Tuesday 27 Feb 2024
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KUALA LUMPUR (Jan 16): Based on corporate announcements and news flow today, stocks in focus for Friday (Jan 17) may include: Sime Darby Plantation Bhd, Datasonic Group Bhd, MISC Bhd, Kejuruteraan Asastera Bhd, Telekom Malaysia Bhd, Kossan Rubber Industries Bhd, Barakah Offshore Petroleum Bhd and Notion Vtec Bhd.

Sime Darby Plantation Bhd (SDP) said its unit Sime Darby Plantation Investment (Liberia) Pte Ltd has completed the disposal of its entire interest in Sime Darby Plantation (Liberia) Inc (SDP Liberia) to Mano Palm Oil Industries Ltd (MPOI).

Under the Sale & Purchase Agreement, SDP’s entire equity in SDP Liberia was sold to MPOI for US$1 plus an earn-out payment, which will be determined by the average future crude palm oil (CPO) price and future CPO production of SDP Liberia in 2022.

SDP said the earn-out consideration is payable in equal quarterly instalments over a period of eight years, commencing April 2023.

Datasonic Group Bhd has received a letter of extension (LoE) to supply 6.1 million raw MyKads and MyKad consumables to the National Registration Department (NRD). The LoE is for a one-year period, from Jan 1, 2020 to Dec 31, 2020.

MISC Bhd, Samsung Heavy Industries, Lloyd's Register and MAN Energy Solutions are working on a joint development project for an ammonia-fuelled tanker in efforts towards a decarbonized future.

The firms said the joint alliance was motivated by unison beliefs that collaboration among industry leaders and the like is imperative to meet the International Maritime Organisation's 2050 Greenhouse Gas emission target, which requires commercially viable deep-sea zero-emission vessels to be operational by 2030.  Ammonia represents one of the routes to achieving zero-carbon emitting vessels.

Kejuruteraan Asastera Bhd has proposed to undertake a 2-to-5 share split to increase the affordability and trading liquidity of its shares. Its issued shares now stand at 370.23 million, which will be increased to 925.575 million shares post-exercise.

The share price of the electrical and mechanical engineering group has jumped seven times from 21 sen in July 2019 to RM1.48 at last close. In January alone, the stock rose 52.58%.

Telekom Malaysia Bhd (TM) and U Mobile Sdn Bhd have teamed up to explore network sharing opportunities using TM’s 5G Demonstration Project (5GDP) Langkawi network as the platform.

Under the partnership, both parties will be exploring several network infrastructures sharing models such as Multi-Operator Core Node (MOCN) or Multi-Operator Radio Access Network (MORAN), the companies said in a joint statement.

The collaboration reiterates both parties’ commitment towards enabling an efficient and cost-effective implementation for immersive, wide-area 5G coverage ahead of the full-scale infrastructure deployment in the country.

Kossan Rubber Industries Bhd is disposing of a vacant piece of freehold industrial land in Kuala Langat, measuring 390,397 sq metres, for RM147.75 million. The sale of the land to Liansheng Paper (Malaysia) Sdn Bhd is expected to bring about a net gain of RM35.4 million to Kossan.

Barakah Offshore Petroleum Bhd said today it has issued a statutory notice against its client Petronas Carigali Sdn Bhd to claim RM477,467.37, in relation to work done under a contract awarded to Barakah's unit in August 2016.

The contract entails the provision of underwater services to Petronas Carigali, Petroliam Nasional Bhd's (Petronas') exploration arm, by Barakah's wholly-owned PBJV Group Sdn Bhd.

The statutory notice was issued on Jan 16, under Sections 465 and 466 of the Companies Act 2016, which deal with circumstances by which a company may be wound up, and the definition of a company unable to pay its debt, respectively.

Notion Vtec Bhd has been offered a final amount of RM22.22 million from its insurer AXA Affin General Insurance Bhd for the business interruption loss settlement in relation to a fire incident that occurred in its facility in 2017.

This is on top of the RM159.37 million claim offered by AXA Affin for fire damage to its building, machinery and stocks, which was settled in November 2018. Out of the RM22.22 million payment, Notion Vtec has received RM10 million in August 2019, leaving the balance RM12.22 million outstanding.

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