KUALA LUMPUR (June 4): Based on corporate announcements and news flow today, stocks in focus on Friday (June 5) may include: UMW Holdings Bhd, Media Prima Bhd, Press Metal Aluminium Holdings Bhd, UWC Bhd, Bintulu Port Holdings Bhd and AirAsia Group Bhd.
UMW Holdings Bhd has appointed Azmin Che Yusoff as its acting president & Group CEO with effect from June 5 until further notice.
The group said the board is carrying out the process of selecting a replacement for the two positions after they became vacant following the passing of Badrul Feisal Abdul Rahim.
Azmin was formerly the group’s chief operating officer and group chief financial officer till his retirement on June 30, 2019.
However he resumed service on April 1 this year as the chief operating officer (corporate) to facilitate the execution of selected special projects and key initiatives under the group’s transformation agenda.
Media Prima Bhd has confirmed a possible staff layoff as it expedites the next phase of its business transformation that will include revising revenue models and corresponding cost management.
“These initiatives will involve operational changes at selected units to address cost inefficiencies arising from unnecessary work duplication."
Yesterday, news portal Free Malaysia Today reported that Media Prima is expected to carry out a second retrenchment exercise that will affect some 300 staff by September this year.
Press Metal Aluminium Holdings Bhd’s net profit for the first quarter ended March 31, 2020 fell 11% to RM102.57 million from RM115.11 million last year on lower aluminium prices.
Revenue retreated 16% to RM1.83 billion from RM2.17 billion.
The group declared a first interim dividend of one sen per share.
UWC Bhd, whose share price has more than doubled over the past two months, reported a 65% jump in its latest quarterly net profit on the back of stronger demand from semiconductor customers globally.
The net profit for the third quarter ended April 30, 2020 rose to RM14.59 million from RM8.82 million a year earlier. Revenue increased 46% to RM55.8 million from RM38.31 million previously.
The better earnings in the quarter pushed up UWC’s nine-month net profit by 50% to RM39.12 million from RM26.16 million in the previous corresponding period as revenue jumped 62% to RM157.64 million from RM97.45 million.
Bintulu Port Holdings Bhd said its subsidiary has awarded a RM50.8 million contract for maintenance dredging work at Bintulu port.
Wholly-owned Bintulu Port Sdn Bhd awarded the contract to East Marine Works Sdn Bhd, the group said. The duration of the contract is four months.
AirAsia Group Bhd is evaluating proposals for raising capital to strengthen its equity base and liquidity.
It said it has been presented with proposals from investment bankers, lenders and potential investors to help the airline "weather the storm" caused by the coronavirus pandemic.
It also has ongoing deliberations with a number of parties for joint-ventures and collaborations that may result in additional investments in specific segments of the group's business.
The airline made the statement in response to a report in The Star which quoted sources as saying that AirAsia was in talks to sell a 10% stake to South Korea's SK Holdings through a private placement.
https://www.theedgemarkets.com/article/umw-holdings-media-prima-press-metal-uwc-bintulu-port-and-airasia
