KUALA LUMPUR (March 13): Here is a brief recap of some corporate announcements that made news on Monday (March 13): Sunway Real Estate Investment Trust, Bermaz Auto Bhd, S P Setia Bhd, Scientex Packaging (Ayer Keroh) Bhd, Perdana Petroleum Bhd, Volcano Bhd, Revenue Group Bhd, Pimpinan Ehsan Bhd, Classita Holdings Bhd, Fitters Diversified Bhd and Country View Bhd.
The manager of Sunway Real Estate Investment Trust has confirmed that it is in talks to buy retail assets from the Employees Provident Fund saying negotiation of terms are still in progress. While it cannot confirm the terms of the agreement as talks are still ongoing, the REIT said on Monday that it expects to — subject to agreement of terms and the board's final approval — enter into an agreement with the EPF "as soon as possible but we are unable to confirm the timing at this juncture due to ongoing negotiations".
Bermaz Auto Bhd’s net profit jumped 114.09% to RM87.29 million in the third quarter ended Jan 31, 2023 (3QFY2023) from RM40.71 million a year ago on the back of higher revenue, which was slightly offset by higher income tax and foreign exchange loss. Its earnings per share rose to 7.5 sen for 3QFY2023 from 3.5 sen in the previous corresponding quarter. The group, engaged in distribution and retailing for Mazda, Peugeot and Kia in Malaysia, saw its quarterly revenue grow 56.63% to RM975.97 million in 3QFY2023 compared with RM623.13 million a year ago as the group continued to fulfill a backlog of orders received for its domestic operations prior to the expiration of the sale and service tax waiver in June 2022.
S P Setia Bhd announced its final dividend of 1.47 sen per ordinary share in respect of the financial year ended December 31, 2022, payable on April 20. Its ex-date was March 27, and entitlement date was March 28. The group also announced its preferential dividend of 6.49% per annum per Islamic redeemable convertible preference shares (RCPS-i A) and 5.43% per annum per Class C Islamic redeemable convertible preference shares (RCPS-i C). Both are payable semi-annually and based on the issue price of RM1 and 38 sen respectively and to be paid on April 20. Its ex-date was March 27.
Scientex Packaging (Ayer Keroh) Bhd, formerly known as Daibochi Bhd, saw its net profit rise 14% year-on-year for its second financial quarter ended Jan 31, 2023 (2QFY2023) thanks to softening of raw material prices, favourable product mix and lower freight cost. Net profit for 2QFY2023 rose to RM13.38 million from RM11.69 million a year earlier. Earnings per share rose to 3.82 sen from 3.57 sen during the period. This was also 9% higher than the RM12.28 million net profit posted in 1QFY2023. However, revenue for 2QFY2023 grew by a marginal 1.8% to RM198.06 million from RM194.47 million in 2QFY2022.
Perdana Petroleum Bhd has secured three charter contracts from its major shareholder Dayang Enterprise Holdings Bhd. It announced that its wholly-owned subsidiary, Perdana Nautika Sdn Bhd accepted three Letters of Award (LOA) dated Jan 16 from Dayang Enterprise Sdn Bhd — a unit of Dayang Enterprise. The three LOAs entail the charter of one unit accommodation work barge (AWB), and two units anchor handling tug & supply (AHTS) vessels, valued at approximately RM18.3 million.
Volcano Bhd has been issued an unusual market activity (UMA) query after its shares spiked over 23% on Monday (March 13). Shares of the ACE Market-listed company closed at RM1.09, gaining 21 sen or 23.86%, with 23.43 million shares traded. Year to date, the counter has climbed 124.74%. At RM1.09, the company has a market capitalisation of RM179.85 million. Highlighting the sharp rise in its share price and volume, Bursa requested Volcano to disclose any corporate developments, rumours or reports concerning the business and affairs of the group, and any other possible reasons, which may account for the UMA. At the time of writing, the company has yet to respond to Bursa’s query.
Revenue Group Bhd announced the appointment of five new directors to its board, as well as a new chief financial officer (CFO), effective Monday (March 13). In bourse filings, the e-payment solutions provider said it has appointed Teh Chee Hoe as executive director, and four independent, non-executive directors, namely Kamari Zaman Juhari, Azman Hisham Che Doi, Chandera Sekaran @ Dawson, and Krishnan Dorairaju. Ng Kuan Horng was named as its new CFO.
Pimpinan Ehsan Bhd has added to its regularisation plan by entering into a third supplemental agreement in relation to the proposed acquisition of reNIKOLA Holdings Sdn Bhd and its subsidiaries, to include the purchase of an additional renewable energy (RE) asset for RM13.9 million. It entered into the agreement with the vendors — B Grimm Power (Malaysia) Sdn Bhd, reNIKOLA Sdn Bhd, Boumhidi Adel and Tengku Zaiton Ibni Sultan Abu Bakar — on March 13 for the proposed acquisition of Idiwan Solar, which operates a solar photovoltaic power generation project in Machang, Kelantan. The solar plant has an aggregate capacity of approximately 45 megawatts direct-current (MWdc) and achieved initial operation in January 2023.
Five shareholders of Classita Holdings Bhd, formerly known as Caely Holdings Bhd, are seeking the court's permission for them to take legal actions on behalf of the lingerie maker against its board members and vendor. The five shareholders – Datuk Seri Tee Yam, Datuk JP Low Kok Chuan, Leow Boon Kin, Zhang Jia and former executive chairwoman Datin Seri Jessie Wong Siaw Puie – are seeking permission from the Kuala Lumpur High Court to act on behalf of the company in a suit filed in the Ipoh High Court, plus another suit filed in the Shah Alam High Court, and the suit in the Court of Appeal. Besides, they also intend to initiate legal action on behalf of Classita against the company’s board as well as a vendor for breach of fiduciary duties, fraud, unjust enrichment and/or conspiracy to injure the company in relation to its acquisition of shares in Kepayang Heights Sdn Bhd.
Fitters Diversified Bhd has justified its acquisition of 12.14 million shares in Computer Forms (Malaysia) Bhd due to the latter’s involvement in the electric vehicle (EV) industry. The group rationalised the acquisition of Computer Forms after CFM’s joint venture agreement with EA Mobility Holding Co Ltd on February 5 to sell, distribute, assemble and produce EVs in Malaysia. “The Malaysian electric vehicle market is currently in the very initial stages of growth,” said Fitters, “However, Fitters is optimistic that the government's initiatives to promote next-generation vehicles in the country will stimulate the demand for electric vehicles, and we anticipate CFM will be benefiting from this trend.”
Country View Bhd has appointed former Dewan Rakyat Speaker Tan Sri Azhar Azizan @ Harun as its independent and non-executive director. Azhar Harun was the Dewan Rakyat Speaker from 2020 to 2022, and retired after Datuk Johari Abdul was appointed as the new Dewan Rakyat Speaker for the current parliamentary term. He is now practising law in Messrs Azhar & Goh.