Friday 21 Jun 2024
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KUALA LUMPUR (Sept 21): Here is a brief recap of some corporate announcements that made news on Thursday: 7-Eleven Malaysia Holdings Bhd, Maxis Bhd, Toyo Ventures Holdings Bhd, Bina Puri Holdings Bhd, KNM Group Bhd, Eco World Development Group Bhd, Comintel Corp Bhd, VisDynamics Holdings Bhd, KESM Industries Bhd, Ahmad Zaki Resources Bhd, Dayang Enterprise Holdings Bhd and Kronologi Asia Bhd.

7-Eleven Malaysia Holdings Bhd will dispose of its 75% stake in Caring Pharmacy Group Bhd to BIG Pharmacy Holdings Bhd at a higher price tag of RM675 million, from RM637.5 million announced previously. The new price tag represents an implied price-to-earnings (PE) multiple of 20.7 times, vis-a-vis the PE multiple of pharmacy retailers listed in Asia, as opposed to the 19.6 times PE multiple incorporated in Caring’s 100% equity value of RM850 million.

Maxis Bhd’s wholly-owned subsidiary, Maxis Broadband Sdn Bhd, has been granted leave for judicial review by the High Court in respect of a RM104 million penalty for its 2022 tax assessment. The High Court also granted a stay of all further proceedings, including the enforcement of the 2022 tax notice until the full and final determination of the judicial review.

Toyo Ventures Holdings Bhd is looking to have a US$10.36 million (RM48.62 million) lawsuit it faces from KS Lee Energy Llp, in relation to a terminated agreement linked to a coal-fired power plant project in Vietnam, to be disposed of prior to going to full trial. The printing ink and precision mould maker said its wholly-owned subsidiary Toyo Ink Group Bhd (TIGB) — the defendant in the suit — has filed an application for summary disposal of the suit.

Maju Offshore Sdn Bhd has offloaded its entire 5.04% stake in loss-making Bina Puri Holdings Bhd to Maju Offshore Capital Sdn Bhd. Maju Offshore disposed of the stake to Maju Offshore Capital on Wednesday "to streamline the business in between holding company and its wholly-owned subsidiary". Maju Offshore had emerged as the fourth largest and substantial shareholder of Bina Puri after subscribing to the group’s rights issue on April 18.

The High Court here has granted cash-strapped KNM Group Bhd an extension on its temporary restraining order (RO) pending the conclusion of the group’s application for a formal extension. The financially-troubled oil and gas process equipment maker said the court extended the ad interim (temporary) RO until the disposal of the RO extension application.

Eco World Development Group Bhd’s net profit for the third quarter ended July 31, 2023 (3QFY2023) climbed 43% to RM66.34 million or 2.25 sen per share, from RM46.39 million or 1.58 sen per share a year ago, driven by improved site progress activities and product pricing as well as cost savings upon the finalisation of certain completed projects in phases. Quarterly revenue grew marginally by 7.41% to RM476.85 million from RM443.97 million a year earlier, mainly driven by the improved site progress activities. The property developer has declared a second interim dividend of two sen per share, to be paid on Oct 19.

Comintel Corp Bhd saw a more than five-fold rise in net profit to RM8.42 million for its second quarter ended July 31, 2023, from RM1.57 million a year earlier, on the back of better performance from its construction segment. Revenue jumped 308.41% to RM92.3 million from RM22.6 million. The higher revenue and profitability was attributed to the group's  wholly-owned construction subsidiary, Binastra Builders Sdn Bhd (formerly known as Total Package Work Sdn Bhd), with the commencement of newer projects and improving progress of construction work activities.

VisDynamics Holdings Bhd posted a net profit of RM1.59 million for the third quarter ended July 31, 2023, an 18.18% increase from RM1.34 million in the previous year’s corresponding quarter, thanks to lower expenses. This mitigated the 3.58% decline in quarterly revenue to RM8.23 million from RM8.54 million, as machine sales contracted.

KESM Industries Bhd registered an annual net loss of RM3.13 million for the financial year ended July 31, 2023 compared to a net profit of RM1.67 million in the previous year, dragged by rising costs and a downturn in the semiconductor industry this year. The independent burn-in and test service company said revenue declined by 7% to RM228.28 million from RM246.74 million, largely due to the absence of revenue from electronic manufacturing services (EMS) which was scaled down, and reduced volumes for burn-in and testing services.

Ahmad Zaki Resources Bhd (AZRB) plans to undertake a private placement of 10% of its share base to raise RM12.7 million to fund the engineering and construction group’s working capital requirements. Nearly all of the proceeds, RM12.6 million, has been earmarked for working capital for the group's engineering and construction division, while the remaining RM100,000 will defray the exercise’s estimated expenses.

Dayang Enterprise Holdings Bhd’s Pan Malaysia contract from SapuraOMV Upstream (Sarawak) Inc to provide maintenance, construction and modification services for 2018 to 2023 — Package C (East Malaysia) — has been extended until Dec 31, 2024. The integrated oil and gas service provider said the company’s wholly-owned subsidiary Dayang Enterprise Sdn Bhd was awarded an extension of one year, five months and 21 days, effective from July 2023. Dayang Enterprise did not place a value on the extension, as it noted that it will be based on work orders issued by SapuraOMV during the extended period.

Kronologi Asia Bhd registered a slight decline in net profit by 1.93% to RM3.04 million for the second quarter ended July 31, 2023 from RM3.1 million for the same period last year, despite higher revenue, dragged by higher expenses across the board. The data management solutions firm said its quarterly revenue grew 26.1% to RM79.61 million compared with RM63.13 million previously, underpinned by higher contributions from China and the Philippines.

Edited ByS Kanagaraju
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