KUALA LUMPUR (April 4): Based on corporate announcements and news flow today, companies that might be in focus on Wednesday (April 5) include the following: Mudajaya Group Bhd, Voir Holding Bhd, Suria Capital Holdings Bhd, Malaysian Resources Corp Bhd, Ajiya Bhd, Icon Offshore Bhd, Sasbadi Holdings Bhd and NetX Holdings Bhd.
Mudajaya Group Bhd said its 26%-owned associate company in India has begun selling 200 megawatt (MW) of electricity to several power distribution companies in Uttar Pradesh beginning yesterday.
The sale by RKM Powergen Pvt Ltd is pursuant to the power purchase agreement that the company had inked with Uttar Pradesh Power Corp Ltd in March last year.
"The power sales commencement is expected to contribute positively to the earnings of the group for the financial year ending 2017 moving forward," Mudajaya said in a filing with Bursa Malaysia.
Mudajaya added that the balance 150MW of electricity will only be sold based on approval from Uttar Pradesh Power, subsequent to the Champa-Kurukshetra 800 kV HCDC pole and 765 kV Jaipur-Bhiwani transmission line which was commissioned on March 27.
Mudajaya had in 2007 inked an agreement with RK Powergen Pvt Ltd — the 74%-owner of RKM Powergen — to develop four units of 360MW coal-fired thermal power plant in India.
Voir Holdings Bhd plans to raise between RM7.92 million and RM11.52 million via a private placement to fund its construction projects and for working capital.
While the issue price and potential investors have yet to be determined, Voir said the bulk of the proceeds — between RM5.07 million and RM7.62 million — will be used to fund its RM25.4 million, 1,000-unit apartment development in Kota Setar, Kelantan, said Voir in a Bursa Malaysia filing today.
The Program Perumahan Rakyat (PPR) apartment project was sub-contracted to its subsidiary Million Twilight Sdn Bhd in September 2016, it added.
The private placement involves the issuance of up to 19.2 million shares, representing 10% of the group's issued share capital. It will see the group's share capital enlarged to up to between RM73.92 million and RM107.52 million, from RM66 million currently.
Suria Capital Holdings Bhd has entered into a Memorandum of Understanding (MoU) with a Taiwanese shipping company to seek opportunities for business cooperation between them.
One of the programmes identified for collaboration is implementing growth strategies for substantially enhancing bilateral ports operation performance, Suria Capital said in a filing with Bursa Malaysia.
It added that the MoU, which was signed by Suria Capital's wholly-owned unit Sabah Ports Sdn Bhd and Taiwan International Ports Corp Ltd, would not create any legally binding relationship between the parties. The three-year MoU took effect on April 3.
Construction and property developer Malaysian Resources Corp Bhd (MRCB) is looking at collaborating with Indian conglomerate Adani Group to develop multiple convention centres in India.
It said it inked a non-binding Memorandum of Understanding (MoU) yesterday with Adani Realty, a unit of the Adani Group, to express the intention to collaborate with each other.
Adani Realty is involved in the development of residential, commercial and social club projects.
"Adani Realty would complement MRCB's strong expertise in transit-oriented developments to leverage on the tremendous opportunities in India.
"The MoU will remain valid for a period of six months or may be terminated at any time by mutual consent," MRCB said in a stock exchange filing today.
Metal roofing and safety glass maker Ajiya Bhd saw a deviation of over 22% between its unaudited and audited financial statements for the financial year ended Nov 30, 2016 (FY16).
Ajiya said there is a RM4.22 million or 22.54% deviation in terms of profit after taxation and minority interest (Patami) between the two sets of financial statements, after its external auditor Messrs Ernst & Young completed the audit for FY16 accounts.
Ajiya reported a Patami of RM18.712 million in the unaudited financial statements for FY16, compared with a Patami of RM14.494 million in the audited one.
The bulk of the variance, according to the group, was due to dividend to minority interest of a subsidiary company amounting to RM2.9 million, which was not added to the amount attributable to minority interest at group level.
Secondly, the group also did not take into account additional bad debts, foreign exchange loss and other administrative expenses amounting to RM1.01 million in the unaudited financial statement.
Icon Offshore Bhd has bagged an RM8 million contract to provide one platform supply vessel to Halliburton Energy Services (M) Sdn Bhd.
“The contract is for a period of up to nine months, and it will contribute positively to earnings and net assets of the group for the financial year ending Dec 31, 2017 and beyond,” said Icon Offshore managing director Amir Hamzah Azizan in a statement yesterday.
“We have stayed resilient during the prevailing downturn and made the necessary action to pave our way forward. This is the result of our hard work, organisation philosophies and culture, and we will ensure that we always provide the best quality of services to our partners and the industry,” he added.
Book publisher Sasbadi Holdings Bhd has secured three contracts from the Ministry of Education to publish and supply Mathematics, Arts Education and Chinese Language textbooks worth a collective RM6.81 million.
The three texbooks, said Sasbadi in a filing with Bursa Malaysia today, will be supplied to all Year 2 students at Chinese national-type primary schools throughout the country for about three years. The job, which commenced on March 31, will end on Dec 31, 2019.
The contracts to supply mathematics and art education is worth RM2.98 million and RM763,070 respectively, and will be supplied by Sasbadi’s wholly-owned unit Sasbadi Sdn Bhd.
The Chinese Language texbook deal is worth RM3.07 million. The books will be supplied by The Malay Press, in which Sasbadi has a 70% indirect stake held via its wholly-owned unit, Sanjung Unggul Sdn Bhd.
Loss-making technology solutions provider NetX Holdings Bhd announced that its wholly-owned subsidiary Ariantec Sdn Bhd has signed a licensing agreement with Payallz International Ltd to license four electronic payment products that will be based on a 50:50 revenue-sharing model.
The four products to be licensed are AllZ mPOS, AllZ+, AllZ 360° and AllZ Wallet, all of which are housed under Ariantec.
This, said Ariantec, was because Payallz had today signed a partnership with Cambodia’s Hello Digital Co Ltd to provide technology resolutions and digital marketing services, which will include of AllZ mPOS, AllZ+, AllZ 360° and AllZ Wallet into their portfolio of products.
http://www.theedgemarkets.com/my/article/mudajaya-voir-suria-capital-mrcb-ajiya-icon-sasbadi-and-netx
