KUALA LUMPUR (Jan 24): Here is a brief recap of some corporate announcements that made news on Wednesday: Green Packet Bhd, Jade Marvel Group Bhd, DXN Holdings Bhd, Pavilion Real Estate Investment Trust (Pavilion REIT), Wasco Bhd, Maju Offshore Capital Sdn Bhd, Alam Maritim Resources Bhd, Malaysia Building Society Bhd (MBSB), Fajarbaru Builder Group Bhd, MISC Bhd, IHH Healthcare Bhd, Barakah Offshore Petroleum Bhd, Wentel Engineering Holdings Bhd, Betamek Bhd.
Green Packet Bhd said it is disposing of its 15% stake in CSH Solutions Sdn Bhd for RM3.5 million to Lai Kwok Ching, as part of its portfolio consolidation exercise. Green Packet bought the stake in October 2022 for RM8 million. The audited net assets of CSH Solutions stood at RM2.56 million at end-June 2023, which will result in a gain of RM944,900 following the disposal announced on Wednesday. — Green Packet disposes of 15% stake in CSH Solutions for RM3.5m
Jade Marvel Group Bhd has withdrawn its plans to raise up to RM80 million through the issuance of redeemable convertible preference shares (RCPS) to fund its money-lending business and working capital. Jade Marvel said its board of directors and Sycamore Capital SPC, the subscriber for the proposed RCPS issuance, have mutually agreed to terminate the subscription agreement and supplemental subscription agreement. It did not, however, disclose the reason for the termination. — Jade Marvel aborts plan to issue RCPS to raise RM80 mil
DXN Holdings Bhd posted a 16.47% rise in net profit to RM78.36 million in the third quarter ended Nov 30, 2024 (3QFY2024) from RM67.28 million a year ago, underpinned by higher revenue. Quarterly revenue edged higher by 2.52% to RM450.29 million against RM439.22 million previously, on the back of continuous sales growth in the Latin American and Indian region. The global health and wellness direct selling group company declared a third interim dividend of 0.9 sen per share, to be paid on March 8. — DXN's 3Q net profit rises 16% to RM78.36m, declares 0.9 sen dividend
Pavilion Real Estate Investment Trust (Pavilion REIT) said its net property income (NPI) rose 38.97% to RM134.64 million for the fourth quarter ended Dec 31, 2023 (4QFY2023), from RM96.89 million a year earlier, due to increased revenue from its malls, including newly acquired Pavilion Bukit Jalil. Quarterly revenue increased 47.54% to RM208.22 million from RM141.13 million in 4QFY2022, on the back of the revenue contribution by Pavilion Bukit Jalil that was acquired in June 2023, higher property occupancies that led to increase in rental income, as well as higher revenue rent from existing retail malls and advertising income. The REIT declared a final income distribution per unit (DPU) of 4.6 sen, payable on Feb 29. — Pavilion REIT’s 4Q net property income up 39%, pays 4.6 sen DPU
Energy infrastructure group Wasco Bhd is disposing of a parcel of land together with storage buildings erected on site in Shah Alam for RM40 million to Array Metal (M) Sdn Bhd. The freehold land, measuring 18,363 sq m, is located along Jalan Bukit Kemuning in Section 34. Wasco had spent RM10.19 million for the acquisition and related costs, and it has a carrying value of RM7.43 million as at end-2022. — Wasco to dispose of Shah Alam land for RM40 mil
Maju Offshore Capital Sdn Bhd has ceased to be loss-making Bina Puri Holdings Bhd’s substantial shareholder after it sold a 2.96% stake in the company for RM4 million. Maju Offshore Capital offloaded the stake comprising 100 million shares via a direct business transaction on Monday. A check with Bloomberg showed that a block of 100 million Bina Puri shares was traded at four sen apiece or a cumulative RM4 million on Monday — a 50% discount to that day’s closing price of eight sen. — Maju Offshore Capital ceases to be substantial shareholder of Bina Puri
Alam Maritim Resources Bhd said the High Court has granted it a nine-month extension, starting from Jan 25, to hold meetings with creditors in relation to its scheme of arrangement. Concurrently, the restraining order against Alam Maritim’s creditors was also extended for nine months, also starting from Jan 25. “The orders granted by the High Court were obtained as part of Alam Maritim’s overall restructuring and rehabilitation plan by way of a proposed scheme of arrangement with its creditors,” it said. — High Court grants Alam Maritim nine-month extension for restraining order against creditors
Malaysia Building Society Bhd (MBSB) has appointed former Kumpulan Wang Persaraan (Diperbadankan) (KWAP) CEO Datuk Wan Kamaruzzaman Wan Ahmad as its chairman with immediate effect.His appointment confirms an earlier report by The Edge Weekly. MBSB's previous chairman Tan Sri Azlan Zainol passed away in January last year. — Former KWAP CEO Wan Kamaruzzaman appointed MBSB chairman
Fajarbaru Builder Group Bhd has been appointed as the developer of a RM192 million affordable housing project in Putrajaya by the federal territory’s local authority. Fajarbaru said it accepted a letter of offer from Perbandanan Putrajaya to be appointed as developer for the integrated development of Residensi Cemara — a township comprising 480 units of Residensi Madani and 320 units of Residensi Wilayah — in Precinct 11, Putrajaya. The construction and property development outfit added that the project has a gross development value of RM192 million with a development period of three years. — Fajarbaru appointed to develop RM192 mil affordable housing project in Putrajaya
MISC Bhd has added two vessels to its current fleet, namely the floating production storage offloading vessel (FPSO) Marechal Duque de Caxias; and Eagle Veracruz, the group’s latest liquefied natural gas (LNG) dual-fuel very large crude carrier (VLCC) under wholly-owned petroleum tanker arm AET. Eagle Veracruz, named on Tuesday, will be the third vessel delivered to Shell Tankers (Singapore) on long-term charter. FPSO Marechal Duque de Caxias, MISC’s first ultra-deepwater asset, was named in Yantai, China on Jan 17 this year, and will sail in mid-February to its production location in the Mero Field offshore Brazil. — MISC adds one FPSO, one VLCC to current fleet
IHH Healthcare Bhd’s unit Pantai Medical Centre Sdn Bhd has inked an agreement with Pelaburan Hartanah Bhd (PHB) for the development of a new medical block adjacent to the current Gleneagles Hospital Kuala Lumpur complex. The healthcare group said the new medical block will be leased from PHB for two decades and that the new expansion would herald a new growth phase for Gleneagles Hospital Kuala Lumpur, as one of the largest private hospitals in Malaysia by 2027, with over 700 beds. — IHH Healthcare inks agreement with Pelaburan Hartanah for Gleneagles Hospital expansion plan
Barakah Offshore Petroleum Bhd will explore other options in disposing of its Kota Laksamana 101 pipelay and accommodation barge, as its agreement to auction the vessel has lapsed. Barakah Offshore had targeted a minimum going price of US$11.4 million (RM53.9 million) for the 12-year-old vessel under the auction process. The group said it will decide on the final mode of the disposal — either via direct disposal or auction — after obtaining shareholders’ approval on the matter. — Barakah yet to dispose of Kota Laksamana 101 barge, exploring other options
The public portion of metal fabricator Wentel Engineering Holdings Bhd’s initial public offering (IPO) was oversubscribed by 17.72 times against the proposed 57,500,000 issue shares. A statement by the placement agent, Tricor Investor & Issuing House Services Sdn Bhd on Wednesday stated that a total of 10,430 applications for 1,076,196,900 issue shares with a value of RM279,811,194.00 were received. — Wentel Engineering IPO oversubscribed by 17.72 times
Betamek Bhd's net profit for the third quarter ended Dec 31, 2023 rose more than twofold to RM5.05 million from RM1.66 million a year earlier, on the back of higher revenue of RM59.22 million versus RM54.73 million. Betamek said the higher revenue was mainly from its vehicle audio and visual products segments, adding that revenue was entirely derived from customers in Malaysia. — Betamek 3Q net profit rises more than twofold to RM5m, declares two sen dividend