Monday 27 May 2024
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KUALA LUMPUR (March 31): Here is a brief recap of some corporate announcements that made news on Friday (March 31): MR DIY Group (M) Bhd, Cypark Resources Bhd, Comintel Corp Bhd, Symphony Life Bhd, Land & General Bhd, Uzma Bhd, Boustead Heavy Industries Corp Bhd, SIAB Holdings Bhd, Yong Tai Bhd and Computer Forms (M) Bhd.

Private equity firm Creador announced that it has completed its exit from MR DIY Group (M) Bhd for RM664 million via a private placement exercise. The private equity fund said the exit was accomplished via a private placement of its remaining 464 million shares or a 4.92% stake in MR DIY at RM1.43 apiece. The placement price represents a 6.5% discount to the last closing price of RM1.53. Of the total shares placed, 360 million shares were acquired by institutional investors for a total of RM514 million, it said, adding that the balance 105 million shares were taken up by MR DIY and Creador management for RM150 million.

Cypark Resources Bhd's net profit came in at RM6.77 million in the quarter ended Jan 31, 2023, up 25.8% quarter-on-quarter from RM5.38 million, supported by higher contribution from its renewable energy (RE) segment. Quarterly earnings per share stood at 0.5 sen, from 0.29 sen in the immediate preceding quarter. The improved performance was despite quarterly revenue declining 32.04% q-o-q to RM32.88 million from RM48.39 million, due to lower construction revenue from RE segment — mainly covering its solar farm assets — as it said its “turnkey projects in Kelantan are currently near to completion”.

Comintel Corp Bhd has bagged a contract to develop a 42-storey serviced apartment block in Bukit Jalil for RM168.3 million. Comintel’s wholly-owned subsidiary, Binastra Builders Sdn Bhd on March 31 accepted the Letter of Award from Exsim Bukit Jalil City Sdn Bhd for the project. The project also consists of three strata shop units on level 1, four levels of podium parking, three levels of lower ground parking facilities for residents, one unit of electrical substation and one guard house.

Symphony Life Bhd is suing its former development partner for RM150 million over a terminated agreement to jointly develop residential condominiums in Langkawi. Its wholly-owned subsidiary Symphony ORIC Development Sdn Bhd’s suit against Open Road Asia Sdn Bhd (ORA) pertains to a RM75 million deposit ORA made as part of the joint development agreement. It added that when the agreement was inked in April 2021, ORA’s directors Goh Poo Eng and Roslizan Nekmat had provided a guarantee towards the refund of the deposit in the event the agreement’s conditions precedent were not fulfilled.

Land & General Bhd (L&G) said its managing director Low Gay Teck will take up a 10% stake in a wholly-owned unit of the group which recently bought a piece of land in Bandar Puchong Jaya to develop serviced apartments. It said the equity participation by Low, who has held the position of managing director for the last 15 years, will ensure his continued services to the group in the foreseeable future. L&G noted that under Low's leadership, the group had recorded uninterrupted profits and declared dividends for the period between the financial year ended March 31, 2014 (FY2014) and FY2022, except for FY2020 when its business was affected by the Covid-19 pandemic.

Uzma Bhd’s 70%-owned subsidiary Uzma LNG Sdn Bhd is supplying liquefied natural gas (LNG) to ND Paper Malaysia (Selangor) Sdn Bhd’s factory in Banting, Selangor for RM70 million. Uzma LNG will supply the natural gas via a virtual pipeline system, Uzma said. The contract value is subject to the LNG supplied and the prevailing market price of LNG at the time of delivery. The two parties have entered into an LNG supply agreement spanning two years from March 15 this year till March 14, 2025.

Boustead Heavy Industries Corp Bhd (BHIC) has appointed Feroz Razi Ramli as its new chief executive officer (CEO). He replaces Sharifuddin Zaini Al-Manaf who completed his tenure as CEO after holding the post since April 1, 2020. Feroz Razi served as CEO of Boustead DCNS Naval Corp Sdn Bhd, a joint venture firm between Boustead Heavy Industries Corp Bhd and the Naval Group of France, from January 2018 till March 2023. Prior to that, he was the deputy chief executive in the firm.

SIAB Holdings Bhd and Yong Tai Bhd have mutually agreed in principle to terminate two condominium projects belonging to Yong Tai on Jalan U-Thant here, and in Melaka, with a combined outstanding contract value of RM190.48 million. SIAB was the main contractor of the projects through its wholly-owned unit SIAB (M) Sdn Bhd. The termination came as the parties could not come to agreement on the revised cost plan, and work programme on the completion dates for the two projects — Impressions U-Thant and Dawn condotel.

Computer Forms (M) Bhd’s largest and controlling shareholder Datuk Seri Jacky Pang Chow Huat has ceased to be a substantial shareholder after undertaking hefty disposals this week. Pang offloaded an aggregate of 133.16 million shares or a 49.76% stake in Computer Forms this week. On Monday (March 27), he sold 78.52 million shares or 29.35% via two open market transactions. This was followed by another open market disposal of 54.63 million shares or 20.42% on Friday (March 31).

Edited ByS Kanagaraju
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