Monday 22 Jul 2024
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KUALA LUMPUR (Jan 4):Here is a brief recap of some corporate announcements that made news on Thursday:

Sabah Electricity Sdn Bhd (SESB) chief executive officer Mohd Yaakob Jaafar said Tenaga Nasional Berhad (TNB) remains the largest shareholder of the Sabah utility company. He said the public must understand that SESB has not yet been fully taken over by the Sabah government, which currently holds 17% of the company's shares, despite the regulatory authority over the management of the electric power industry in Sabah being returned to it. Mohd Jaafar said SESB is responsible for overseeing the management of the electricity industry in Sabah while the return of regulatory power over electricity supply to the Sabah government is through the establishment of the Sabah Energy Commission. TNB still largest shareholder in SESB

AmanahRaya Real Estate Investment Trust (ARREIT) has completed the disposal of its 4-star Holiday Villa Beach Resort and Spa Langkawi with 238 rooms in Langkawi, Kedah to property developer Plenitude Bhd for RM145 million cash. ARREIT said this follows the signing of a sale and purchase agreement with Plenitude's wholly-owned subsidiary Plenitude Gateway Sdn Bhd for the proposed disposal in June last year. Upon completion of the disposal, the REIT is poised to lock in a RM45 million gain while gearing will improve to 43.5% on proforma basis, from 45% based on its audited total asset value at end-December 2022. AmanahRaya REIT completes RM145m sale of Holiday Villa Beach Resort Langkawi to Plenitude

Ekovest Bhd and Iskandar Waterfront City Bhd (IWCity), two companies linked to tycoon Tan Sri Lim Kang Hoo, were among Bursa Malaysia’s most actively traded counters on Thursday. Ekovest saw 153.57 million shares traded, five times its three-month average volume of 29.32 million shares. The counter opened up three sen, or 5.55%, at 54 sen before climbing to 57 sen — its highest since Sept 26, 2023, before paring gains to close at 55 sen. Meanwhile, 90.94 million IWCity shares changed hands, almost six times its three-month average volume of 16.19 million shares. The stock rose to an intra-day high of 93 sen, its highest since 95.5 sen on Aug 2, 2019, before settling at 86.5 sen, up 3.5 sen or 4.22% from its last close. Ekovest and IWCity shares surge in active trade

Dayang Enterprise Holdings Bhd has secured a contract from Petronas Carigali Sdn Bhd for the provision of rectification works for asset integrity findings in relation to a package involving Sarawak Oil Asset. Dayang said the value of the contract will be based on work orders to be issued by Petronas Carigali throughout the contract duration. The contract is valid for three years starting from Dec 15, 2023. Dayang said the contract is expected to contribute to the group's earnings throughout the three years. Dayang bags rectification works contract from Petronas Carigali

UEM Sunrise Bhd, which was one of the top 10 most actively traded stocks on Bursa Malaysia on Thursday, jumped as much as eight sen or 8.08% to hit RM1.07 — its highest in about six years since February 2018. It saw over 100 million shares traded, indicating investors' avid interest in the company due to its huge land bank in Johor, which is seen as a hotspot for the property sector due to upcoming high-value transit developments such as the Johor-Bahru Singapore Rapid Transit System and the formation of the Johor-Singapore Special Economic Zone (SEZ) in the state. The SEZ is planned to enhance the movement of goods and people across the Johor-Singapore Causeway and to bolster the overall ecosystem of Iskandar Malaysia — in which one of the five flagship zones is Iskandar Puteri, of which UEM Sunrise is the master developer. UEM Sunrise hits highest in nearly six years as it continues to climb amid active trades

Sports footwear and apparel maker Sinaran Advance Group Bhd (SAG), formerly known as K-Star Sports Ltd, has proposed to undertake a RM68 million capital reduction via cancellation of its issued share capital to eliminate its accumulated losses.  The proposed exercise will result in its share capital being reduced to RM42.74 million, resulting in a capital reduction of RM68 million, which will be utilised to offset the accumulated losses of RM69.21 million at the company level. The proposal is also aimed at enhancing SAG’s ability to declare and pay dividends out of its retained earnings in the future and provide a better financial platform for the group’s future growth moving forward, it added. Sinaran Advance Group plans RM68 mil share capital reduction to offset losses

MN Holdings Bhd has bagged a RM98 million contract to undertake high voltage horizontal directional drilling and cable bridge works for a data centre located in the southern region of Peninsular Malaysia. The infrastructure utilities services provider said its wholly-owned subsidiary Mutu Nusantara Sdn Bhd was awarded the contract by a customer that provides data centre services. MN Holdings said the customer did not provide consent for the "disclosure of information in relation to the customer".MN Holdings bags data centre contract worth RM98m

Ibraco Bhd, through its wholly-owned unit Ibraco Construction Sdn Bhd (ICSP), has partnered with two units of China Railway Group Ltd to incorporate Ibraco CREC JV Sdn Bhd (ICJVSB), a joint venture company to undertake infrastructure works for the Kuching Urban Transportation System (KUTS). The property developer said that the joint venture company was set up with China Railway Engineering Corporation (M) Sdn Bhd (CRECM) and Nanyang Tunnel Engineering Sdn Bhd.The JV company has an initial paid-up capital of RM2 million, comprising 2 million shares, with ICSP holding a 51% stake, CRECM with 39% and Nanyang with 10%. Ibraco forms joint venture with China Railway units for Kuching rapid transit project

Pharmaniaga Bhd's stock price surged as much as 13.2% to 43 sen on Thursday, following the pharmaceutical company's signing of a seven-year concession agreement with the Ministry of Health (MOH) for medical supply logistics services. At market close, the stock pared some gains to trade at 40.5 sen, still up three sen or 8%, giving it a market valuation of RM583.7 million. Trading volume stood at 11.17 million, almost triple its 200-day average volume of 4.19 million. Pharmaniaga shares surge on seven-year medical supply logistics deal with MOH

MISC Bhd, which is 51% controlled by national oil company Petroliam Nasional Bhd (Petronas), announced the appointment of Afendy Mohamed Ali as its new chief financial officer (CFO) on Thursday. His appointment will take effect from March 1. Afendy, 50, succeeds Raja Azlan Shah Raja Azwa, who has held the CFO position since April 2019. Concurrently, Raja Azlan will transition into the role of MISC’s vice president of corporate planning. MISC appoints Afendy Mohamed Ali as new CFO

Shares of Minetech Resources Bhd climbed as much as 14.3% to a high of 20 sen on Thursday’s morning trade — its highest since May 12, 2021 when the stock closed at 20.5 sen — after the group announced the appointment of Abang Abdillah Izzarim Abang Abdul Rahman Zohari as its new executive chairman. At the time of writing, the counter pared its gains to 19 sen — still up 1.5 sen or 8.57% — valuing the group at RM303.17 million. Trading volume stood at 101.8 million — more than 13 times than its 200-day average volume of 7.76 million — making it the second most active stock on Bursa. In the past month, Minetech’s share price has risen by 280%. Minetech shares climb to three-year high on appointment of Sarawak premier's son as new executive chairman

RHB Banking Group has appointed Datuk Fad'l Mohamed as its new managing director of group wholesale banking, effective from Feb 2. Fad'l stepped down as the chief executive officer of Maybank Investment Bank (Maybank IB) on Wednesday. He joined the investment bank in 2015 as its deputy CEO. RHB appoints Fad'l Mohamed as group wholesale banking MD

Shares in Kerjaya Prospek Group Bhd rose to a fresh record high of RM1.63 in early trade on Thursday as analysts viewed the group will continue to benefit from strong growth in Andaman Island. TA Securities Holdings Bhd has raised its target price (TP) for Kerjaya Prospek by 8% to RM1.64 (from RM1.52), based on a higher price-to-earnings (P/E) multiple of 13 times calendar year 2024 earnings (from 12 times previously). Kerjaya secured a RM170.9 million contract from Persada Mentari Sdn Bhd — an indirect subsidiary of Eastern & Oriental Bhd (E&O) — to undertake a proposed Andaman Island development project, also known as Seri Tanjung Pinang Phase 2 (STP2) in Penang. Kerjaya Prospek climbs to fresh record of RM1.63 after bagging Andaman Island project

Edited ByS Kanagaraju
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