Friday 21 Jun 2024
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KUALA LUMPUR (Feb 15): Here is a brief recap of the corporate announcements that made the news on Thursday: Malaysia Smelting Corp Bhd (MSC), GIIB Holdings Bhd, Fraser & Neave Holdings Bhd (F&N), Hume Cement Industries Bhd, GFM Services Bhd, APB Resources Bhd, Globetronics Bhd, Uzma Bhd, Carimin Petroleum Bhd, Priceworth International Bhd and Hektar Real Estate Investment Trust.

Malaysia Smelting Corp Bhd’s (MSC) net profit for the fourth quarter ended Dec 31, 2023 (4QFY2023) fell nearly 64% to RM9.37 million from RM25.84 million a year earlier, dragged by foreign exchange losses as well as the absence of sale of refined tin from processed tin intermediates and by-products. Revenue, however, rose 3.5% to RM404.63 million from RM391.15 million as tin prices rose. MSC proposed a final single-tier dividend of seven sen per share for the quarter, bringing the full-year payout to 14 sen per share. For the full year, MSC’s net profit dropped 13.5% to RM85.05 million from RM98.31 million in FY2022, while revenue slipped 4.5% to RM1.44 billion from RM1.5 billion. Malaysia Smelting Corp 4Q net profit plunges 64%, adopts new dividend policy

GIIB Holdings Bhd reported a net profit of RM2.32 million for the second quarter ended Dec 31, 2023 (2QFY2024), compared to a net loss of RM11.99 million a year ago, primarily due to the recognition of revenue from a land disposal amounting to RM14 million. Quarterly revenue surged nearly threefold to RM25.46 million from RM9.2 million in the previous corresponding quarter, driven by a 24% increase in rubber compound sales and the disposal of land. GIIB returns to the black in 1Q on land disposal

Fraser & Neave Holdings Bhd (F&N) entered into an agreement with Suvannaphum Investment Co Ltd to lease a 32,200 sq m parcel of industrial land in the Suvannaphum Special Economic Zone, Cambodia for 50 years for US$3.86 million (RM18.5 million) to set up a manufacturing facility for dairy products. The total cost for the setting up of the facility is estimated at US$37.5 million (RM179.5 million), including the cost of leasing the land, construction of building and purchase of machinery. The manufacturing facility is expected to commence operations in the first quarter of 2026. F&N leases land in Cambodia to set up dairy product manufacturing facility

Hume Cement Industries Bhd’s (HCIB) wholly owned Hume Concrete Sdn Bhd has inked a conditional sale and purchase agreement to sell a plot of land in the Prai Industrial Estate in Penang to Skygate Technology (KL) Sdn Bhd for RM39.8 million, cash. HCIB said the property is not needed for operations, and the proposed disposal will enable it to realise its investment in it. The proposed disposal is expected to be completed in the second half of the year, and will net HCIB a disposal gain of about RM32 million. Hume Cement unit to dispose of Prai industrial plot to Skygate for RM39.8 mil cash

GFM Services Bhd is acquiring the entire stake in Era Gema Bina Sdn Bhd for RM23 million to expand into the highway rest and service area (RSA) business. Era Gema has been awarded the rights by the Malaysian Highway Authority to undertake the proposed development of an RSA on a 1.74ha land located at Sungai Muda, Penang. The acquisition comes with plans for GFM to position as the facility manager of the premise upon completion by 2027. GFM Services acquires rest and service area project firm for RM23 mil

APB Resources Bhd has completed a RM140 million purchase of a 10.37% stake in Penang-based semiconductor firm Globetronics Bhd from the Ng family, following an agreement signed on Dec 18 last year. The transaction marks the Ng family’s exit from the company co-founded by its patriarch Michael Ng Kweng Chong in 1991. APB Resources emerges as second-largest shareholder in Globetronics after stake buy completed

Uzma Bhd has secured a term contract from Petronas Carigali Sdn Bhd to provide a portable water injection module (PWIM) for the Sepat platform in Terengganu. This is a continuation of its previous contract that expired on Jan 11 and will remain valid for 20 months or until the primary contract expiry of the Sepat Redevelopment. The job involves the operation and maintenance of PWIM, including the supply of personnel, consumables, chemicals and spare parts, and the upgrading and modification of the existing PWIM unit. Uzma secures term contract from Petronas Carigali

Carimin Petroleum Bhd’s wholly owned Carimin Engineering Services Sdn Bhd has received a contract extension from Petronas Carigali Sdn Bhd for the provision of integrated hook-up and commissioning services. The initial contract, which took effect on Jan 1, 2020 and expired on Dec 31, 2023, has been extended for one year, starting from Jan 1, 2024. Carimin's unit secures contract extension from Petronas Carigali

Priceworth International Bhd has proposed a bonus issue of 801.81 million free warrants on the basis of one warrant for every two shares held. The Sabah-based timber manufacturer intends to fix the exercise price at a premium range of 10% to 30% to the five-day volume weighted average market price immediately preceding the price-fixing date. Based on an illustrative price of 13 sen each and assuming the warrants are fully exercised, Priceworth will raise gross proceeds of up to RM104.24 million for working capital. Priceworth proposes one-for-two bonus issue of warrants

Hektar Real Estate Investment Trust (Hektar REIT) issued five-year medium-term notes (MTNs) worth RM215 million — the first issuance under Hektar MTN Satu Sdn Bhd's MTN programme of up to RM500 million in nominal value. The MTNs have a coupon rate of 4.2% per annum and are guaranteed by Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank. Proceeds from the guaranteed MTNs will be used to refinance existing borrowings and fund the REIT's capital expenditure and asset enhancement initiative for Subang Parade. Hektar REIT announces first issuance under RM500m MTN programme

Edited ByTan Choe Choe
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