KUALA LUMPUR (Jan 18): Here is a brief recap of some corporate announcements that made the news on Thursday:
Pantech Group Holdings Bhd’s net profit dropped 38.98% to RM21.15 million for the third quarter ended Nov 30, 2023 (3QFY2024) from RM34.66 million the year before, mainly due to softer sales in both its trading and manufacturing divisions. The pipes, valves and fittings manufacturer recorded RM221.44 million revenue for 3QFY2024, down 26.17% from RM299.94 million a year earlier. Pantech declared a 1.5 sen per share dividend for the quarter to be paid on March 26, bringing its year-to-date dividends to 4.5 sen per share. Pantech’s 3Q profit drops 39% amid softer sales; declares 1.5 sen dividend
A unit of Eco World Development Group Bhd (EcoWorld Malaysia), Eco Botanic 3 Sdn Bhd (EB3SB) is acquiring land in Pulai, Johor from River Retreat Sdn Bhd (RRSB) for RM450.13 million on which it will build affordable housing. EB3SB has inked a conditional sale and purchase agreement (SPA) with RRSB and separately, a conditional development agreement with state-controlled Permodalan Darul Ta’zim Sdn Bhd (PDT), which has nominated EB3SB as developer of the land. This would be the second land acquisition in Iskandar Malaysia by the group in less than five months. In September 2023, the group had proposed to acquire 403.78 acres of industrial land also located in Kulai, Johor. EcoWorld unit buys Johor land for RM450.13m, eyes affordable housing development
PA Resources Bhd, the country’s leading aluminium extruder company, has bagged an extension of supply agreement from First Solar, Inc, First Solar Malaysia Sdn Bhd and First Solar Vietnam Manufacturing Co Ltd to supply goods for production of photovoltaic modules. The total contract is valued at up to RM1.08 billion (US$231.9 million) for the contract period of Jan 2, 2024 till July 1, 2025 and may be renewed by US-based solar technology company First Solar for another one-year period. PA Resources said it has received the renewal of the master supply agreement from First Solar, which supersedes an earlier agreement signed in March 2022 for a contract period from Jan 2, 2024 till July 1, 2024. PA Resources bags RM1.1b contract extension from US' First Solar
Widad Group Bhd, which has joined a growing list of companies getting unusual market activity (UMA) queries from Bursa Securities as its share price hit limit down on Thursday, said it is discussing several business proposals in its UMA reply. These discussions, however, are at preliminary stages, it said. Widad dropped 30 sen or 61% to 19 sen — its lowest since 2015 — as the day's second most actively traded stock on Bursa saw 124.99 million shares changing hands. The plunge erased RM937.56 million of its market cap in a day leaving it with RM582.44 million, down from Wednesday's RM1.52 billion when the stock closed at 49 sen. Widad says it's mulling several business proposals in UMA reply
Shares of Jentayu Sustainables Bhd, Mercury Securities Bhd and Artroniq Bhd, which hit limit-down on Wednesday, nosedived again on Thursday, as selling pressure that hit several counters this week continued to move to other small-cap companies in the market. Jentayu, Mercury, Artroniq continue to nosedive; more small-cap stocks face selling pressure
Mercury Securities Group Bhd, which received an unusual market activity (UMA) query from Bursa Securities after its shares hit a limit-down on Wednesday, said it is in talks to purchase a business that fits the group’s current operations. "However, the terms and conditions of the purchase have yet to be finalised,” the brokerage said in a filing on Thursday in response to the UMA query.
As shares dive further, Mercury Securities says in talks for potential business acquisition
Artroniq Bhd, meanwhile, said it is investigating the factors contributing to the recent share price volatility after hitting limit-down two days in a row. It also emphasised that its business operations remain unaffected and that its strategic initiatives in key sectors are advancing as planned. Artroniq probes share price volatility after hitting limit-down for two days
Tanco Holdings Bhd, whose share price suddenly tumbled as much as 26.72% on Thursday and prompted Bursa to suspend the counter's intraday short selling and send it an UMA query, said it has no idea what could be driving down its share price. It said its only recent corporate development was the Monday announcement it made about having secured approval from the Transport Ministry to build a smart AI container port in Negeri Sembilan. The company's single largest shareholder is its group managing director Datuk Seri Andrew Tan Jun Suan, who bought 12 million shares representing about 0.59% in the company from the open market on Thursday as the share price tumbled. He now has a direct 11.56% stake in Tanco and an indirect 39.20% stake held under TJN Capital Sdn Bhd. Tanco MD ups stake while group says it has no idea what's driving down its shares
Cypark Resources Bhd has appointed Datuk Mohammad Zainal Shaari and Norita Ja’afar as independent non-executive directors of the renewable energy company, effective Thursday. Mohammad Zainal, 60, was chief executive officer (CEO) of Tradewinds Group Malaysia, the holding company of Tradewinds (M) Bhd from June 2021 until his retirement in May 2023. Prior to that, he assumed the role of group managing director at Tradewinds (M) in June 2014, then the holding company of Padiberas Nasional, Central Sugars Refinery, Tradewinds Plantation and Mardec. Meanwhile, Norita currently serves as an independent non-executive director of Johor Plantations Bhd, where she also sits on the Sustainability Committee and Tender Committee. She was previously CEO of TFX Global Sdn Bhd and COO of the Malaysian Global Innovation & Creativity Centre. Cypark appoints two new directors
FM Global Logistics Holdings Bhd is buying two pieces of land totalling 5.68 acres in Setia Alam Industrial Park, Klang, from property developer Petaling Garden Sdn Bhd for RM37.86 million cash, or RM153 per sq ft. Petaling Garden is a wholly-owned subsidiary of I & P Group Sdn Bhd, which is in turn wholly owned by S P Setia Bhd. The international freight services provider said its wholly-owned unit FM Global Logistics (M) Sdn Bhd has signed a sale and purchase agreement with Petaling Garden to buy a 2.84-acre piece of land in the area for RM18.93 million, marking its second acquisition after the one entered into in December last year, whereby FM Global Logistics acquired a similar-sized piece of land from Petaling Garden in the same area also for RM18.93 million. That acquisition is still pending completion. FM Global Logistics eyes RM38m land acquisition in Klang for warehousing, distribution expansion