Sunday 14 Jul 2024
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KUALA LUMPUR (Jan 18): Here is a brief recap of some corporate announcements that made the news on Wednesday:

Technology solutions provider Infomina Bhd’s net profit for the second quarter ended Nov 30, 2023 (2QFY2024) jumped 77.23% to RM8.95 million from RM5.05 million in the previous year, fuelled by lower administrative expenses and higher revenue. Its quarterly revenue jumped 41.85% to RM59.65 million from RM42.05 million, mainly due to higher revenue recognised from the renewal of contracts under technology infrastructure operations. Moving forward, the group said it is well positioned to leverage on the artificial intelligence (AI) and the extensive use of application programming interface (API) waves. Infomina’s 2Q net profit jumps 77% on lower admin expenses, higher revenue

Techna-X Bhd has acquired a 51% stake in Netsec Sdn Bhd and formed a joint venture with the company, as part of Techna-X’s efforts to improve the cyber security landscape in the country and beyond, the group said in a statement on Wednesday. The digital ecosystems and energy storage solution provider said the cyber security landscape in Southeast Asia presents a dynamic and rapidly evolving market, with an estimated value projected to reach US$4.49 billion (RM21.2 billion) by 2024. Techna-X forms JV with Netsec to improve Malaysia’s cyber security landscape

Cuscapi Bhd’s executive chairman Datuk Jayakumar Panneer Selvam has ceased to be a substantial shareholder of the point-of-sale systems provider, after he disposed of 55 million shares or a 5.821% stake. Jayakumar received RM8.52 million on Tuesday from the sale of the shares at 15.5 sen per share through a direct business transaction via his private vehicle Ultimate Quality Success Sdn Bhd. Post-disposal, his indirect shareholding in Cuscapi was reduced from 7.713% to 1.892%. He also has a direct stake of 0.315% in the company, for a cumulative stake of 2.207%. Cuscapi’s exec chairman ceases to be group’s substantial shareholder

Advancecon Holdings Bhd has secured RM21.19 million in subcontract works from China Communications Construction (ECRL) Sdn Bhd (CCC-ECRL). The group’s 51%-owned indirect unit Spring Energy Sdn Bhd accepted the job from CCC-ECRL on Wednesday for the construction and completion of subgrade works, on Section 8 from CH518+388.00 to CH519+000.00. Advancecon, which is involved in construction and quarry operations, will fund the subcontract via internal funds and external borrowings. Advancecon secures RM21m subcontract from CCC-ECRL

Sarawak Consolidated Industries Bhd (SCIB) is in talks with the Sarawak state government over a potential land acquisition, the company said in response to an unusual market activity (UMA) query issued on Wednesday, after its shares hit limit-down for the second consecutive day, while the intra-day short-selling of the stock was suspended on the same day. “The company had on Jan 4, 2024 received the letter of offer from the Land and Survey Department of Sarawak to acquire some parcels of land measuring approximately 22 acres in size for the purpose of expanding the production capacity of the group. The management is in the midst of discussion and considering the acceptance of this proposal. The board believes that it would be more appropriate to release announcement to Bursa Securities once the decision is made,” it said. Shares of SCIB had plunged 35.93% or 30 sen to 53.5 sen as at Wednesday’s close, wiping out all gains of the past three months. SCIB in talks for potential land buy, capacity expansion as shares hit limit down for second day

Besides SCIB, Artroniq Bhd, APB Resources Bhd and Globetronics Technology Bhd also succumbed to heavy selling pressure on Wednesday, making them among Bursa's top losers of the day. Incidentally, these four companies seem to have several common directors. Artroniq was also issued an UMA query, to which it responded that it had no idea what could have caused the unusual trading activity after its share price dived to a more than one-year low on Wednesday. Heavy selling spreads to SCIB, Artroniq, APB Resources and Globetronics; share prices down at least 10%

Also under selling pressure was Jentayu Sustainables Bhd, whose intraday short selling was suspended by Bursa, together with APB Resources'. Short selling on Jentayu, APB Resources halted after 15% price drop

At the same time, Bursa froze the lower limits of Rapid Synergy Bhd, SCIB and YNH Property Bhd, after they hit limit-downs for two consecutive trading days. Accordingly, Bursa set Rapid Synergy's lower limit at RM3.96, SCIB at 53.5 sen and YNH at RM1.22. Bursa freezes lower limit share price for Rapid Synergy, SCIB, YNH Property

Steel products maker Leform Bhd, which lost over 60% of its share price in the last two days, also told Bursa it has no idea what happened to have caused the UMA. The sell-off since Tuesday has wiped out RM459 million in the group’s value. Leform says unaware of reason behind heavy selling as shares lose 63% in two days

Mercury Securities Bhd, whose share price plunged as much as 40% to 45 sen from 75 sen on Wednesday, before closing at 45.5 sen, was also issued an UMA query. The brokerage firm’s stock dive came just a couple of days after it hit an all-time high of 88.5 sen on Monday. The share price tumble led to a loss of RM384 million in market capitalisation, as its market cap fell from RM790.3 million to RM406.3 million. Mercury Securities is the latest counter to hit limit down

Hillcove Sdn Bhd has ceased to be a substantial shareholder in Excel Force MSC Bhd after it disposed of 24.70 million shares or a 4.42% stake in the financial services business solutions provider. The group said Hillcove had disposed of the shares on Jan 16 via a direct business transaction. However, it is not known who purchased the block of shares. Following the disposal, Hillcove now has 4.15 million shares or a 0.74% stake in the group. Hillcove ceases to be substantial shareholder in Excel Force

Plantation and healthcare outfit TDM Bhd, a subsidiary of the Terengganu state government, has invested RM29.1 million to build two hospitals this year. Its executive director Najman Kamaruddin said the group’s healthcare sector contributes more than 50% to its overall profits and the two new hospitals are expected to increase profits considerably. Najman also said the group plans to expand its medical network on the East Coast in the next five years, to meet the increasing demand for the health services offered by TDM. TDM expands healthcare network, invests RM29.1 mil for two new hospitals

Construction crane manufacturer Favelle Favco Bhd (FFB) has secured five contracts for the supply of cranes to machinery replacements, worth a combined RM79.4 million. The contracts, which are expected to be delivered by mid- to end-2024, were awarded to its subsidiaries Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes Pty Ltd and Sedia Teguh Sdn Bhd between Nov 30, 2023 and Jan 17, 2024. The clients are Servizi Energia Italia SpA, Resolution Rigging Services Pty Ltd, E&P O&M Services Sdn Bhd, Petron Malaysia Refining & Marketing Bhd and Petronas Carigali Sdn Bhd. Favelle Favco bags five contracts worth RM79.4m

 

Edited ByTan Choe Choe
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