-->

Type something and hit enter

Pages

Singapore Investment


On

KUALA LUMPUR (April 21): Based on corporate announcements and news flow today, companies in focus tomorrow (April 22) may include: Genting Bhd, AirAsia Bhd, CIMB Group Holdings Bhd, Telekom Malaysia Bhd, Serba Dinamik Holdings Bhd, Tadmax Resources Bhd, HLT Global Bhd, Dataprep Holdings Bhd and Sino Hua-An International Bhd.

Malaysia’s casino-to-hospitality conglomerate Genting Bhd and its units are planning the first group-wide salary cut since its founding in 1965.

Genting, backed by tycoon Tan Sri Lim Kok Thay, is proposing as much as a 20% temporary reduction of basic salary for employees based on their ranks, while Genting Hong Kong Ltd suggested an up to 50% cut for those holding vice-president roles or higher, according to an internal memo seen by Bloomberg News.

AirAsia Bhd has applied for leave for a judicial review of the Malaysian Aviation Commission’s (Mavcom) imposition of a RM2 million penalty on the airline for violating the Malaysian Aviation Consumer Protection Code 2016 (MACPC).

The low-cost carrier is seeking a declaration from the High Court that the penalty and decision issued by Mavcom on Dec 13, 2019 were invalid and of no effect. It is also seeking further and consequential relief or directions to be made as the court deems fit.

CIMB Group Holdings Bhd is believed to be the Malaysian bank that has significant exposure to troubled oil trader Hin Leong Trading, which owes almost US$4 billion to more than 20 banks, including DBS Group Holdings Ltd, HSBC Holdings Plc and Standard Chartered Plc.

Market talk has it that CIMB’s exposure to Hin Leong is to the tune of US$120 million to US$130 million. This will mean an exposure of more than RM500 million in its loan book.

When contacted on the matter, CIMB said: “CIMB does not disclose or comment on specific names or clients.”

Telekom Malaysia Bhd said maintenance works to restore data connectivity for the Asia-America Gateway submarine cable network linking Malaysia and other Asian countries to the US and Hong Kong have completed.

Amid global uncertainty due to the Covid-19 pandemic that has led to lockdowns and controlled movements worldwide, Serba Dinamik Holdings Bhd is optimistic on its projections, particularly its RM7.71 billion project in Abu Dhabi.

In an email interview, its group chief operating officer Datuk Mohd Abdul Karim Abdullah said the project would further strengthen the company’s position in the Middle East.

“We have not seen our operations significantly affected by the current situation,” Karim said, citing that it is business as usual for the international energy services provider, which has been categorised under “essential services”, despite the current lockdown.

Tadmax Resources Bhd has inked an agreement to sell a 25% stake in its Pulau Indah power plant project to Korea Electric Power Corp (Kepco) for RM41.75 million.

Under a prior heads of agreement dated Sept 14, 2018, Tadmax was to partner Kepco and Selangor state-linked Worldwide Holdings Bhd on the project, under a proposed shareholding ratio of 40:25:35 in Pulau Indah Power Plant Sdn Bhd (PIPP) respectively.

HLT Global Bhd said its unit HL Advance Technologies (M) Sdn Bhd has entered into a distributor agreement with Accobiotech Sdn Bhd for the distribution of Covid-19 rapid test kits around the world.

Dataprep Holdings Bhd has proposed a private placement exercise to raise up to RM16.7 million for working capital, repayment of bank borrowings and future investments. It intends to issue up to 139.06 million shares, equivalent to 30% of its outstanding shares, at an issue price to be determined later.

Sino Hua-An International Bhd has proposed the issuance of new shares to settle its debts totalling RM5.6 million, without incurring an additional debt obligation or interest expense.

Separately, it also proposed a private placement exercise of up to 135.43 million shares to raise total gross proceeds of RM8.52 million, mainly for working capital purposes.

https://www.theedgemarkets.com/article/genting-airasia-cimb-tm-serba-dinamik-tadmax-hlt-dataprep-and-sino-huaan
Back to Top