KUALA LUMPUR (June 27): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (June 28) could include the following: MMC Corp, Genting Plantations (GENP), Ahmad Zaki Resources, SapuraKencana Petroleum, Seremban Engineering and Tomypak Holdings.
MMC Corp Bhd and its partner in the Klang Valley Mass Rapid Transit (KVMRT) project, Gamuda Bhd, are being sued for over RM300 million for allegedly breaching a land acquisition contract.
According to MMC Corp's bourse filing, the suit against its jointly-controlled entity, MMC Gamuda KVMRT (PDP) Sdn Bhd, was filed by Accolade Land Sdn Bhd.
"The suit is premised on an alleged breach of an alleged contract between Accolade and MRT Corp relating to the acquisition of land belonging to Accolade by MRT Corp for the KVMRT project," it said.
MMC Corp said the suit will not have any significant financial and operational impact on the group for the financial year ending Dec 31, 2016.
Genting Plantations Bhd (GENP) is acquiring 21,995-hectare more of land in Indonesia, through the purchase of two companies — Cahaya Agro Abadi Pte Ltd (CAA) and Palm Capital Investment Pte Ltd (PCI) — for a combined US$42.15 million.
This will bring its combined plantation landbank in Malaysia and Indonesia to 260,371 ha, from its present 238,376 ha.
GENP told the exchange today that its 73.69%-owned subsidiary, PalmIndo Holdings Pte Ltd, has entered into two agreements with Green Palm Capital Corp, a related party, to acquire the two loss-making companies.
GENP intends to finance the proposed acquisitions via internal funds and external financing.
"The proposed acquisitions are in line with our long-term strategy to increase interest in the palm oil business, consistent with its confidence in the continued growth prospects of the industry," said GENP.
It said the applications to the relevant authorities in relation to the proposed acquisitions are expected to be made within three months, and the proposed acquisitions are expected to be completed in the third quarter of 2016.
Ahmad Zaki Resources Bhd has bagged a RM152.3 million contract from the Public Works Department (JKR) to build a bridge in Pahang.
In a filing with Bursa Malaysia today, the construction company said it has received the letter of award from JKR last Friday (June 24) to build a new bridge across Sungai Kuantan, connecting Bandar Kuantan to Bandar Putra, Tanjung Lumpur in Pahang.
"The works is expected to contribute positively to the group's future earnings," said Ahmad Zaki.
SapuraKencana Petroleum Bhd has inked an agreement to sell gas produced from its SK310 B15 gas field to Petroliam Nasional Bhd (Petronas).
In a filing with Bursa Malaysia today, the integrated oil and gas services provider said its unit SapuraKencana Energy (SKE) sealed the deal with Petronas last Thursday (June 23).
The gas field, which was discovered in December 2010, is located within the SK310 Production Sharing Contract (PSC) area, offshore East Malaysia.
SapuraKencana, via SKE, holds a 30% stake in the PSC. The other partners are Petronas Carigali Sdn Bhd, holding 40% interest; and Mitsubishi Corporation's subsidiary Diamond Energy Sarawak Sdn Bhd (30%).
According to the group, the PSC contractors will also be deemed as joint sellers.
Seremban Engineering Bhd's chief executive officer Chuah Cheong Jin has resigned, citing other business commitment.
Chuah, 63, started his career in 1978 and has accumulated about 25 years of experience in steel fabrication business and metal-based industry with manufacturing capabilities that covers metal forming, machining, mould and die design and fabrication, as well as heat treatment.
In a filing with Bursa Malaysia today, Seremban Engineering said that before he joined the company on July 9 last year, Chuah was a project manager at SapuraKencana Pinewell Sdn Bhd, a subsidiary of SapuraKencana Petroleum Bhd.
Tomypak Holdings Bhd said its rights issue of 54.73 million rights shares, together with the corresponding number of warrants, was oversubscribed by 29.39%.
In a filing with Bursa Malaysia today, the plastic package manufacturer said total valid acceptances and total excess applications received were 70.82 million rights shares, together with the corresponding number of warrants.
The rights shares and warrants are expected to be listed on the Main Market of Bursa Malaysia on July 5.
Recall that on Dec 1 last year, Tomypak had proposed a renounceable rights issue up to 54.7 million shares of 50 sen each, on the basis of one rights share for every two existing Tomypak shares. This is together with up to 54.7 million free detachable warrants, on the basis of one warrant for every one rights share subscribed.
It is expected to raise up to RM54.7 million for the construction of a new factory building, purchase of machineries, equipment and other ancillary facilities, and working capital.
http://www.theedgemarkets.com/my/article/mmc-corp-genp-ahmad-zaki-resources-sapurakencana-seremban-engineering-and-tomypak
