KUALA LUMPUR (April 14): Based on corporate announcements and news flow today, companies that might be in focus on Monday (April 17) include the following: Country Heights Holdings Bhd, Mitrajaya Holdings Bhd, S P Setia Bhd, Reach Energy Bhd, JKG Land Bhd, Vizione Holdings Bhd, PRG Holdings Bhd, R&A Telecommunication Group Bhd and Ikhmas Jaya Bhd.
Property developer Country Heights Holdings Bhd is disposing of its 70% stake in loss-making Country Heights Education Sdn Bhd for RM105,001. It is selling the stake to Ng Yin Ming via a management buyout.
“Upon completion of the disposal, Country Heights Education shall cease to be a subsidiary of the company,” Country Heights said.
“The disposal will not have any material effect on the earnings, gearing and net assets of the Country Heights for the financial year ending Dec 31, 2017,” it added.
Mitrajaya Holdings Bhd’s wholly-owned unit has won a RM273.8 million contract to build a centre of excellence on Jalan Dato Onn in Kuala Lumpur.
Mitrajaya said Pembinaan Mitrajaya Sdn Bhd (PMJ) was awarded the contract by STF Resources Sdn Bhd, which is wholly-owned by the Staff Training Fund (a collaboration between Bank Negara Malaysia and the Asian Institute of Chartered Bankers).
It is primarily involved in providing shared services in the areas of human resource management, administration and facilities, information technology, finance and corporate, as well as project management to its clients.
Permodalan Nasional Bhd (PNB) will see the merger of both its property investments, S P Setia Bhd and I&P Group Sdn Bhd, to form one of the largest property company in Malaysia with a landbank of close to 10,000 acres.
S P Setia, PNB and Amanahraya Trustees Bhd (as trustee for Amanah Saham Bumiputera) entered into a non-binding memorandum of intent to commence negotiations on the proposed acquisition by S P Setia of the entire equity interest in I&P Group, which has 4,263 acres of landbank, for an indicative price within the range of RM3.5 billion to RM3.75 billion.
Reach Energy Bhd executive director Shahul Hamid Mohd Ismail has been redesignated to the newly created post of chief executive officer with immediate effect.
Shahul was re-designated to the post of executive director from managing director on Jan 24.
He is currently also the general director of Emir-Oil LLP, in which Reach Energy holds an indirect 60% equity interest. Shahul was the first director since the inception of the company on Feb 7, 2013.
JKG Land Bhd is set to boost its presence in Kedah with the acquisition of the remaining 50% equity interest in Inno Alliance (M) Sdn Bhd (IASB), which owns a plot of land in Kulim, Kedah.
JKG said that it together with its wholly-owned subsidiary Keladi Kulim Sdn Bhd are acquiring the stake for RM11 million from Datuk Beh Heng Teong, Datuk Beh Huck Lee, Oriental Fleet Sdn Bhd (OFSB) and Beh Heng Seong Sdn Bhd (BHSSB).
Upon completion of the acquisition, IASB will become its wholly-owned subsidiary.
Vizione Holdings Bhd returned to the black in the third quarter ended Feb 28, 2017 (3QFY17) with a net profit of RM152,000, against a net loss of RM513,000 a year earlier.
Revenue rose 91.71% to RM14.61 million in 3QFY17, from RM7.62 million in 3QFY16, the construction and property group said.
For the cumulative first nine months of FY17 (9MFY17), Vizione reported a net profit of RM415,000, compared with a net loss of RM548,000 in the previous corresponding period. Revenue rose 12.95% to RM33.05 million, from RM29.26 million, mainly due to higher billings from construction activities in Tawau and Kota Belud in Sabah.
Investment holding company PRG Holdings Bhd, which is involved in property development, construction and manufacturing businesses, is tapping into international halal markets via its wholly-owned subsidiary Premier International Marketing Sdn Bhd (PIM).
PRG said PIM will enter into a Memorandum of Understanding with Felcra International Private Ltd (FIV) and Overseas Investment Union of The Investment Association of China (OIU) on April 16, 2017 to explore potential business opportunities to market halal products owned by Felcra Livestock and Agri Product Sdn Bhd (FLAP) in China and Hong Kong.
FIV is a wholly-owned subsidiary of Federal Land Consolidation and Rehabilitation Authority Bhd (Felcra).
R&A Telecommunication Group Bhd and its wholly-owned subsidiary R&A Telecommunication Sdn Bhd (RASB) have lodged a police report against its bank authorised signatories over alleged criminal breach of trust.
The group said the report was filed on April 5 based on two cases.
In the first case, two of its signatories allegedly paid RM4.2 million from the group to RASB on April 1, 2014 without the board's authorisation.
In the second incident, one of RASB's signatories allegedly paid RM4.2 million from the company to Info Genetic Sdn Bhd, a company which R&A said has no business relations with it or RASB.
Piling and foundation services provider Ikhmas Jaya Bhd has bagged a sub-contract worth RM33.81 million for a residential development project in Shah Alam.
The group said its wholly-owned unit Ikhmas Jaya Sdn Bhd received a letter of intent from Jack-(In) Pile (M) Sdn Bhd to undertake piling and substructure works for the project.
Ikhmas Jaya said the 15-storey project, undertaken by Pantai Berkat Sdn Bhd, consists of 658 small-office home-office (SOHO) units and five shoplots.
MITRA, SPSETIA, REACH, JKGLAND, VIZIONE, PRG, RA, IKHMAS,
http://www.theedgemarkets.com/article/country-heights-mitrajaya-s-p-setia-reach-energy-jkg-vizione-prg-ra-and-ikhmas-jaya
