KUALA LUMPUR (Oct 30): Here is a brief recap of some corporate announcements that made news on Monday involving MyEG Services Bhd, Ranhill Utilities Bhd, Barakah Offshore Petroleum Bhd, British American Tobacco (Malaysia) Bhd, UMediC Group Bhd, Berjaya Corp Bhd (BCorp), KNM Group Bhd, Sasbadi Holdings Bhd, Mitrajaya Holdings Bhd and Dagang NeXchange Bhd.

MyEG Services Bhd has received a three-year contract extension from the Road Transport Department (JPJ) of its appointment as a collecting agent for the provision of vehicle registration services, driver and vehicle licensing, and electronic payment of summons services. This comes just two weeks after the e-government service provider was granted a two-year extension of its immigration-related services contract.

Ranhill Utilities Bhd plans to team up with China Energy International Group Co Ltd (CEIG) for the proposed development of a public-private regional drinking water supply facility project in Indonesia. Ranhill said it had inked a Memorandum of Understanding with CEIG to jointly pursue the Ir H Djuanda/Jatiluhur II water supply project, as well as co-develop and cooperate on other potential projects in Southeast Asia.

Chin Teck Plantations Bhd’s net profit for the full year ended Aug 31, 2023 (FY2023) dropped 50.36% to RM53.37 million, compared with RM107.52 million in the previous year, underpinned by higher administrative expenses and lower revenue. Annual revenue fell by 20.98% to RM205.67 million, from RM260.29 million previously, largely due to a significant decrease in average selling prices of crude palm oil, palm kennel and fresh fruit bunches.

Practice Note 17 (PN17) company Barakah Offshore Petroleum Bhd's independent auditor has issued a disclaimer of opinion on the group's application of the "going concern" assumption in preparing its financial statements for the fiscal year ended June 30, 2023 (FY2023) despite incurring a net loss of RM4 million for the year. Barakah said auditor HLB Ler Lum Chew PLT also noted that the group’s current liabilities exceeded its current assets by RM18.21 million, and that it had a deficit of shareholders’ funds of RM15.05 million. According to Barakah's latest annual report, its total borrowings increased to RM52 million from RM49 million in FY2022, due to fluctuations in foreign exchange rates, as the group’s borrowings are mainly in US dollars.

British American Tobacco (Malaysia) Bhd’s (BAT Malaysia) net profit declined 20.89% to RM59.54 million or 20.9 sen per share for the third quarter ended Sept 30, 2023 (3QFY2023) compared with RM75.25 million or 26.4 sen per share in the previous year’s corresponding quarter as investment in tobacco heating and vapour products more than offset price adjustments — its first since 2018. Quarterly revenue was down by 9.01% to RM606.8 million from RM666.9 million in 3QFY2022. BAT Malaysia attributed the lower earnings for 3QFY2023 to increased investment in launching tobacco heating and vapour products that provide reduced-risk alternatives to adult smokers while also implementing a modest price increase in its Premium and AP segments due to rising inflation and increased business costs, marking the group's first price adjustment in five years.

Penang-based medical device company UMediC Group Bhd has proposed to undertake a special issue of up to 24.93 million new shares, equivalent to 6.67% of its total issued shares to Bumiputera investors to be identified and/or approved by the Ministry of International Trade and Industry (Miti) at an issue price to be determined later.The company was listed on the ACE Market of Bursa Malaysia in July 2022 under the condition that it will allocate 12.5% of its enlarged issued shares to Bumiputera investors to be approved by Miti within one year after achieving the profit requirement for companies seeking listing on the Main Market or five years after being listed on the ACE Market, whichever is earlier. UMediC had achieved an audited consolidated net profit of RM10.32 million for the most recent financial year ended July 31, 2023 (FY2023), and an aggregate combined/consolidated net profit of RM21.83 million for FY2021, FY2022 and FY2023.

Berjaya Corp Bhd (BCorp) has raised its stake in Berjaya Food Bhd (BFood), whose share price has fallen by a third year to date, to 57.43% from 55.31% after buying 37.25 million shares. BCorp paid RM26.59 million in total or 71.4 sen per share for the block of shares purchased. BFood, which operates the Starbucks coffee chain in Malaysia, closed at 68.5 sen on Monday, giving it a market capitalisation of RM1.33 billion. Following the latest transaction, BCorp now holds a total of about 1.008 billion shares, or a 57.43% stake, in BFood.

A day prior to its current deadline to submit its regularisation plan, PN17 outfit KNM Group Bhd has submitted an application to extend the submission deadline by a year. The oil and gas engineering group submitted the extension of time application to Bursa Securities on Monday, seeking a one-year extension till Oct 30, 2024 to submit its regularisation plan.

Educational materials publisher Sasbadi Holdings Bhd narrowed its net loss to RM1.48 million in its fourth financial quarter ended Aug 31, 2023 (4QFY2023) from RM2.25 million a year earlier, largely due to a reduction in provision of inventories writedown whereby RM3.04 million was recognised in the current quarter compared with RM3.45 million recognised in 4QFY2022. Quarterly revenue was flat at RM16.79 million in 4QFY2023 compared with RM16.71 million a year ago.

Mitrajaya Holdings Bhd’s unit, Pembinaan Mitrajaya Sdn Bhd accepted an RM84.5 million contract for the construction of a 31-storey block development in Mukim Batu, Kuala Lumpur. The unit clinched the two-year contract from GDP X Properties Sdn Bhd and the project is expected to be completed by December 2025.

Dagang NeXchange Bhd’s (DNeX) 90%-owned subsidiary Ping Petroleum Sdn Bhd has secured a contract from Petroliam Nasional Bhd (Petronas) in relation to the production of petroleum and abandonment of petroleum facilities. DNeX said the abandonment (decommissioning) work will cover petroleum facilities located in the Abu Cluster — about 250km off the east coast of peninsular Malaysia. DNeX’s filing did not disclose a value on the contract it secured from the national oil and gas giant.