KUALA LUMPUR (Nov 15): Here is a brief recap of some corporate announcements that made the news on Friday.
A consortium led by Khazanah Nasional Bhd and the Employees Provident Fund on Friday made a formal takeover offer for Malaysia Airports Holdings Bhd (KL:AIRPORT) at RM11 per share, after securing relevant regulatory approvals. The formal offer comes following greenlight from foreign and domestic authorities, fulfilling pre-conditions of the proposed takeover. The offer price — a 6% premium over the last traded price of RM10.34 on Friday — values Malaysia Airports at RM18.4 billion or nearly 38 times the earnings in 2023. — Khazanah-EPF consortium launches formal offer for MAHB after receiving nod from regulators
Kossan Rubber Industries Bhd (KL:KOSSAN) reported a 28.15% year-on-year drop in its net profit to RM29.44 million in its third quarter ended Sept 30, 2024 (3QFY2024), from RM40.97 million, dragged by higher raw material costs and unrealised foreign exchange (forex) losses. Revenue rose 25.75% to RM507.39 million from RM403.48 million in 3QFY2023. It declared a dividend payout of eight sen per share — comprising a special dividend of six sen per share and an interim dividend of two sen per share — to be paid on Dec 12, as its net profit for the nine months ended Sept 30 (9MFY2024) jumped to RM92.33 million, nearly seven times the RM13.42 million it made in 9MFY2023. — Kossan declares 8 sen dividend despite 3Q profit drop
Malaysia Smelting Corporation Bhd (KL:MSC) has boosted its dividend payout to 24 sen per share for the financial year ending Dec 31, 2024 (FY2024), comprising a special dividend of 17 sen and an interim dividend of seven sen. This is the tin miner and metal producer's highest dividend since FY2011. The dividend payout totalled RM100.8 million, about half its cash, bank balances and deposits of RM221.05 million as at Sept 30, 2024. MSC posted a 20.88% increase in net profit to RM14.29 million for the third quarter (3QFY2024), from RM11.82 million a year earlier, thanks to increased sales of refined tin and higher average tin prices. — Bumper dividend of 24 sen for Malaysia Smelting Corp shareholders
Contract manufacturer Ge-Shen Corp Bhd (KL:GESHEN) said it remains confident of sustaining growth and profitability after its third quarter net profit rose 46% to RM3.13 million from RM2.14 million a year earlier, driven by contributions from both existing manufacturing plants as well as from a newly acquired subsidiary in Kedah. Revenue grew by 3.5% to RM67.85 million from RM65.59 million. — Ge-Shen confident of sustaining growth after 3Q net profit surges 46%
Prolintas Infra Business Trust (KL:PLINTAS) said it will not face any financial losses after its subsidiary, Prolintas Expressway Sdn Bhd (GCE Co), was ordered by an arbitrator to pay RM46.13 million to Bina Puri Holdings Bhd’s (KL:BPURI) associate company KL-Kuala Selangor Expressway Bhd (Latar). This, it said, is because the major unitholder of the trust, Projek Lintasan Kota Holdings Sdn Bhd (PLKH), had previously agreed to indemnify the trustee manager, Prolintas Managers Sdn Bhd, against any losses incurred and made against GCE Co from the arbitration case. — Prolintas Infra says it won't face financial loss over order to pay RM46 mil in arbitration case
Vegetable supplier Farm Price Holdings Bhd (KL:FPHB) has scrapped its recently announced plan for a one-for-two bonus issue of warrants, saying it will revisit the plan next year instead, but did not elaborate. The initial proposal, which it announced just last week on Nov 7 to reward shareholders, involved issuing up to 225 million warrants on the basis of one warrant for every two shares held by shareholders. — Farm Price aborts plan for bonus warrants a week after announcing it
Citaglobal Bhd (KL:CITAGLB) has signed an agreement to build a 5.4-megawatt solar plant integrated with a battery energy storage system in Azerbaijan. The facility will supply power to the Port of Baku. The project is backed by a 21-year power purchase agreement that guarantees a fixed tariff. However, the value of the project and details such as tariff and timeline were not disclosed. The project will be led by Tiza Green Energy LLC, a joint venture between Citaglobal Tiza Global Azerbaijan LLC. Shareholding details of the joint venture were not disclosed. — Citaglobal to build solar plant in Azerbaijan’s Port of Baku
Petra Energy Bhd (KL:PENERGY) has secured a four-year contract from Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd for the provision of offshore crane operations and maintenance services. No fixed value was stated in the letter of award to its subsidiary Petra Resources Sdn Bhd. — Petra Energy bags offshore crane operation contract from Shell
Sunsuria Bhd (KL:SUNSURIA) is acquiring a 20% stake in property developer KL City Gateway Sdn Bhd (KLCG) for RM10.47 million and subsequently inject about RM40 million in shareholder advances to the company to develop a 9.66-acre site in Kampung Sungai Baru in Kampung Baru, Kuala Lumpur. The development for residential and serviced apartment, business suites, commercial and retail lots has an estimated gross development value of RM2.68 billion. — Sunsuria buys 20% stake in Kg Sungai Baru developer for RM10 mil, to inject RM40 mil to kick-start development