KUALA LUMPUR (June 7): Based on corporate announcements and news flow today, stocks in focus tomorrow (June 8) may include: FGV, Selangor Dredging, Yinson, Anzo, Key Alliance, CAB, Sumatec, Trive Property, RHB, Crest Builder and Astro.
In the latest developments, the board of Felda Global Ventures Holdings Bhd (FGV) said Safitex currently owes Delima Oil Products Sdn Bhd US$11.7 million (RM49.9 million) — above its credit limit — and it had owed FGV US$8.3 million in FY15.
Its chief executive officer Datuk Zakaria Arshad, meanwhile, has given his statement to the Malaysian Anti-Corruption Commission (MACC).
The government has appointed former Minister in the Prime Minister’s Department Datuk Seri Idris Jala, who is currently Pemandu CEO, to oversee FGV’s internal investigation, a decision which the relevant parties have agreed to.
Selangor Dredging Bhd (SDB), via its indirect 50% associated company Champsworth Development Pte Ltd, has acquired a parcel of prime land in Draycott Park, Singapore for S$72 million (RM223.2 million).
The purchase, to be funded via 30% internal funds and 70% bank borrowings, will bring SDB’s total number of properties in Singapore to seven. It plans to build exclusive mid-rise apartments on the site.
Yinson Holdings Bhd has increased its investment in Regulus Offshore Sdn Bhd, which is involved in the leasing of chartered vehicles and the provision of ship and crew management services, to 70%.
Yinson acquired a 21% stake in Regulus from Mat Sin Bidin for a total cash consideration of RM469,461 on June 6 to add to its existing 49% shareholding in the company.
Anzo Holdings Bhd said its wholly-owned subsidiary, Harvest Court Properties Sdn Bhd (HCP), has entered into a collaboration agreement with DVM Innovate Sdn Bhd, a wholly-owned unit of Key Alliance Group Bhd, for the development of an e-commerce fulfilment hub.
The hub will form part of the RM420 million gross development value car showroom centre and office towers project in Petaling Jaya which will be developed by a joint venture between HCP and Captivate Max Sdn Bhd.
CAB Cakaran Corp Bhd’s wholly-owned subsidiary CAB Amesist Biomass Generation Sdn Bhd, inked a Memorandum of Understanding (MoU) with Panasonic Eco Solutions Malaysia Sdn Bhd to set up a special purpose company to look into the establishment of a solar farm in Kedah.
CAB will control the company and provide funds to conduct the feasibility studies for the joint solar farm project known as ECONATION II PROJECT. Panasonic, the main contractor for the project, will provide consulting and engineering services and source funding from Japanese investors.
Sumatec Resources Bhd plans to undertake a private placement of up to 10% of its issued shares to raise gross proceeds of up to RM20.49 million from independent third party investors to be identified later.
The private placement, expected to be completed by 3Q17, will be spent on paying staff salaries and allowances, rental and utilities, project consultancy cost and other overhead costs.
Trive Property Group Bhd has proposed an issuance of up to 500 million new shares to Australian-based Macquarie Bank Ltd to raise up to RM60.5 million to fund its residential development project in Kertih, Terengganu.
Upon completion of the exercise, Macquarie Bank will emerge as the biggest shareholder in Trive Property — but the bank does not intend to be a controlling shareholder.
RHB Islamic Bank Bhd, the Islamic banking arm of RHB Bank Bhd, will manage a RM3 million fund for the SME Micro Financing (IMProUD3) and another RM8.5 million under the Facilitation Fund (IMProUD1&2) programmes by the Iskandar Regional Development Authority (IRDA).
The fund is aimed at spurring growth for bumiputra entrepreneurs in the local small and medium enterprise ecosystem in Johor.
Crest Builder Holdings Bhd is tendering for some RM1.8 billion worth of projects, with more upcoming tenders in the next few months. It has an outstanding order book of RM1.1 billion at present.
The company aims to register better performance in its financial year ending Dec 31, 2017, as it expects to complete several projects under its construction division.
Astro Malaysia Holdings Bhd said its radio division remains the most popular radio network in the country, with 15.6 million listeners every week across its nine radio stations.
The division currently runs the country’s top Malay, English, Chinese and Tamil stations, as well as the leading radio channel in the east coast of peninsular Malaysia, among others.
http://www.theedgemarkets.com/article/fgv-selangor-dredging-yinson-anzo-key-alliance-cab-sumatec-trive-property-rhb-crest-builder
