KUALA LUMPUR (March 15): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Wednesday, March 16) could include the following: TSR Capital, TRC Synergy, Yong Tai, Efficient E-Solutions, Nexgram, Wintoni and LBI Capital.
Construction and civil engineering works specialist TSR Capital Bhd has won a two-year RM268.9 million contract for common infrastructure works from Kwasa Land Sdn Bhd for the Kwasa Damansara township project.
In a statement today, Kwasa Land said the deal was awarded to TSR Capital's unit TSR Bina Sdn Bhd.
The job comprises site clearance and site preparation, earthworks, roadworks, drainage works, road furniture, sewerage reticulation, water reticulation, park and ride facility, electrical infrastructure works, and soft and hard landscape works, said Kwasa Land.
It is to be completed within 104 weeks by March 12, 2018.
This is the second infrastructure works awarded by Kwasa Land, to date, for its 2,330-acre Kwasa Damansara township, the statement further read.
The first infrastructure job, valued at RM127 million, was awarded to WCT Holdings Bhd in September 2015, and encompasses the construction and completion of common infrastructure works for a designated area within the vicinity of the main town centre and Kwasa Sentral MRT Station.
TRC Synergy Bhd has secured a contract worth RM88 million for a subcontract to develop the new Kuala Lumpur Air Traffic Control Centre at Kuala Lumpur International Airport (KLIA) and other locations.
The group told the stock exchange that its unit Trans Resources Corporation Sdn Bhd had received the letter of acceptance from Advanced Air Traffic Systems (M) Sdn Bhd for the subcontract.
The company said the project was expected to contribute positively to its future earnings.
Yong Tai Bhd's founder and managing director Wong Liew Lin @ Liew Fat Lin has resigned as the group's managing director effective today, citing "other commitment and busy schedule".
According to the garments manufacturer, Wong was appointed to the board on Oct 2, 1997 and has helmed the post since Nov 8, 1997.
He founded Yong Tai group in 1971 and has been in charge of the overall operations since its inception.
Apart from that, Yong Tai's executive director Datuk Ng Jet Heong also resigned from his post today, citing the same reason. Ng, 50, was appointed to the board on Aug 28, 2014.
Efficient E-Solutions Bhd has appointed Tan Chiew Lan, 37, as its chief financial officer, succeeding Tham Kwang Siah, 45, who relinquished her position on Dec 31, 2015.
Tham was appointed on July 1, 2013. She relinquished her position last year following the company's disposal of Efficient Mailcom Sdn Bhd and Efficient Softech Sdn Bhd to Canon Singapore Pte Ltd.
Nexgram Holdings Bhd confirmed today that its joint venture with Asdion Bhd with regard to a mixed development project has hit a snag, because the Sepang Municipal Council (MP Sepang) has rejected the development order (DO) for the project.
In a filing with Bursa Malaysia today, Nexgram said it had received a letter from Top Valley on March 8, disclosing that MP Sepang had rejected the DO.
"Nexgram Land was informed that in view of the failure in obtaining the DO on time, the landowner of the Selangor Project has terminated the sales and purchase agreement with Top Valley," the filing read.
"Top Valley is currently in the midst of exploring all possible viable options, including sourcing of an alternative suitable land, while continuing negotiation with the land owner for resubmission of the DO.
"The company will make the necessary announcement on further development of the matter, in due course," it added.
Wintoni Group Bhd has lost its legal proceedings against Kang Choon Leu @ Kang Chee Sim, who was allegedly in possession of the documents on the company's extraordinary general meeting (EGM), which was called to remove the entire board of directors.
In a filing with Bursa Malaysia today, the automation systems designer said Kuala Lumpur High Court has last Thursday (March 10) dismissed the legal proceedings with costs against Kang, one of the 10 shareholders who called for the EGM, for failing or refusing to hand over the meeting documents to and/or in connection with the EGM held on Sept 11 last year.
"The company had applied for a consequential order that the company be excused from preparing the minutes for the EGM given that the court had ruled against the company's application.
"However, the court declined to entertain the application for consequential order and advised the company to make a fresh application in respect of such issue," said the announcement.
Wintoni said it has instructed its solicitors to appeal against the judgment.
"In view thereof, the company is unable to prepare and finalise the minutes for the EGM until further notice. Any further development will be announced in due course," it said.
LBI Capital Bhd's shareholders has approved the proposed disposal of lands for RM50 million at its EGM today.
Its executive director Kong Sau Kian told pressmen that the group will net RM29.79 million disposal gain, after taking into account the estimated expenses incurred for the disposal of lands, and the estimated real property gains tax.
On proceeds utilisation, he said half of the proceeds will go to future land acquisition activities, while the others are to pare down borrowings, besides being used for working capital.
http://www.theedgemarkets.com/my/article/tsr-capital-trc-synergy-yong-tai-efficient-e-solutions-nexgram-wintoni-and-lbi-capital
