KUALA LUMPUR (Aug 7): Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday:
Cape EMS Bhd (KL:CEB) managing director and chief executive officer Christina Tee Kim Chin continued her divestment of company shares, selling 112.74 million shares for RM53.56 million on Tuesday. The shares were sold in 30 transactions at an average price of 47.5 sen each. Following the latest sale, Tee's stake in Cape EMS decreased from 38.05% to 25.6%, a reduction of 12.45%. Over the past six trading days, she has sold nearly 130 million shares. — Cape EMS CEO sells 112.7 million more shares, cuts stake by 12.45% in six trading days
Businessman Tan Sri Robert Tan Hua Choon is no longer a substantial shareholder of Paragon Globe Bhd (KL:PGLOBE) after selling half of his stake. Tan, known as the "Casio King", offloaded 37 million shares in an off-market deal last Friday. However, the transaction's value and buyer were not disclosed. Tan's remaining shareholding now stands at 4.87% or 36.33 million shares. — Businessman Robert Tan offloads half his stake in Paragon Globe, ceases to be substantial shareholder
Upstream oil and gas services provider Uzma Bhd (KL:UZMA) has secured a contract to supply a hydraulic workover unit for two offshore platforms in East Malaysia, granted by PTTEP Sarawak Oil Ltd to it's unit Uzma Engineering Sdn Bhd. The contract, effective July 4, will last until the completion of six firm wells. While the contract's value was not disclosed, it is expected to positively impact Uzma's earnings and net assets for the financial year ending June 30, 2025, and beyond. — Uzma secures hydraulic workover unit project from PTTEP Sarawak
Heineken Malaysia Bhd's (KL:HEIM) net profit for second quarter ended June 30, 2024 rose 0.72% to RM91.13 million from RM90.47 million earlier, thanks to lower operating expenses. This is despite a slight revenue dip to RM565.49 million from RM569.24 million. It proposed a dividend of 40 sen per share. — Heineken Malaysia's 2Q profit flat despite price hike
Biscuit maker Hup Seng Industries Bhd (KL:HUPSENG) reported a net profit increase of 3.53% to RM9.03 million, or 1.13 sen per share, for the second quarter ended June 30. Revenue fell marginally by 1.61% to RM80.24 million from RM81.55 million a year earlier, facing headwinds in the export market with sales declining 4% or RM800,000, primarily due to weaker sales in Thailand and Saudi Arabia. Domestic sales also dipped 1%, impacted by lower demand in East Malaysia. The company declared a dividend of two sen per share. — Biscuit maker Hup Seng 2QFY2024 net profit nearly flat, proposes two sen dividend
Sentral Real Estate Investment Trust (KL:SENTRAL), or Sentral REIT, saw a 30% increase in net property income to RM76.06 million for the first half of FY2024, from RM58.49 million a year ago, driven by contributions from Menara CelcomDigi and key properties like Building 4 and Platinum Sentral. Gross revenue rose 26.5% to RM96.24 million from RM76.09 million. However, net income grew at a slower pace of 14.5% to RM40.42 million from RM35.29 million due to higher finance costs and fees. Earnings per unit after manager’s fees increased slightly to 3.38 sen from 3.29 sen, impacted by dilution from a December 2023 placement exercise. — Sentral REIT’s 1H2024 earnings per unit inch up amid dilution to fund acquisition
Kawan Renergy Bhd’s (KL:KENERGY) subsidiary, Kawan Engineering Sdn Bhd (KESB), secured a RM58 million contract from KAB Energy Holdings Sdn Bhd for mechanical, firefighting, and electrical works at a 52-megawatt power plant in Sipitang, Sabah. KESB is required to provide a performance bond and corporate guarantee within 20 days from the receipt of the letter of award dated April 8, 2024. — Kawan Renergy’s unit bags RM58 mil contract from KAB Energy