KUALA LUMPUR (Mar 2): Based on corporate announcements and news flow today, stocks in focus on Friday (March 3) may include: Tiger Synergy, Wah Seong, AirAsia, SapuraKencana Petroleum, Econpile, Inari and Wintoni
Tiger Synergy Bhd explored other feasible fundraising avenues following the abortion of its proposed irredeemable convertible preference shares (ICPS) rights issue with warrants, which was supposed to raise as much as RM41.72 million in cash.
"The company has decided to abort the proposed ICPS rights issue with warrants as [it] is currently exploring the feasibility of other fundraising proposals arising from the implementation of the Companies Act, 2016," the property developer said in a filing with Bursa Malaysia this afternoon.
Following the abortion of the rights issue, the proposed increase in authorised share capital and proposed Memorandum and Articles of Association amendment shall be consequently aborted.
Tiger Synergy said the abortion of the proposals is not expected to have any effect on the earnings per share and net assets per share of the group.
Wah Seong Corp Bhd is buying a Finland-based steel pipe coating plant for €15.08 million (RM70.67 million) to supply coated steel pipes to Nord Stream 2 project.
In a filing with Bursa Malaysia, Wah Seong said its wholly-owned unit Wasco Coatings Finland (Plant and Equipment) Oy signed two sale and purchase agreements to buy the steel pipe coating plant and its equipment, furniture and fittings.
Wah Seong said the coating equipment is a complete coating line to be used for concrete weight coating of steel pipes with a production capacity of about 200 concrete weight coated pipes a day.
On Sept 6 last year, Wasco entered into a €600 million contract with Nord Stream 2 AG for the provision of concrete weight coating and storing of pipes for Nord Stream 2 project.
Nord Stream 2 is a planned pipeline through the Baltic Sea, which will transport natural gas over 1,200km from the world's largest gas reserves in Russia via the most efficient route to consumers in Europe.
Wah Seong said the project involves two parallel 48-inch lines, each starting from southwest of St Petersburg (a Russian port city on the Baltic Sea) and ending at German coast, Greifswald.
The group added that Wasco's acquisitions of the plant and coating equipment are part of the terms and conditions of the award of Nord Stream 2 project to Wasco.
Recall that Wah Seong has recently just bought Germany-based pipe coating firm Mutares Holding-16 AG for €19.5 million in mid-February this year to gain access to the latter's plant for pipe coating for the Nord Stream 2 Project in the Baltic Sea. The purchase was undertaken by Wah Seong's indirect wholly-owned unit Wasco Coatings Germany GmbH.
AirAsia Bhd emphasised the importance of slashing costs on top of the pursuit of growth, according to its group chief executive officer, Tan Sri Tony Fernandes.
He said in his social media account there will be higher utilisation of its fleet, new aircraft, more seats and focus on data and technology.
"On top of growth we are pushing down cost especially with our peers. Higher utilisation. New aircraft. More seats. Data and technology," he posted via his official twitter account.
"Growth growth growth. That's what we are focusing on in the AirAsia group. And it will be profitable growth as investment done," he said.
The latest comment by Fernandes is in line with the group's projection of achieving an average forecast load factor of 89% in the first quarter of 2017 while being confident of strong demand across most sectors for the rest of the year, coupled with a favourable fuel price environment despite continuous fare competition in the market.
SapuraKencana Petroleum Bhd says it has, via its units, bagged multiple contracts worth a combined US$97.4 million (RM433.6 million).
In a statement today, SapuraKencana said its wholly-owned subsidiary SapuraKencana TL Offshore Sdn Bhd (SKTLO) has been awarded an umbrella contract by Petroliam Nasional Bhd (Petronas) for the Pan Malaysia Transportation and Installation of Offshore Facilities.
The work consists of transportation and installation of platform, structures and pipelines and its associated works. The contracts are for a one-year period, valid till 2018, it said.
SKTLO has also won a contract to provide engineering, decommissioning, procurement, construction, installation and commissioning for Sepat Mobile Offshore Unit Stabilization and Repair Works (Package 1) by Petronas Carigali Sdn Bhd (PCSB). The contract, the group said, is valid for about five months.
Meanwhile, PCSB also awarded SapuraKencana HL Sdn Bhd (SKHL) a contract for the provision of procurement, construction and commissioning of Full Well Stream Air Cooler Module on Central Processing Platform NC3CP-A. The contract is for a period of 33 months.
Additionally, SKHL won a contract from PCPP Operating Company Sdn Bhd for the provision of engineering, preparation, removal and disposal for Dana and D30 facilities decommissioning project. The contract is valid for approximately nine months.
Econpile Holdings Bhd has disposed of a piece of freehold land for RM5 million to streamline its subsidiaries’ principal activities and unlock the value of the property through future development.
Econpile said the land sale by its wholly-owned unit to another of its subsidiaries, Tropical Broadway Sdn Bhd, would see its value unlocked through development by the latter.
Tropical Broadway is currently dormant and its intended business activity is property development, it said in a bourse filing today.
Inari Amertron Bhd has terminated its plan to form a joint venture (JV) with a Taiwanese firm to provide outsourced semiconductor assembly and test (OSAT) services in China.
It inked a Memorandum of Understanding to form the partnership in March last year with Taipei-listed PCL Technologies Inc, in which it had taken a 9.7% stake for NT$355 million (RM44.5 million), in cash.
“After various efforts and numerous discussions between Inari and PCL during the past months, both parties were not able to form the JV entity with a configuration that could satisfy the business strategies of both parties to meet the objectives stated in the MoU.
“Thus, Inari and PCL have decided jointly and mutually to terminate the MoU and hence negotiations with respect to the formation of the JV entity have ceased. The termination does not have any financial impact on the company,” it said.
The company will continue to explore other potential business opportunities in China that will be useful for its OSAT business expansion.
Wintoni Group Bhd, a Practice Note 17 (PN17) company has delayed the submission of its fourth quarter financial results by Feb 28 due to pending matters to be resolved with its subsidiary.
Under Bursa’s Ace market listing requirement, Wintoni has until March 7 to submit its financial results for the fourth quarter or it would be suspended on the next market day, March 8, according to the filing with Bursa.
http://www.theedgemarkets.com/my/article/tiger-synergy-wah-seong-airasia-sapurakencana-petroleum-econpile-inari-and-wintoni
