MyEG, MHB, Pesona Metro, Muhibbah, Lagenda Properties, Careplus, BFood, Guocoland and Tambun Indah Land

MyEG, MHB, Pesona Metro, Muhibbah, Lagenda Properties, Careplus, BFood, Guocoland and Tambun Indah Land

KUALA LUMPUR (Feb 13): Here is a brief recap of some corporate announcements that made news on Monday (Feb 13) involving MyEG Services Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd, Pesona Metro Holdings Bhd, Muhibbah Engineering (M) Bhd, Lagenda Properties Bhd, Careplus Group Bhd, Berjaya Food Bhd, Guocoland (Malaysia) Bhd and Tambun Indah Land Bhd.

The Employees Provident Fund (EPF) and Kumpulan Wang Persaraan (Diperbadankan) (KWAP) had joined the herd selling MyEG Services Bhd shares last week. The EPF sold 65.98 million shares last Wednesday (Feb 8), paring its shareholdings in the e-government services provider to 5.34% after it offloaded 49.65 million shares the day before. Prior to the share sales last week, EPF’s shareholdings stood at 6.9% as at Feb 2. KWAP, on the other hand, sold 1.51 million shares last Friday (Feb 10), reducing its indirect interest to 1.17%, from 1.19% on Feb 7.

Meanwhile, investors shorted 162.34 million shares in MyEG over the past five trading days amid a heavy selldown that wiped out RM2.61 billion from the company's market capitalisation. The counter saw the highest number of shares shorted on Monday (24.4 million shares worth RM14.60 million), accounting for 74.4% of the total short-selling volume of 32.79 million shares in the local bourse.

Malaysia Marine and Heavy Engineering Holdings Bhd’s unit has obtained a contract worth about RM1.4 billion to undertake the engineering, procurement, construction and installation of five wellhead platforms in the Malaysia-Thailand Joint Development Area. The unit, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), received the award from Carigali-PTTEPI Operating Company Sdn Bhd (CPOC). CPOC is the operator of PC JDA Ltd, a unit of Petronas Carigali Sdn Bhd and PTTEP International Ltd (PTTEPI). Petronas Carigali is a unit of Petroliam Nasional Bhd (Petronas) while PTTEPI is a wholly-owned unit of Thailand’s PTT Exploration and Production Public Company Ltd.

Pesona Metro Holdings Bhd has bagged a RM948.13 million contract to build a residential development project in Cheras. Under the turnkey construction agreement signed with property developer Danau Lumayan Sdn Bhd, the project is split into two phases. The first phase involves a 43-storey building housing 922 units of Residensi Wilayah, while the second is to house another 2,516 units in two additional 52-storey buildings. Residensi Wilayah, previously known as Rumawip, is the government’s affordable home scheme to aid lower- to middle-income groups to become first-time homebuyers.

Muhibbah Engineering (M) Bhd has won a RM172.6 million construction contract from Penang Development Corp for a development in the Technoplex industrial area located in Bayan Lepas. The development involves a nine-storey office building and factory, a six-storey parking building with a TNB sub-station and mechanical requirements, and one unit of normal waste depot, office waste depot and recycling room.

Permodalan Nasional Bhd (PNB)’s unit is selling two parcels of freehold lands in Kulai, Johor, spanning 435.23 hectares, to Lagenda Properties Bhd’s 70%-owned subsidiary for RM398.21 million cash. The land purchase, which will be funded by a combination of internally-generated funds and bank borrowings, is expected to be completed by year-end.

Careplus Group Bhd is disposing of its 50% stake in Careplus (M) Sdn Bhd amid the challenging outlook in the glove market due to lower demand and increased competition. Careplus is selling the stake for RM37.5 million to Ansell Services (Asia) Sdn Bhd. In 2020, Ansell had bought the other 50% stake from Careplus for RM26.97 million.

Berjaya Food Bhd’s net profit dropped 8.72% to RM35.49 million for the second quarter ended Dec 31, 2022 (2QFY2023) from RM38.88 million a year before, mainly due to margin compression as a result of higher operating costs. Quarterly revenue, however, increased 8.27% to RM295.32 million from RM272.75 million in 2QFY2022, due to the opening of additional Starbucks cafes. It declared a second interim dividend of two sen per share — compared with 0.2 sen paid a year ago — to be paid on March 22.

Guocoland (Malaysia) Bhd's net profit more than doubled for the second financial quarter ended Dec 31, 2022 (2QFY2023) driven by higher share of associates and joint ventures' profit, coupled with wider profit margin in two property development projects in Cheras. Net profit jumped to RM8.53 million for 2QFY2023 from RM3.76 million a year ago, despite a 27% drop in revenue to RM76.88 million from RM105.55 million, no thanks to fewer ongoing projects after delivery of vacant possession for the two Cheras projects in the previous quarter.  

Property developer Tambun Indah Land Bhd’s net profit fell 57.44% to RM12.15 million in its fourth quarter ended Dec 31, 2022 (4QFY2022) from RM28.55 million a year ago. Revenue declined 49.84% to RM53.93 million from RM107.52 million due to lower net property sales and fewer ongoing projects.

https://www.theedgemarkets.com/node/655074