KUALA LUMPUR (Dec 13): Based on corporate announcements and news flow today, companies that may be in focus on Wednesday (Dec 14) could include: Glomac Bhd, PDZ Holdings Bhd, Kuantan Flour Mills Bhd, IHH Healthcare Bhd, Magni-Tech Industries Bhd, Boon Koon Group Bhd, Axiata Group Bhd
Glomac Bhd's wholly-owned unit Glomac Regal Sdn Bhd (GRSB) received a winding-up order for the alleged neglect of a RM3.49 million payment to a contractor.
Property developer Glomac told Bursa Malaysia that contractor Bina Goodyear Bhd filed the winding-up petition at the High Court on Nov 25. Bina Goodyear is the contractor for Glomac's high-rise residential project along Lorong Stonor in Kuala Lumpur.
"GRSB has been seen as neglecting the payment of the said sum. On the contrary, GRSB is actively pursuing the petitioner for a negotiable amount of settlement which has not been reached.
"GRSB is currently negotiating with the petitioner for a negotiable amount of settlement and concurrently, GRSB will file for a permanent stay to set aside the winding up order," Glomac added.
PDZ Holdings Bhd's Aminuddin Yusof Lana resigned as a director before the start of today’s extraordinary general meeting (EGM) that was called to remove him from the company’s board.
PDZ said the resolution calling for Aminuddin’s removal was withdrawn by the requisitionists this morning, and subsequently not put forward for voting at the EGM.
However, another resolution calling for Messrs Cheng & Co to be appointed as the new auditors of the company was passed by way of poll at the meeting.
PDZ said it has accepted Aminuddin's resignation, which he announced in a letter today. The 68-year-old New Zealand citizen cited “personal reason” for his resignation as non-independent and non-executive director.
On Nov 14, PDZ received a notice of requisition for an EGM from Pelaburan Mara Bhd and an individual shareholder, Kua Khai Loon, with the intention to remove Aminuddin as its director.
Kuantan Flour Mills Bhd announced that the Federal Land Consolidation and Rehabilitation Authority (Felcra) intends to undertake a reverse takeover (RTO) of the company to turnaround its existing business.
The loss-making flour trader and miller said it had secured a letter of interest from Felcra to explore and possibly participate in the company's equity.
Felcra envisaged that its overture will be driven by the objective of assessing the feasibility to achieve successful injection of suitable profit-generating assets into KFM under the RTO, turnaround of its existing business and regularisation of its status out of Practice Note 17 (PN17), as well as generate suitable return and synergistic value creation to Felcra.
In the latest quarterly earnings for the three months ended Nov 30, 2016, the group reported a net loss of RM4.52 million, on revenue of RM2,000.
For the full year, its net loss stood at RM12.09 million, compared with RM16.85 million a year earlier; while revenue plunged to RM3.92 million, from RM24.86 million, as it ceased its operation.
Shares of Kuantan Flour Mills were not traded today. The stock last closed at four sen, for a market capitalisation of RM2.73 million.
IHH Healthcare Bhd's unit will set up a Sino-foreign equity company named Parkway Health Chengdu Hospital Co Ltd to provide specialised care and services.
IHH said its indirect wholly owned unit, M&P Investments Pte Ltd, has obtained a business licence from the Chengdu Administration of Industry and Commerce yesterday for the establishment of the company following its joint venture (JV) agreement with Shanghai Broad Ocean Investments Co Ltd on Aug 15, 2016.
The JV company will be 70% held by M&P, with the remaining 30% held by Broad Ocean.
"The validity period of the licence is from Dec 12, 2016 to Dec 12, 2036," said IHH.
Magni-Tech Industries Bhd has decided to close down its 99.64%-owned printing packaging products manufacturing unit, South Island Packaging (Penang) Sdn Bhd (SIPP), to streamline the group’s operations.
SIPP will cease all manufacturing activities and dispose of its assets except for the factory building and leasehold land, Magni-Tech said in a filing with Bursa Malaysia.
The decision was made following a streak of poor profits before tax by SIPP for FY14 and FY16 at RM182,000 and RM335,000 respectively, as well as a loss in FY15.
The group said that while the use of high-tech print platforms is needed to remain competitive, the cost to replace old machinery and equipment in the print and packaging division is not worth the return.
Shares of Magni-Tech dropped three sen or 0.72% today to close at RM4.11 for a market capitalisation of RM667.2 million.
Boon Koon Group Bhd will dispose of its remaining 25% stake in hire purchase financing firm Hitachi Capital Malaysia Sdn Bhd for RM22 million to Hitachi Capital Asia Pacific Pte Ltd.
Boon Koon had sold the other 75% stake in Hitachi Capital, then known as First Peninsula Credit Sdn Bhd, to Hitachi Capital Corp in October 2011 for RM9 million.
The group said it is selling the balance 25% stake, held through wholly-owned subsidiary Boon Koon Capital Sdn Bhd, because it does not fit into its long-term strategy.
According to Boon Koon’s latest audited accounts for the financial year ended March 31, 2016 (FY16), the net asset value of the 25% equity interest in Hitachi Capital is RM5.18 million.
Shares in Boon Koon closed unchanged at 12.5 sen in thin volume of 296,300 shares. The group has a market capitalisation of RM34.59 million.
Axiata Group Bhd and its wholly-owned subsidiary edotco Group Sdn Bhd have today entered into a US$600 million (about RM2.7 billion) primary and secondary equity private placement deal with Japan-based Innovation Network Corporation of Japan (INCJ) and Khazanah Nasional Bhd.
Axiata and edotco have entered into a binding term sheet with INCJ to raise up to US$400 million in a private placement of new edotco shares with a par value of RM1 each.
Meanwhile Axiata will dispose of edotco shares to Khazanah for US$200 million.
Definitive agreements are expected to be signed and finalised by January 2017 with Axiata still remaining as majority shareholder of edotco's shares, post-transactions.
http://www.theedgemarkets.com/my/article/glomac-pdz-holdings-kuantan-flour-mills-ihh-healthcare-magni-tech-industries-boon-koon-group
