KUALA LUMPUR (April 24): Based on corporate announcements and news flow today, companies that may be in focus on Thursday (April 25) may include the following: Bumi Armada Bhd, MISC Bhd, RHB Bank Bhd, Gamuda Bhd, Kumpulan Perangsang Selangor Bhd, Media Prima Bhd, Iris Corp Bhd, HeiTech Padu Bhd, IGB Real Estate Investment Trust, and Vizione Holdings Bhd.
Bumi Armada Bhd has refinanced its unsecured term loans of US$380 million (RM1.57 billion) and revolving credit facilities of US$280 million into a single facility consisting of Tranche 1 facility of US$260 million, and Tranche 2 facility of US$400 million.
The offshore energy facilities and services provider said the loans will be repayable over two and five years respectively, from the closing date of the facility agreement.
MISC Bhd expects a 20% rise in 2020 net operating cash flow compared with 2018, in anticipation that 2019 projects will start to contribute in 2020.
Its president and group CEO Yee Yang Chien said MISC sees net operating cash flow as a true reflection of the company’s performance.
Its latest quarterly financial statements showed that net cash flows that were generated from operating activities stood at RM4.1 billion as at Dec 31, 2018 versus RM4.74 billion a year earlier.
RHB Bank Bhd said the group has two big-sized initial public offerings (IPOs) in its pipeline. "We expect a few IPOs, including the one (which will launch its prospectus) tomorrow. (We are their joint global coordinator), and we still have another two or three reasonably big ones (in the pipeline)," said RHB group MD Datuk Khairussaleh Ramli.
Khairussaleh said the two IPOs, which are slated to be listed by the second half of this year, are estimated to be about RM750 million each, adding that companies are from the consumer products and trading services sectors respectively.
Gamuda Bhd and Kumpulan Perangsang Selangor Bhd said Pengurusan Air Selangor Sdn Bhd's (Air Selangor) proposed purchase of 100% equity in Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) from Syarikat Pengeluar Air Selangor Holdings Bhd (SPLASH Holdings) has become unconditional as conditions precedent in the sale and purchase agreement were fulfilled on Monday (April 22, 2019).
Gamuda and Perangsang Selangor own 40% and 30% stakes in SPLASH Holdings respectively. Both companies said SPLASH Holdings "had on 24 April 2019 received the upfront sum of RM1.9 billion from Air Selangor. As such, the offer has been completed on even date. Accordingly, SPLASH shall cease to be a subsidiary of SPLASH Holdings with effect from 24 April 2019."
The agreement signed by Media Prima Bhd's unit for a 52% stake buy into Malay-language digital news producer Vocket Media Sdn Bhd has been terminated due to legality issues. However, an alternative acquisition structure has been proposed and accepted by all parties, following the termination of the share sale and purchase agreement (SSPA) inked in June 2018, it said.
Iris Corp Bhd is suing its former chairmen Tan Sri Razali Ismail and Datuk Nik Azman Mohd Zain and former group managing director and chief executive officer (CEO) Datuk Tan Say Jim, as well as five former board members for losses incurred in relation to the subscription of Border Control Solutions Ltd (BCS) shares for £2.05 million (RM11.72 million).
The five ex-directors named in the suit include Tunku Datuk Seri Shahabuddin Tunku Besar Burhanuddin, Datuk Hamdan Mohd Hassan, Datuk Eow Kwan Hoong, Syed Abdullah Syed Abd Kadir and Datuk Noor Ehsanuddin Mohd Harun Narrashid, as well as one current director Chan Feoi Chun.
HeiTech Padu Bhd has bagged two contracts to develop and manage smart parking systems on Penang Island and Seberang Perai. The group accepted the Letters of Award from Majlis Bandaraya Pulau Pinang (MBPP) and Majlis Perbandaran Seberang Perai (MPSP) today. The contracts are revenue-sharing concessions between HeiTech and MBPP and MPSP respectively, based on agreed parking rates.
IGB Real Estate Investment Trust (IGB REIT), which owns Mid Valley Megamall and The Gardens Mall here, posted a marginal 0.94% increase in net property income (NPI) for its first quarter ended March 31, 2019 (1QFY19) to RM103.48 million compared with RM102.51 million a year ago, as rental income rose.
Quarterly revenue climbed 3.25% to RM141.23 million from RM136.79 million a year ago.
It declared a distribution income per unit of 2.4 sen, totalling a payout of RM85 million, compared with the 2.48 sen it announced in 1QFY18.
Vizione Holdings Bhd's third-quarter net profit for the three months ended Feb 28, 2019 (3QFY19) more than doubled to RM17.76 million from RM8.06 million a year ago, thanks to contributions from its submarine pipeline project in Penang and the Outer Ring Road project Sabah. Quarterly revenue grew 23% to RM164.96 million from RM133.86 million a year ago.
https://www.theedgemarkets.com/article/bumi-armada-misc-rhb-bank-gamuda-kumpulan-perangsang-selangor-bhd-media-prima-iris-corp
