KUALA LUMPUR (June 8): Based on corporate announcements and news flow today, stocks in focus tomorrow (June 9) may include: FGV, AMMB, RHB, Scomi, AsiaBio, AirAsia, Sinmah, Ire-Tex and Mitrajaya.
The Malaysian Anti-Corruption Commission (MACC) has seized a trolley-load of documents as well as computer files from the headquarters of Felda Global Ventures Holdings Bhd (FGV), after being tipped off by suspended CEO Datuk Zakaria Arshad on allegations of graft and power abuse in the company.
Also making an appearance was Datuk Seri Idris Jala, who was named by the Prime Minister's Office as an independent party to oversee the boardroom tussle between FGV chairman Tan Sri Mohd Isa Abdul Samad and Zakaria.
Moody's Investor Service said the proposed merger between AMMB Holdings Bhd (AmBank) and RHB Bank Bhd is credit positive for the former, because its distribution, funding resources and systemic importance would benefit from being a part of a larger Malaysian banking group.
Meanwhile, it said the potential benefits to RHB are discounted by its likely challenges to rationalise the organisational structure and infrastructure of the newly-merged entity.
Scomi Engineering Bhd said the KL Monorail four-car train fleet, which was introduced in December 2014, was independently certified before it commenced operations.
It was responding to Rapid Rail Sdn Bhd (RRML) chief executive officer Datuk Zohari Sulaiman who said RRML grounded all four-car train sets after it found a few areas of safety risks. The findings were concurred with by the Land Public Transport Commission (SPAD).
Asia Bioenergy Technologies Bhd’s wholly-owned Asiabio Petroleum Sdn Bhd has secured a 30-month subcontracting work worth RM220 million from Tenisha Construction Sdn Bhd for subcontract works within the Pengerang Integrated Petroleum Complex.
Asiabio Petroleum plans to ink a subcontract agreement with Tenisha in one month. Works include designing, erecting, inspecting, maintaining and dismantling of scaffolding and formwork systems on-site.
AirAsia Bhd has upped its stake in Rokki Sdn Bhd which supplies inflight entertainment and communication systems to the airline, from 73% to 83%.
The 10% stake, acquired for RM2.5 million, would allow the airline to enjoy additional share of profits, and a higher equity stake for strategic maneuverability, said the budget carrier.
Sinmah Capital Bhd, previously Farm’s Best Bhd, via its wholly-owned subsidiary has formed a 70:30 joint venture with Encorp Bhd's wholly-owned Encorp Bukit Katil Sdn Bhd to carry out a mixed development project in Bukit Katil, Melaka.
The RM865 million gross development value (GDV) project, to be built on a 77.94-acre land there, marks Sinmah Capital’s diversification into property development and construction.
Ire-Tex Corp Bhd has received a special notice from its largest shareholder Elite Cosmo Group Ltd, which is acting together with another shareholder Tan Yeang Tze, to remove four directors from the company and to appoint two new directors.
The shareholders said if an EGM is not called by Ire-Tex within the stipulated timeframe, they will then proceed to convene an EGM on their own, to pass the resolutions.
Mitrajaya Holdings Bhd is on track to secure its target order book replenishment of RM1 billion this year, having secured RM700 million so far. Its outstanding order book stood at RM1.73 billion, while tender book is worth RM3 billion.
Upcoming projects to be launched by year-end include an RM24 million gross development value (GDV) commercial project in Pengerang, Johor, and a residential development in Bukit Beruntung, Selangor, with GDV of RM20 million.
http://www.theedgemarkets.com/article/fgv-ammb-rhb-scomi-asiabio-airasia-sinmah-iretex-and-mitrajaya
