeline or details.
Singapore's sovereign wealth fund GIC Pte Ltd is acquiring a 16% stake in Sunway Healthcare Holdings Sdn Bhd for RM750 million, confirming The Edge Malaysia's newsbreak over the weekend on GIC acquiring a strategic stake in the healthcare arm of the Sunway group. Sunway Bhd chairman Tan Sri Dr Jeffrey Cheah said the definitive agreement inked between the parties today stipulate that the group will only be withdrawing from GIC’s investment as and when it needs to, up to the maximum of RM750 million which will be spread over four different tranches over approximately three years.
Shareholders of information technology and trade facilitation services company Dagang NeXchange Bhd (DNeX) today approved the acquisition of a 60% equity interest in loss-making wafer foundry SilTerra Malaysia Sdn Bhd from Khazanah Nasional Bhd for a purchase consideration of RM163.8 million to be satisfied entirely by cash. The group said the shareholders also approved the proposed diversification of DNeX's principal activities to include the manufacturing, sale and marketing of semiconductor wafers, semiconductor-related tools and other related activities.
BSL Corporation Bhd (BSLCorp) has received a notice of unconditional mandatory takeover from Sanichi Technology Bhd managing director Datuk Seri Dr Pang Chow Huat and PNE PCB Bhd executive director Ho Jien Shiung. This comes after the duo acquired a total stake of 51.72% in the metal stamping group from Esteem Role Sdn Bhd via direct business transactions for a total cash consideration of RM57.48 million or RM1.15 a share.
AEON Co (M) Bhd has allocated RM251 million as capital expenditure for this year, with 40% of the budgeted amount to be allocated to further strengthen the group’s technology and IT infrastructure, said the retail group’s managing director Shafie Shamsuddin. Shafie said the balance of the capex will be channelled for renovation, maintenance and remodelling of its malls and stores. He added, the group is looking at expanding on 13 new specialist stores this year and to focus on 11 malls to renovate and rectify.
Scientex Bhd’s net profit for the third quarter ended April 30, 2021 jumped 57.81% to RM109.88 million from RM69.63 million a year ago, on the back of record high revenue. Revenue rose 26.49% to RM976.8 million, from RM772.23 million previously, on higher contributions from its packaging and property development segments. The group has declared an interim dividend of 4 sen, payable on July 23.
Magni-Tech Industries Bhd's net profit rose 6.45% to RM30.62 million for the fourth quarter ended April 30, 2021, from RM28.77 million a year ago, on the back of higher revenue contributed by its garment and packaging segments. Quarterly revenue grew 12.97% to RM297.54 million from RM263.38 million. The garment maker declared a fourth interim dividend of 2.8 sen per share, to be paid on July 28.
Binasat Communications Bhd is venturing into the solar photovoltaic segment via the acquisition of a 51% stake in Borderless Connection Sdn Bhd for RM18.36 million.
Kejuruteraan Asastera Bhd (KAB) has inked a collaborative agreement to enter the renewable energy market in Vietnam. The group said the group has signed a collaboration agreement with Janakuasa Pte Ltd to explore the renewable energy market in Vietnam.
JHM Consolidation Bhd has entered into a technical collaboration agreement with Jiangsu Dekai Auto Parts Co Ltd to create an efficient and effective supply chain to support automotive lighting to Proton-Geely companies located in Malaysia. JHM said the collaboration will propel the group into a Tier 1 player that is able to deal directly with automotive original equipment manufacturers.