Property developer Sunway Bhd ’s subsidiary Sunway Construction Sdn Bhd (SunCon) has bagged a construction contract worth RM243.69 million to build one block of commercial building in Bandar Sunway.
In a filing with Bursa Malaysia today Sunway (fundamental: 1.5; valuation: 2.4) said SunCon has accepted the Letter of Award (LoA) from SA Architects Sdn Bhd in relation with the proposed development.
SunCon is a subsidiary of Sunway Construction Group Bhd, which in turn is a subsidiary of Sunway (fundamental: 1.5; valuation: 2.4).
Sunway said the project will commence on June 25, 2015; the targeted completion date for Zone 1 is on Feb 28, 2017, with Zone 2 on March 31, 2018.
Oil and gas (O&G) facilities maintenance service provider Dayang Enterprise Holdings Bhd ’s wholly owned subsidiary Dayang Enterprise Sdn Bhd has been awarded a two-year contract for the Provision of Facilities Improvement Project (FIP) by Petronas Carigali Sdn Bhd worth approximately RM250 million last Friday.
In a filing to Bursa Malaysia today, Dayang Enterprise said that the FIP contract is for Petronas Carigali’s Sarawak Operations Offshore and Sabah Operations Offshore.
The job will begin on June 8, 2015 and end on June 7, 2017.
Port operator Westports Holdings Bhd will replace Felda Global Ventures Holdings Bhd (FGV) in the list of 30 FBM KLCI constituent stocks come June 22.
In a joint statement today, Bursa Malaysia Bhd and FTSE Russell said the FBM KLCI reserve list that comprises the five highest ranking non-constituents of the index by market capitalisation are: IJM Corp Bhd , YTL Power International Bhd , Gamuda Bhd , Malaysia Airports Holdings Bhd and Hap Seng Consolidated Bhd.
Meanwhile, Bursa and FTSE Russell also announced that seven new constituents will be added to FTSE Bursa Malaysia Mid 70 Index. They are FGV, Sunway Real Estate Investment Trust, Press Metal Bhd, Eco World Development Group Bhd, Karex Bhd, Pharmaniaga Bhd and Hume Industries Bhd.
Two new constituents, namely IOI Properties Group Bhd and Bumi Armada Bhd, will also be added to FTSE Bursa Malaysia Hijrah Shariah Index.
Nine directors of AirAsia X Bhd (AAX), which now aims to return to the black in the second half of this year, have agreed to forfeit their director’s fees amounting to RM434,658 for the financial year ended Dec 31, 2014 (FY14) at its annual general meeting (AGM) today.
The nine directors comprised group chief executive officer (CEO) Datuk Kamaruddin Meranun, Tan Sri Rafidah Aziz, Tan Sri Tony Fernandes, Datuk Seri Kalimullah Masheerul Hassan, Lim Kian Onn, Datuk Fam Lee Ee, Tan Sri Asmat Kamaludin, Datuk Yusli Mohamad Yusoff and Kiyotaka Tanaka.
Kamaruddin also told reporters that two of AAX's directors, namely Kiyotaka and Kalimullah, have offered not to remain on the board.
Kiyotaka has been transferred to another place, while Kalimullah was not feeling well and was hospitalised, according to Kamaruddin.
Building materials supplier Ipmuda Bhd — controlled by its executive chairman Tan Sri Abu Sahid Mohamed with a 31.23% stake — has proposed a private share placement to raise some RM8.91 million on an indicative offer price of RM1.23 per share.
In a filing with Bursa Malaysia this evening, Ipmuda said some 98.8% or RM8.8 million will used for working capital.
According to Ipmuda (fundamental: 0.6l valuation: 2), the placement shares may be issued at a discount of not more than 10% of its five-day weighted average market price, but not lower than its par value of RM1 each.
Ipmuda expects to issue up to 7.25 million shares, equivalent to 10% of its issued and paid-up capital, which will enlarge to 79.716 million shares.
The share placement is expected to be completed by the third quarter of this year (3Q15).
Independent power producer Malakoff Corp Bhd announced that the completion of its 1,000MW Tanjung Bin Energy coal-fired power plant (T4) is on track. This followed the ignition of the Johor-base power plant’s boiler last Sunday.
Malakoff chief operating officer Habib Husin said in a statement today T4 was expected to start running commercially on March 1, 2016.
Denko Industrial Corp Bhd said its wholly-owned subsidiary Lean Teik Soon Sdn Bhd (LTS) is selling its leasehold land in Pulau Pinang for RM7.65 million to G2 Gold (M) Sdn Bhd, the proceeds from which Denko intends to use for working capital and to repay its borrowings.
In a filing with the bourse, Denko (fundamental: 0.35; valuation: 0.9) said it will record a gain of RM5.4 million upon the disposal of the property. The land disposed includes a two-storey office and a factory building, and was initially acquired for RM2.5 million on March 15, 2011.
The plastic injection moulding and high precisions plastic parts expects to complete the deal within nine months from the date of the sales and purchase agreement signed today.
Bursa Malaysia has set an upper limit of RM1.82 and a lower limit of RM1.28 on the share price of Y&G Corp Bhd today, after the property developer’s share price spike almost 70% from RM1.08 on May 29 to RM1.82 yesterday (June 3).
On Monday (June 1), the exchange issued an unusual market activity query to Y&G (fundamental: 2.7; valuation: 2.0) after the group’s share price jumped 32 sen or 29.6% to RM1.40 in one trading day from RM1.08 on May 29.
The company, in reply to the query, had said it was unaware of any possible reasons behind the share price movement, which continued its ascent to close at RM1.82 yesterday (June 3).
O&G engineering firm Wah Seong Corp Bhd foresees challenges due to the dip in oil prices and volatile markets, but believes that the fundamentals of the O&G industry remain intact in the long term.
In a statement today, Wah Seong group chief executive officer and managing director Chan Cheu Leong said its renewable energy (RE) division is expected to remain resilient and will emerge as a major profit contributor to the group.
Chan added that the group is looking into potential strategic investments and partnerships that could generate recurring earnings stream in the long term to supplement Wah Seong's current project-based earnings stream.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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