MyEG, Cuscapi, DNeX, Theta Edge, SCIB, Samaiden, Betamek, Jerasia, MR DIY and Hup Seng Industries

MyEG, Cuscapi, DNeX, Theta Edge, SCIB, Samaiden, Betamek, Jerasia, MR DIY and Hup Seng Industries

KUALA LUMPUR (Feb 14): Here is a brief recap of some corporate announcements that made news on Tuesday (Feb 14) involving MyEG Services Bhd, Cuscapi Bhd, Dagang NeXchange Bhd, Theta Edge Bhd, Sarawak Consolidated Industries Bhd, Samaiden Group Bhd, Betamek Bhd, Jerasia Capital Bhd, MR DIY Group (M) Bhd and Hup Seng Industries Bhd.

Asia Internet Holdings Bhd, the largest single shareholder in MyEG Services Bhd, bought some 83.25 million shares, or an 8.811% stake, in point-of-sale system provider Cuscapi Bhd. Asia Internet bought the block of shares via a direct business transaction on Feb 10. It is not known from whom Asia Internet bought the shares. Coincidentally, Radio Port Ltd — an offshore company — sold out its 6.02% stake, or 56.9 million shares in Cuscapi. Asia Internet is a private vehicle of MyEG’s managing director Wong Thean Soon, better known as TS Wong. He emerged as a Cuscapi shareholder in 2019. Wong currently holds a direct stake of 13.209% in Cuscapi and an indirect stake of 8.111% through Asia Internet, making him the biggest shareholder holding direct and indirect stake of 21.32%.

The Employees Provident Fund (EPF) ceased to be a substantial shareholder of MyEG after it sold 39.05 million shares on Feb 10. EPF had begun reducing its stake in MyEG since Feb 7 when it sold 49.65 million shares plus an additional 65.98 million shares on Feb 8. Meanwhile, Kumpulan Wang Persaraan Diperbadankan also sold 1.51 million shares in MyEG on Feb 10.

As MyEG share price remains low, the company continued to buy back more shares on the open market. It bought back an additional two million shares at 63 sen apiece for RM1.26 million on Feb 14. In total, MyEG has spent RM5.4 million for eight million shares in its share buyback.

Dagang NeXchange Bhd’s largest shareholder Arcadia Acres Sdn Bhd has ceased to be a substantial shareholder in Theta Edge Bhd. Arcadia disposed of its entire 16.53% stake in Theta Edge, comprising 19.5 million shares, on Tuesday. A separate filing showed that the tranche was sold to Threadstone Capital Sdn Bhd.

Sarawak Consolidated Industries Bhd (SCIB) has terminated a proposed engineering, procurement, construction and commissioning (EPCC) project worth RM55.59 million, involving earthworks for the Prabumulih-Muara Enim tolled road in Sumatera, Indonesia. The civil engineering specialist’s unit SCIB International (Labuan) Ltd (SCIBILL) issued a notice of termination to PT Cipta Multi Sarana (PTCMS) on Monday (Feb 13), amid a lack of progress in the project arising from Covid-19 pandemic uncertainties and initiatives to review and update SCIB’s order books. SCIBILL secured the EPCC project from PTCMS in August 2020. SCIB managing director Rosland Othman said there are no penalties or liquidated ascertained damages to SCIBILL over the termination of the project. This is not the first contract termination by SCIB this year. In late January, the group withdrew from EPCC contracts involving a specialist hospital project in Johor Bahru.

Samaiden Group Bhd's unit Samaiden Sdn Bhd (SSB) has received two notices of arbitration from Ditrolic Sdn Bhd concerning claims for two work packages worth a combined RM12.21 million. It said SSB had been appointed as a subcontractor for the work packages, which were part of a 100 megawatt alternating current large scale solar photovoltaic plant project in Kerian, Perak. SSB had issued four adjudication claims for the packages against Ditrolic. The adjudicator decided that Ditrolic was to pay RM2.68 million in respect of the first work package and RM1.46 million for the second work package to SSB.

Betamek Bhd has secured contracts worth RM123.5 million to supply various electronics parts for a new Perodua model. The electronics manufacturing services provider said its unit Betamek Electronics (M) Sdn Bhd received the letter of appointment from Perusahaan Otomobil Kedua Sdn Bhd (Perodua). It said the supply of these parts commenced in the fourth quarter of the financial year ending March 31, 2023,  and is for a duration of six years.

Bursa Malaysia Securities Bhd has publicly reprimanded Jerasia Capital Bhd and eight of its directors for breaches of the Main Market listing requirements. In addition, the eight directors were imposed total fines of RM600,000. Bursa Securities said Jerasia was publicly reprimanded for defaults in payments by Jerasia’s wholly-owned subsidiaries Jerasia Fashion Sdn Bhd, Jerasia Apparel Sdn Bhd and Canteran Apparel Sdn Bhd. The group was also publicly reprimanded for failing to make an immediate announcement of the lawsuit filed by the lenders against its subsidiaries and summary judgment obtained by Ambank (M) Bhd, Alliance Bank Malaysia Bhd.

MR DIY Group (M) Bhd reported a marginal increase in net profit to RM136.08 million for the fourth quarter ended Dec 31, 2022 (4QFY2022) from RM134.55 million a year earlier, on the back of higher revenue. Quarterly revenue rose 9.27% to RM1.07 billion from RM975.39 million in 4QFY2021, driven by positive sales contributions from new stores, which grew 20% year-on-year from 900 stores to 1,080 stores, leading to a 15.2% increase in total transactions to 38.1 million. It declared an interim dividend of 0.6 sen, compared with 0.9 sen paid a year ago. This brings the total dividend for FY2022 to 2.4 sen, compared with 2.95 sen for FY2021.

Stronger domestic sales lifted biscuit maker Hup Seng Industries Bhd’s net profit for the fourth quarter ended Dec 31, 2022 by 28.08% to RM12.44 million from RM9.71 million a year earlier. Carried by a 23% rise in domestic sales, the group’s quarterly revenue increased 16.05% to RM94.93 million versus RM81.81 million. The group has recommended an interim dividend of one sen per share.

https://www.theedgemarkets.com/node/655252