KUALA LUMPUR (Aug 8): Here is a brief recap of some corporate announcements that made the news on Tuesday (Aug 8) involving KLCC Property Holdings Bhd (KLCCP), Sunview Group Bhd, Barakah Offshore Petroleum Bhd, Hengyuan Refining Company Bhd, Pestech International Bhd, BTM Resources Bhd, Pertama Digital Bhd, Malaysia Smelting Corp Bhd (MSC) and Aemulus Holdings Bhd.
KLCC Property Holdings Bhd (KLCCP) has denied it is bidding for a stake in ICD Brookfield Place, a 900ft office tower in the heart of Dubai’s financial district. Bloomberg had on Aug 2 reported that KLCCP, along with China Investment Corp, were among potential bidders for a stake in the office tower, citing a source. According to the report, ICD Brookfield Place's owners, Brookfield Asset Management and state-owned Investment Corp of Dubai, may sell a stake of as much as 49% in the office tower, whose tenants include JPMorgan Chase & Co and Bank of America Corp.
Sunview Group Bhd said two of its subsidiaries have been selected to be solar power producers under the Corporate Green Power Programme, with a combined allocated export capacity of nearly 60 megawatts (MW). The renewable energy player said Solarcity REIT Sdn Bhd and Fabulous Sunview Sdn Bhd were among the 22 entities selected from a pool of 71 applicants in a competitive bidding exercise conducted by the Energy Commission. Solarcity REIT was allocated an export capacity of 29.99MW, which is the maximum quantum assigned to a solar power producer. Fabulous Sunview, through a consortium with JAKS Solar Power Sdn Bhd and Ann Joo Green Energy Sdn Bhd, was also allocated 29.99MW.
Barakah Offshore Petroleum Bhd’s wholly-owned subsidiary PBJV Group Sdn Bhd has bagged a contract from Brunei Shell Petroleum Co Sdn Bhd for the SPM2 replacement project at an undisclosed value. The main contract scope is to supply engineering work, supply of materials, fabrication, load-out, decommission, installation and commissioning of one unit SPM2 (Single Point Mooring Buoy) at the shoreline of Brunei Darussalam. The contract is expected to commence immediately, with a delivery date anticipated in the third quarter of 2024. The company predicts a positive impact on earnings and net assets per share for the duration of the contract.
Hengyuan Refining Company Bhd has appointed Zulhazmi Mohamad as acting CEO effective Tuesday, succeeding Li Bin, who stepped down on the same day due to health reasons. Li, a Singapore national, was just appointed on July 3 this year to replace Grant Gao Jin Liang. Zulhazmi joined the group in 1994, and has held multiple jobs in projects and turnaround, engineering, and maintenance over the last 25 years, including a regional turnaround role.
Pestech International Bhd executive director Lim Peir Shenq has retracted his resignation letter hours after handing it in Monday. Pestech said Peir Shenq retracted his resignation, but did not explain his change of heart. The 38-year-old is the son of Lim Ah Hock, the group executive chairman. He is also the cousin of Paul Lim Pay Chuan, the managing director and group CEO of Pestech.
Bioalpha Holdings Bhd’s founder, chief executive officer and managing director Hon Tian Kok @ William has ceased to be a substantial shareholder in BTM Resources Bhd after disposing of 35.51 million shares or a 2.83% stake. The disposal has pared Hon’s shareholding in the timber firm to 4.78% from 7.61% previously. He disposed of the shares via an off-market transaction, sans details on the transacted price. Based on the group’s closing price on Monday of eight sen, a back-of-the-envelope calculation indicates that Hon could have sold the shares for RM2.84 million. Hon had in July this year acquired 35.06 million shares, or a 2.79% stake in BTM via an off-market purchase, before raising his stake to 7.61% following the purchase of an additional 60.51 million shares.
Pertama Digital Bhd is seeking a 12-month extension until Aug 9, 2024 to submit its regularisation plan to the relevant authorities. The application for the extension was submitted to Bursa Malaysia Securities on Tuesday. In August last year, Pertama Digital, formerly known as Sinotop Holdings Bhd, triggered paragraph 8.03A(2)(a)(b) of the Main Market Listing Requirements after selling its China-based textile subsidiary Be Top Group Ltd for RM70 million, with the aim of becoming a pure-play digital services provider.
Malaysia Smelting Corp Bhd (MSC) registered a net profit of RM28.45 million in the second quarter ended June 30, 2023 (2QFY2023), a 27.89% decline from RM39.45 million a year prior, due to lower profit from its tin mining segment. The tin miner and metal producer recorded a lower average tin price of RM116,500 per tonne in 2QFY2023, versus RM158,900 per mt in the same period last year, despite higher sales quantity of refined tin, its filing showed. This dragged MSC’s revenue down to RM327.01 million, or 20.01% from RM408.84 million a year ago.
Aemulus Holdings Bhd has incurred its third straight quarterly loss amid cautious capital expenditure spending from customers expecting a slowdown in the semiconductor industry and deferment of delivery due to a slowdown in customers’ expansion pace. The Penang-based equipment vendor saw its net loss widening to RM6.9 million for the third quarter ended June 30, 2023 (3QFY2023), from RM4.69 million in 2QFY2023 and RM4.77 million in 1QFY2023. Revenue for 3QFY2023 shrunk 77.36% to RM3.86 million from RM17.04 million a year earlier.