KUALA LUMPUR (Dec 8): Based on corporate announcements and news flow today, stocks in focus on Mon (Dec 11) may include: AirAsia Bhd, Fiamma Holdings Bhd, Bermaz Auto Bhd, CCM Duopharma Biotech Bhd, JKG Land Bhd, Tenaga Nasional Bhd, WCT Holdings Bhd, ManagePay Systems Bhd and Malayan United Industries Bhd.
AirAsia Bhd's chief executive officer (CEO) Aireen Omar and deputy CEO Tharumalingam Kanagalingam have both relinquished their directorships in the low-cost carrier's board today to enhance corporate governance.
AirAsia said both their resignations will result in the majority of its board being represented by independent, non-executive directors.
Despite relinquishing their board posts, AirAsia said both Aireen, 44, and Tharumalingam, 52, will retain their current executive positions as CEO and deputy CEO respectively.
Fiamma Holdings Bhd has teamed up with four landowners to develop residential properties in Batu Pahat, Johor, that have a potential gross development value (GDV) of RM26 million.
Its 60%-owned unit Pinang Sutera Sdn Bhd (PSSB), which is held under Fiamma Development Sdn Bhd, has entered into a joint venture agreement with the four landowners, who own a quarter each of the 1.67-hectare plot of land.
Thirty units of double-storey semi-detached houses with an estimated build-up area of 2,800 square feet each are planned to be built, subject to approval.
Bermaz Auto Bhd (BAuto) recorded a 27.52% decline in net profit to RM22.2 million for the second quarter ended Oct 31, 2017, from RM30.63 million a year ago, due to lower sales and compressed margins from the clearing out of old Mazda CX-5 models.
The weak Philippine peso and losses incurred by BAuto’s associate company, Mazda Malaysia Sdn Bhd (MMSB), had also dragged net profit down.
MMSB had seen lower production volume ahead of the launch of the new CX-5 models, which had been rolled out in October.
Quarterly revenue slipped 0.3% to RM471.71 million, from RM473.17 million in the previous year, on the back of lower domestic sales volume of the Mazda2 model.
CCM Duopharma Biotech Bhd, the pharmaceutical arm of Chemical Company of Malaysia Bhd (CCM), has entered a collaboration with Natco Pharma Ltd of India to commercialise a range of Hepatitis C products in Malaysia.
The collaboration is to improve access and affordability for patients who cannot afford the high cost of treatment for Hepatitis C in the country.
CCM Duopharma said the Hepatitis C products it will market and sell were developed by Gilead Sciences Ireland UC, which have granted Natco Pharma the right to manufacture, market and sell Active Pharmaceutical Ingredient (API) and formulations containing its proprietary compounds.
Moving forward, CCM Duopharma said it will consider localising the manufacturing of the Hepatitis C products through technology transfer if volume requirements for the Malaysian market is substantial enough for local manufacturing or upon the government’s request.
JKG Land Bhd, formerly known as Keladi Maju Bhd, has teamed up with ISY Holdings Sdn Bhd to jointly develop a 130-acre piece of leasehold land in Bukit Cherakah, Selangor into predominantly residential and commercial properties.
JKG said its subsidiary Bonava Sdn Bhd has entered into a conditional agreement with ISY for the proposed project.
ISY had alienated the land from the District and Land Office of Petaling, Selangor in 2001. However, the title for the land has not yet been issued by the relevant authorities.
Tenaga Nasional Bhd (TNB) is acquiring an information technology related services company from Setia Haruman Sdn Bhd, the master developer of Cyberjaya, for RM28 million cash.
The national utility company said the acquisition of Setia Haruman Technology Sdn Bhd (SHTech) provides strategic capability for it to further enhance its services to customers.
TNB said it has entered into a conditional sale and purchase agreement with Setia Haruman for the proposed acquisition of its wholly-owned subsidiary SHTech.
WCT Holdings Bhd has bagged a RM211.52 million contract from Kuala Lumpur City Hall (DBKL) to undertake an elevated highway project from the interchange of Sprint Highway/Jalan Maarof to Sprint Highway/Jalan Semantan.
WCT said its wholly-owned subsidiary WCT Bhd has been awarded the project by DBKL, with the commencement date on Dec 11.
The scope of works for the contract generally includes site clearance and demolition works, earthworks, drainage works, pavement works, road furniture and miscellaneous, elevated flyover and reinforced earth wall, retaining wall, street lighting and environmental protection works.
Payment solutions and services provider ManagePay Systems Bhd has signed an agreement with the Great Eastern group to provide electronic payment solutions and services to the insurer. The value for the services was not disclosed.
ManagePay said its wholly-owned subsidiary ManagePay Services Sdn Bhd (MPay Services) has signed a merchant agreement with Great Eastern Life Assurance (Malaysia) Bhd and Great Eastern Takaful Bhd for the services.
It added that the duration of the agreement is for a period of three years, with a renewable term of two years.
Malayan United Industries Bhd's (MUI) major shareholder Tan Sri Khoo Kay Peng is set to relinquish his position as chief executive officer in favour of his son.
In a filing with Bursa Malaysia, MUI said Andrew Khoo Boo Yeow, 45, will assume the CEO post effective Jan 1.
Kay Peng, who owns a 47.58% stake in the group, will remain as executive chairman, the group said.
http://www.theedgemarkets.com/article/airasia-fiamma-bermaz-ccm-duopharma-jkg-tnb-wct-managepay-and-mui
