Friday 21 Jun 2024
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KUALA LUMPUR (March 26): Here is brief recap of some business news and corporate announcements that made headlines on Tuesday:

Yinson Holdings Bhd’s major shareholder has triggered an unconditional mandatory takeover offer to acquire the remaining shares it does not own in Icon Offshore after purchasing a 50.2% stake in Icon Offshore Bhd for RM172.2 million cash, or 63.5 sen per share. Following the acquisition, Lim Han Weng — Yinson group executive chairman — through Liannex also extended its offer to acquire the remaining shares it does not own, consisting of a cash offer of 63.5 sen for a 49.8% stake in Icon Offshore and 100% of its warrants or 130.9 million warrants for 0.1 sen. He acquired the 50.2% stake in Icon Offshore from Ekuiti Nasional Bhd, the state-owned private equity firm also known as Ekuinas. Following the transaction, Ekuinas' shareholding in Icon Offshore is set to reduce to about 5.83%. The new shareholder intends to maintain Icon Offshore’s listing status.  Yinson's major shareholder acquires 50.2% stake in Icon Offshore; triggers MGO at 63.5 sen per share

Plantation outfit United Malacca Bhd has recorded a 49% jump in net profit for the third financial quarter, lifted by an improvement in its Indonesian operations as well as lower investment losses. Net profit for the three months ended Jan 31, 2024 rose to RM18.97 million from RM12.71 million in the previous year as its Kalimantan operation posted a RM3.5 million profit against a RM1.7 million loss a year earlier on higher fresh fruit bunches (FFB) production as well as average crude palm oil and palm kernel prices and higher milling margin. Moving forward, the group expects FFB production to grow in the financial year ending April 30, 2024 (FY2024) due to better age profile improvement in its Indonesian operations (Kalimantan and Sulawesi).  Improved Indonesian ops, lower investment losses lift United Malacca’s 3Q profit by 49%

Plantation firm Kim Loong Resources Bhd’s net profit for the fourth quarter ended Jan 31, 2024 (4QFY2024) fell 32.09% to RM24.87 million, from RM36.61 million a year ago on weaker palm oil prices. Quarterly revenue also dropped 15.44% to RM365.16 million from RM431.82 million a year before. The planter declared a second interim single tier dividend of five sen per share, payable on May 15, 2024. Moving forward, the management targets to achieve at least 5% higher FFB production for the current financial year ending Jan 31, 2025 (FY2025), after taking into account the better age profile of young palm productive area and on-going replanting programme.  Kim Loong's 4Q net profit falls to three-year low on weaker palm oil prices, declares five sen dividend

Malaysian property developer and packaging company Scientex Bhd’s net profit climbed 33% in the second quarter from a year earlier thanks to higher progress in billings and sales from new launches. Net profit for the three months ended Jan 31, 2024, rose to RM141.01 million from RM106.29 million a year earlier. Revenue for the quarter increased by 12% to RM1.09 billion from RM978.39 million. Looking ahead, Scientex remains optimistic about the resilient demand for affordable homes in FY2024, as the group aims to achieve the completion of 50,000 affordable homes by 2028 across seven states. Scientex’s ongoing implementation of solar photovoltaic systems across its factories will help off-set high energy costs while advancing its sustainability efforts.  Scientex 2Q net profit climbs 33% as billings rise, new launches help

Glomac Bhd’s net profit jumped by over 800% to RM3.81 million for its third quarter ended Jan 31, 2024 (3QFY2024), from RM419,000 a year earlier, driven by higher revenue from its property development and property investment business. Quarterly revenue increased 35.38% to RM89.35 million from RM66 million last year. Moving forward, Glomac said it is cautiously optimistic about improvement in the property market. It will remain focused on the affordable and mid-market residential segments, where it has successfully built a strong brand with quality, innovative and digital lifestyle concepts products.   Glomac’s 3Q net profit surges on higher property development revenue

Furniture retailer SSF Home Group Bhd announced its maiden dividend of half a sen per share or RM4 million, as the group returned to profit in its third quarter ended Jan 31, 2024 (3QFY2024) on better revenue. Quarterly net profit came in at RM2 million or 0.25 sen per share, on revenue of RM37.71 million — up 20% quarter-on-quarter (q-o-q) from RM31.32 million in 2QFY2024 — on higher sales during festive seasons. The latest quarter pushed SSF back to profit for the nine-month period ended Jan 31 (9MFY2024), with a bottom line of RM988,000 or 0.15 sen on revenue of RM108.34 million.  SSF returns to profit in 3QFY2024, declares half sen dividend

MCE Holdings Bhd, through its wholly-owned unit Multi-Code Electronics Industries (M) Bhd, has secured contracts to supply electronic and mechatronics parts for a Proton car model. The supply of these parts is slated to commence in the second quarter of the financial year ending July 31, 2025 (2QFY2025), spanning a duration of 84 months. The project is anticipated to generate a total revenue of RM55.19 million for the MCE Group throughout the 84-month period, with an estimated total investment cost of RM650,000.  MCE unit clinches contracts to supply parts for Proton model

Marine & General Bhd (M&G) sold its oil products tanker, JM Sutera 5, to Kalianda Permata Transport Pte Ltd for US$5.55 million (about RM26.21 million), to partly finance its fleet optimisation  strategy. M&G, which owns 70% in vessel operator Jasa Merin (M) Sdn Bhd, said the cost of investment for the 16-year-old JM Sutera 5 — built in 2008 — was US$5.42 million, with the net carrying value recorded at US$4.36 million.  Marine & General sells another vessel, to reinvest in new chemical tankers

TIME dotCom Bhd said its chief financial officer (CFO) Shahnaz Farouque Jammal Ahmad is resigning from the position effective May 15 “to pursue other career opportunities”. Shahnaz, 49, was appointed as the internet services group's CFO in October 2021. Prior to that he served as the CEO of CIMB group’s wholesale banking, and before that as the banking group's CFO. TIME said it has appointed its deputy CFO, Karen Ding Ming Nyuk, as the group's acting CFO, effective May 15 “to ensure continuity of the office".  TIME dotCom CFO Shahnaz Farouque resigns to pursue other opportunities

Oil and gas (O&G) services firm Keyfield International Bhd, which primarily charters accommodation vessels, has begun taking orders from investors for its Main Market initial public offering (IPO) that will raise up to RM188.06 million. The IPO is priced at 90 sen apiece and comprises entirely of new shares. The company allocated 40 million shares to the public, 24 million shares to eligible persons and 144.96 million shares to Bumiputera and selected investors through private placement. Applications for the IPO will close on April 3 and listing has been scheduled for April 22. Additionally, it plans to acquire new vessels to ride on the growing demand from local oil and gas firms and aims to strengthen its market share through the expansion of its fleet.  Keyfield International begins taking orders for IPO to raise up to RM188 mil

Edited ByS Kanagaraju
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