KUALA LUMPUR (March 6): Based on corporate announcements and news flow today, the companies that may be in focus on Tuesday (March 7) could be the following: KKB Engineering, Hovid, Parkson, PDZ, Kumpulan Jetson, KYM, Managepay, Sumatec, Meda and Wintoni.
Steel pipes manufacturer KKB Engineering Bhd has bagged two contracts worth RM100.7 million which will help boost its earnings for the financial year ending Dec 31, 2018 (FY18).
In a filing with Bursa Malaysia today, KKB said its subsidiary Harum Bidang Sdn Bhd has received a supplementary contract from CMS Infra Trading Sdn Bhd (CMSIT) to supply concrete-lined mild steel pipes and mechanical coupling to JKR Central Unallocated Stores in Tanah Puteh, Kuching.
The company has also been awarded a contract to supply LPG cylinders from Boustead Petroleum Marketing Sdn Bhd, with completion within the third quarter of 2017.
Pharmaceutical product maker Hovid Bhd has been reissued the manufacturing licence for its plant in Chemor, Perak, from the National Pharmaceutical Control Bureau, under the Ministry of Health Malaysia.
In a filing with Bursa Malaysia this evening, Hovid announced that the licence it received is valid from March 6 and is to be renewed three months prior to its expiry date on Dec 31 this year.
However, the manufacturing licence for the group’s Ipoh plant is pending the completion of corrective actions which are currently in progress.
The Dalian Intermediate Court has ruled against Hefei Parkson Xiaoyao Plaza Co Ltd, an indirect wholly-owned subsidiary of Parkson Retail Group Ltd (PRG), in relation to a shareholding dispute in Anshan Parkson — a department store in Liaoning, China.
Hong Kong-listed PRG is a 54.67%-owned subsidiary of Parkson Holdings Bhd.
In a filing with the Hong Kong Stock Exchange today, PRG said the Dalian Intermediate Court has ruled that the sale and purchase agreement for the disposal of a 51% stake in Anshan Tianxing Parkson Shopping Centre Co Ltd to Hefei Parkson for RMB5.1 million back in April 2004 is void.
The ruling also stated that Hefei Parkson should return the 51% stake to Shenzhen Xinhui Industrial Co Ltd — a nominee of Dalian Tianhe Parkson Building Co Ltd — within 10 days after the judgement came into effect. Dalian Tianhe Parkson is 60% owned by Parkson Holdings via a wholly-owned unit called Serbadagang Holdings Sdn Bhd, while the remaining 40% stake is held by the plaintiff — Dalian Tianhe Building Co Ltd.
Additionally, Dalian Tianhe Parkson is required to return the RMB5.1 million consideration for the transfer of the Anshan majority interests to Hefei Parkson.
PRG said shareholders of the company and potential investors are advised to exercise caution when dealing in its securities.
Shipping services provider PDZ Holdings Bhd intends to raise up to RM43.47 million through a rights issue with free warrants.
In a filing with Bursa Malaysia, PDZ said fund raising would be implemented on a basis of four rights shares together with three free warrants, for every two shares held by entitled shareholders after the capital reduction and share consolidation.
Assuming the rights shares are issued at 10 sen, PDZ said it can raise as much as RM43.47 million under a maximum subscription scenario.
Builder-cum-property developer Kumpulan Jetson Bhd is proposing a private placement to raise as much as RM7.78 million to fund its working capital within a one-year period, with an indicative issue price of 35 sen per placement share.
In a filing with Bursa Malaysia today, the group said other than RM100,000 that is slated for the estimated expenses relating to the proposed private placement, the rest of the proceeds are meant for working capital requirement like operating expenses, overhead expenses, and payment of trade and other payables.
The group expects the corporate exercise to be completed by the second quarter of FY17.
Industrial paper-bag maker KYM Holdings Bhd has partnered with Swedish paper manufacturer BillerudKorsnäs AB for the manufacture and distribution of industrial sacks in the Southeast Asian region.
KYM, through wholly-owned subsidiary Hasrat Meranti Sdn Bhd will contract manufacture up to 80 million industrial paper sacks per annum for BillerudKorsnäs for supply throughout the region.
Hasrat Meranti managing director Mok Tuck Meng said the seven-year contract will triple the company’s export sales and increase its market share in Southeast Asia’s growing multiwall industrial paper sack market.
Managepay Systems Bhd is buying equity stakes in two sports management companies, as it targets to roll out a mobile app for sports facilities and equipment.
NVBA Petaling Jaya BC Sdn Bhd (PJBC) and Stark Events Sdn Bhd have both accepted letters of intent (LOI) from Managepay for proposed acquisitions of 24% in PJBC for RM155,000, and 29.71% in Stark Events for RM45,000.
Managepay told Bursa Malaysia that it will then subscribe for an additional 450,000 shares and 90,000 shares in PJBC and Stark Events for a cash consideration of RM450,000 and RM90,000 respectively.
Following the acquisitions which will cost a total of RM740,000, Managepay will own a 60% stake in PJBC and 59.92% stake in Stark Events.
PJBC is primarily involved in badminton coaching, organising badminton competitions and sports facilities management, while Stark Events organises, promotes and manages sports events.
Sumatec Resources Bhd said it will not experience any financial impact from the alleged default on loans totalling RM121.4 million by its associate Semua Shipping Sdn Bhd.
This is because its substantial shareholder has consented to pay the amount if the need arises, Sumatec said in a reply to queries from Bursa Malaysia on the matter.
Last Friday, Sumatec said Semua Shipping had received a legal notice from Malayan Banking Bhd (Maybank) for allegedly defaulting on six term loans for six vessels and one overdraft facility for which Sumatec is the guarantor.
In its filing today, Sumatec said the six vessels are on the verge of being sold. If the sale takes place, the financial impact of the loan default on the group will be minimal, it added.
Meda Inc Bhd has terminated its proposed disposal of its wholly-owned unit ZKP Development Sdn Bhd to Casa Andaman Sdn Bhd (CASB) for RM10.3 million, nearly two years after entering into a share sale agreement (SSA).
Both Meda and CASB have agreed that the mutual termination results in an absolute forfeiture of CASB's RM2.06 million deposit and its late payment interest of RM200,000 to Meda.
In a filing with Bursa Malaysia today, the property developer did not specify the reason for aborting the SSA, but said its board and audit committees are of the opinion that the termination was done in the best interest of the company.
Techway Engineering Sdn Bhd, a supplier and contractor of engineering and technical services and products relating to renewable energy that is owned by its directors Lim Kuan Joo and Ismail M. Shuhud, is seeking a listing on the ACE Market of Bursa Malaysia through backdoor listing via Guidance Note 3 company Wintoni Group Bhd.
In a filing with Bursa Malaysia today, Wintoni said it has signed a Memorandum of Understanding with Lim and Ismail (vendors) and a new company to be incorporated by the vendors (NewCo) under a proposed reverse takeover exercise.
Wintoni said the parties aim to sign the definitive agreements on or before Sept 30, 2017.
http://www.theedgemarkets.com/my/article/kkb-engineering-hovid-parkson-pdz-kumpulan-jetson-kym-managepay-sumatec-meda-and-wintoni
