KUALA LUMPUR (June 20): Here is a brief recap of some corporate announcements that made the news on Tuesday (June 20) involving Boustead Holdings Bhd, Boustead Plantations Bhd, SkyWorld Development Bhd, UWC Bhd, Scientex Bhd, Visdynamics Holdings Bhd, Pharmaniaga Bhd, Uzma Bhd, MISC Bhd, TCS Group Holdings Bhd, Cahya Mata Sarawak Bhd, GHL Systems Bhd, Ni Hsin Group Bhd, Telekom Malaysia Bhd, Malaysian Bulk Carriers Bhd, UEM Sunrise Bhd, XOX Bhd, GIIB Holdings Bhd, Kumpulan Jetson Bhd and Taliworks Corp Bhd.
Boustead Holdings Bhd has clarified that it has not entered into any agreement to sell its 57% stake in Boustead Plantations Bhd. The group said this hours after it told Bursa Malaysia that it had "no comment" on a report titled “Boustead said to be disposing of plantation arm” which appeared in the July 19-25 issue of The Edge Malaysia. The Edge had learnt that some of the big names bidding for the stake included YTL Group, Wilmar International Bhd, IOI Corp Bhd and Kuala Lumpur Kepong Bhd.
Property developer SkyWorld Development Bhd is seeking opportunities to set foot in the Vietnam market in the next three years as its ultimate goal is to become a regional player. On the local market, the company also intends to expand beyond Kuala Lumpur, into areas in the Klang Valley such as Subang Jaya, Petaling Jaya, Selayang and Ampang Jaya.
SkyWorld’s initial public offering (IPO) on the Main Market of Bursa Malaysia is slated to take place on July 10, 2023. Issued at 80 sen per share, the enlarged share capital of its IPO of one billion shares will translate into a market capitalisation of RM800 million. Its IPO, which will raise a total RM320 million, is going to be the third-largest listing exercise on Bursa Malaysia this year.
UWC Bhd, which provides metal fabrication and value-added assembly services to the semiconductor industry, has posted its lowest quarterly earnings since its Main Market debut in July 2019, with a net profit of RM4.72 million for the third quarter ended April 30, 2023 (3QFY2023). The latest quarterly profit is down by 83.55% from the RM28.71 million it posted a year ago, as revenue almost halved to RM47.74 million — its lowest since 1QFY2020 — from RM87.32 million previously due to macroeconomic headwinds, "especially semiconductor market cyclical downturn".
Scientex Bhd's net profit rose 24.28% to RM109.78 million for the third quarter ended April 30, 2023 (3QFY2023) from RM88.33 million a year earlier, carried by the group’s property development business’ higher progress billing and robust demand for new launches. However, quarterly revenue was flat at RM997.11 million, a 0.33% increase versus RM993.84 million registered previously, dragged by its packaging division’s lower contribution but offset by its property development business’ higher contribution. Scientex declared an interim dividend of five sen per share, with a July 5 ex-date and a July 21 payment date. The group anticipates strong demand for its affordably priced properties and will continue to launch new phases of developments.
Visdynamics Holdings Bhd’s net profit fell 16.7% to RM2.62 million or 1.49 sen per share for its second quarter ended April 30, 2023 (2QFY2023), from RM3.14 million or 1.8 sen per share a year earlier, in line with the drop in quarterly revenue which fell by 29.73% to RM7.46 million from RM10.61 million in the same quarter last year.
Independent auditor Messrs PricewaterhouseCoopers (PwC) PLT has reported a material uncertainty that may cast significant doubt on Pharmaniaga Bhd’s ability to continue as a going concern. PwC, in its audit of Pharmaniaga’s financial statements for the financial year ended Dec 31, 2022 (FY2022), indicated that the group’s current liabilities exceeded its current assets by RM632.1 million while the company’s current liabilities exceeded its current assets by RM411.2 million. Pharmaniaga expects to resolve issues related to the material uncertainty surrounding its ability to continue as a going concern by the second quarter of 2024.
Uzma Bhd said its indirect wholly-owned subsidiary Uzma Kuala Muda Sdn Bhd has secured syndicated Islamic financing facilities of up to RM225 million to facilitate the construction and maintenance of a 50MWac large-scale solar photovoltaic plant in Sungai Petani, Kedah. It said the facilities are expected to contribute positively towards its earnings for the financial year ending June 30, 2023 (FY2023) and onwards until the completion of the project.
MISC Bhd has signed an agreement to develop ammonia engines for ships, marking a step towards zero-emission shipping operations. MISC-owned subsidiary AET and Akademi Laut Malaysia (Alam) have signed an agreement with WinGD to develop engines for ammonia dual-fuelled vessels, a first for deep-sea vessels. Alam also signed an agreement with shipping classification society DNV for the training, research and development of maritime professionals to meet workforce needs for a low- and zero-carbon pathway.
Due to higher construction material prices, TCS Group Holdings Bhd has scrapped its plan to develop a condominium project, known as Arcadia, in Kuala Langat, Selangor. The group, through its wholly owned units TCS Construction Sdn Bhd and Saujana Permai Development Sdn Bhd, had mutually agreed to terminate the letter of award entered between the parties two years ago. TCS Construction secured the RM126 million condominium project from Saujana Permai in December 2021, which had a duration of 40 months and was scheduled to be completed in May 2025.
Cahya Mata Sarawak Bhd has rejected Sarawak utilities firm Syarikat Secso Bhd's claim that the agreement for the supply of electricity to the group's phosphate production plant is deemed terminated. It said the arbitration proceedings surrounding the power purchase agreement have commenced and the group is working towards a resolution.
GHL Systems Bhd has enabled Alipay+ for over 2,600 local businesses in Thailand to accept cross-border digital payments from leading Asian mobile wallets. The payments will also include AlipayHK (Hong Kong SAR), Kakao Pay (South Korea), Touch 'n Go eWallet (Malaysia) and Alipay (Chinese mainland), which has been accepted by Thai merchants since 2015, GHL said in a joint statement with Alipay+ and Jim Thompson Ltd.
Cookware maker Ni Hsin Group Bhd has partnered with Telekom Malaysia Bhd affiliate Acasia Communications Sdn Bhd for the promotion, marketing and distribution of its electric motorcycle, the TAILG EBIXON EV. Ni Hsin said the company’s wholly owned subsidiary Ni Hsin EV Tech Sdn Bhd (NH EV) inked a three-year business partnership agreement with Acasia to appoint the corporate telecommunication services company as the marketing agent of NH EV’s products.
Malaysian Bulk Carriers Bhd (Maybulk) has proposed to dispose of its bulk carrier Alam Kekal to realise the vessel's increased market value amid elevated commodity demand. The dry bulk carrier operator said it proposes to obtain a shareholders’ mandate for the vessel’s disposal to a non-related third party for a cash consideration of not lower than 90% of the market value as ascribed by an independent valuer.
Tower A of UEM Sunrise Bhd’s first transit-oriented development named The Connaught One in Cheras, Kuala Lumpur, has achieved a take-up rate of 85%, prior to its official launch on June 24 (Saturday). With a gross development value of RM747 million, the project will offer two 53-storey towers, namely Tower A and B, comprising 1,334 serviced apartments and 15 retail lots.
XOX Bhd has proposed a private placement of not more than 10% of its issued share capital to raise up to RM7.19 million to enhance its Nimbus application. The mobile virtual network operator said the shares will be issued to third party investors who will be identified later, and the issue price will also be determined at a later date.
GIIB Holdings Bhd has appointed Datuk Seri Wan Adnan Wan Mamat as its new non-executive chairman, while executive chairman Tai Boon Wee has been redesignated as chief executive officer. Tai, who is facing a probe by the Malaysian Anti-Corruption Commission, relinquished his chairman post a week after he transferred 45.81 million of his shares to his son, Qisheng, who is also an executive director in the company, via an off-market transaction.
Datuk Noorazman Abd Aziz is resigning from his post as chairman of UEM Sunrise Bhd from July 1, after he was redesignated as chairman of CTOS Digital Bhd on May 26. UEM Sunrise cited the reason for the resignation of the 67-year-old as “planned retirement”. Replacing Noorazman as UEM Sunrise’s new chairman is Datuk Mohamad Hisham Hamdan, who is the current executive director of investments at Khazanah Nasional Bhd.
Kumpulan Jetson Bhd has redesignated its managing director Datuk Teh Kian An as executive chairman. Teh, 75, is Jetson’s co-founder, holding a 6.04% stake in the group. His past working experience includes being an executive director of Kumpulan Suria Sdn Bhd. The group also announced the redesignation of its non-executive chairman Datuk Dr Ong Ah Soon as non-independent and non-executive director. Ong holds a 0.17% stake in Jetson.
Datuk Seri Amrin Awaluddin has resigned as independent director at Taliworks Corp Bhd effective Tuesday, after he resigned as managing director (MD) and chief executive officer of Lembaga Tabung Haji last month. The group said the 56-year-old has decided to step down having served the company for a cumulative term of nine years.