KUALA LUMPUR (July 3): Based on corporate announcements and news flow today, stocks in focus for Thursday (July 4) may include the following: Nestle (Malaysia) Bhd, MSM Malaysia Holdings Bhd, MMC Corp Bhd, Yee Lee Bhd, Benalec Holdings Bhd, Yong Tai Bhd, Lingkaran Trans Kota Holdings Bhd, AirAsia Group Bhd, AirAsia X Bhd, Media Prima Bhd and Damansara Realty Bhd.
Nestle (Malaysia) Bhd will not increase the prices of products following the introduction of the excise tax on sugary beverages, as the impact on its business is very minor. Instead, the company will find a way to absorb the impact instead, according to its chief executive officer Juan Aranols.
However, he said the prices of the products would be higher if there is a rise in raw material prices.
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MSM Malaysia Holdings Bhd is on track to introduce healthier sugar-related products to enhance the company's revenue by year-end. The products are still undergoing research with FGV Holdings Bhd’s research and development team, according to group chief executive officer Datuk Khairil Anuar Aziz, and are expected to be available in the third or fourth quarter of this year.
MMC Corp Bhd announced today that it has been refunded by the Inland Revenue Board of Malaysia (IRB) the amount of RM20.27 million, and that its additional income tax issues have been resolved.
MMC said following the full receipt of the refund, no penalties have been imposed by the IRB upon the company.
Back in December 2017, MMC said it received notices of assessment from the IRB pursuant to a tax audit for the assessment years 2011 to 2013, for additional income tax and penalties amounting to RM45.91 million.
The privatisation of Yee Lee Bhd is not materialising at this juncture as the joint offerors, one of whom is the company's controlling shareholder, have not been able to garner enough acceptance for their voluntary takeover offer of RM2.29 per share (excluding four sen dividend).
Yee Lee announced that the joint offerors — its founder Datuk Lim A Heng @ Lim Kok Cheong and Singapore-based Dymon Asia Private Equity (S.E. Asia) Fund II Ptd Ltd — have only managed to secure 89.85% shareholding in the company, which is a whisker away from the 90% threshold needed to suspend trading of Yee Lee's securities.
Benalec Holdings Bhd is disposing of two of its sand carrier vessels for US$3.82 million (RM15.82 million) to improve its cash flow amid the softening of the domestic and regional maritime industry. Benalec said its 51%-owned indirect subsidiary, Ocean Pacific Ltd, is selling the vessels to Regiontrade Sdn Bhd.
Due to the current market environment of the domestic and regional maritime industry, Benalec said there has been a softening in demand for vessels which in turn negatively affects the group’s vessel chartering business
Hence, the disposal of the assets, Benalec said, provides an avenue to monetise the assets and crystallise the value of the vessels at a reasonable price, while at the same time improve the cash flow of the company.
Yong Tai Bhd announced today that its wholly-owned subsidiary YTB Impression Sdn Bhd has terminated a joint development agreement with JM Bestari Land Sdn Bhd to develop a piece of land in Malacca.
In March 21, 2017, YTB Impression inked the joint development agreement with JM Bestari, under which JM Bestari, as the landowner, had agreed to grant YTB Impression the sole and exclusive rights and entitlement to develop the joint venture (JV) land.
The proposed JV development was expected to have a total GDV of approximately RM1.2 billion.
Lingkaran Trans Kota Holdings Bhd (Litrak) and Litrak’s associate company Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint Holdings) have resolved to accept the Government's offer to take over Damansara-Puchong Expressway (LDP) and the Sprint highway.
The boards of the two companies had unanimously found the offer fair and reasonable.
AirAsia Group Bhd, together with AirAsia X Bhd, are appealing against the High Court's dismissal of their application to challenge the Malaysian Aviation Commission's (Mavcom) refusal to mediate an ongoing dispute between the budget airline group and Malaysia Airports Holdings Bhd.
"We wish to announce that AirAsia Group, together with AirAsia X Bhd had, on July 2, 2019, filed a notice of appeal against the Decision of the High Court," the airline and AirAsia X announced in separate stock exchange filings today.
UMNO has sold its 11.09% stake in Media Prima Bhd, the country’s largest media group, to tycoon Tan Sri Syed Mokhtar Al-Bukhary, who already owns equity interest in Utusan Melayu Bhd and The Malaysian Reserve, according to sources.
With the shares in hand, Syed Mokhtar is now the third largest shareholder in Media Prima. UMNO is still left with a 7.96% stake in Media Prima after the share sale. The stake is held through Altima Inc, which is the fourth biggest shareholder in the media group that has presence across newspaper, TV and radio in three languages.
Damansara Realty Bhd (DBhd) has estimated the renewal of its parking management contract at the Madrigal Business Park (MBP) in southern Manila to be worth RM62 million. This is based on the renewal of 702 existing parking bays at the park, it said in a statement today
https://www.theedgemarkets.com/article/nestle-msm-mmc-yee-lee-benalec-yong-tai-litrak-airasia-airasia-x-media-prima-and-damansara
