Tuesday 23 Jul 2024
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KUALA LUMPUR (Sept 19): Here is a brief recap of some corporate announcements that made news on Tuesday: Cypark Resources Bhd, Mercury Securities Group Bhd, Kuala Lumpur Kepong Bhd (KLK), Dataprep Holdings Bhd, MyEG Services Bhd, YTL Hospitality REIT (YTL REIT), Land & General Bhd (L&G), Reneuco Bhd, Epicon Bhd and Scientex Packaging (Ayer Keroh) Bhd.        

Cypark Resources Bhd has reported the emergence of a new substantial shareholder, Chung Dao, with a 5.5% stake or 42.97 million shares after acquiring 40 million shares on Sept 14. The acquisition happened on the same day Chung Chee Yang ceased to be a substantial shareholder following the disposal of 40 million shares, leaving him with 37.43 million shares or a 4.77% stake in the renewable energy and solid waste management company.

Mercury Securities Group Bhd closed at 30 sen a share on its maiden day of trading on Tuesday, for a 20% premium over its initial public offering price (IPO) of 25 sen. The ACE Market-listed stock recorded a trading volume of 219.99 million shares, and was the third most active counter on Bursa Malaysia. Mercury Securities is the first local stockbroker to float its shares in two decades.

Kuala Lumpur Kepong Bhd (KLK) acquired an additional 1.34 million Boustead Plantations Bhd (BPlant) shares from the open market on Monday. The additional 1.34 million shares, transacted at RM1.45, amounted to RM1.94 million and, whether coincidentally or not, were acquired after Defence Minister Datuk Seri Mohamad Hasan during the 12th Malaysia Plan's Mid-Term Review debate session last week defended the Armed Forces Fund Board's (LTAT) proposed move to offload a 33% stake in BPlant to KLK for RM1.15 billion.

Bursa Malaysia Securities has publicly reprimanded Dataprep Holdings Bhd and five of its directors for breaches of listing requirements over the IT company's reply to an unusual market activity (UMA) query on its Covid-19 screening contracts in March 2021. The five directors, who were also fined RM100,000 each, are non-independent and non-executive chairman Datuk Mohd Rizal Mohd Jaafar, managing director Mohamad Sabir Mohamad Sabri, and independent and non-executive directors Datuk Abdul Aziz Ishak, Nor Adha Yahya and Ong Kuan Wah.

MyEG Services Bhd said it is still finalising terms of an immigration-related services concession with Putrajaya, as it confirmed it had stopped accepting applications from customers on its portal. The group said it has stopped accepting applications “temporarily” since Sept 15. The halt will be effective “until further notice”, MyEG said.

YTL Hospitality REIT (YTL REIT) has entered into three supplemental lease agreements for rental revisions and proposed refurbishment of its three hotels (AC Hotels) in Kuala Lumpur, Penang and Kuantan. YTL REIT said the lessees of its AC hotel chain are agreeable to the increase in annual rental for all three hotels amounting to a collective RM2.7 million. On its part, the group has agreed to pay for the costs of the proposed refurbishment for all three hotels, at an estimated refurbishment cost of RM38.5 million, which would be funded by borrowings.

Land & General Bhd (L&G) allayed concerns that liquidity issues faced by joint venture partner Country Garden would have a negative spillover effect on their 167-acre township development in Semenyih that started in 2014. L&G owns a 45% stake in Diamond City, Semenyih while the remaining 55% is held by Hong Kong-listed Country Garden.

Telekom Malaysia Bhd's (TM) former chief executive officer (CEO) Datuk Dr Md Khir Abdul Rahman has been appointed as an independent and non-executive director of sustainable energy and utilities provider Reneuco Bhd (formerly KPower Bhd). Md Khir, 76, was previously CEO of TM from 2000 until 2004. Prior to this, he served as managing director of Mejati Technologies Group in 1996 and was general manager cum director of Malaysian Electronic Payment System (MEPS).

Epicon Bhd's (formerly known as Konsortium Transnasional Bhd) wholly-owned subsidiary Transnasional Builder Sdn Bhd (TBSB) has secured a structural works contract for a sum of RM34.5 million. The group said TBSB received the letter of award from Wonson Construction Sdn Bhd for the execution and completion of structural works for a residential apartment in Pantai Dalam, Kuala Lumpur. The contract is expected to commence in September and be completed by August 2024.

Scientex Packaging (Ayer Keroh) Bhd, formerly known as Daibochi Bhd, saw its net profit slump 98.7% to RM149,000 in the fourth quarter ended July 31, 2023, from RM11.4 million a year earlier, due to higher goodwill impairment of RM22.71 million for its operations in Myanmar. Quarterly revenue fell 3.4% to RM185.32 million from RM191.84 million, amid lower demand from its export market.

Edited ByS Kanagaraju
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