Yinson, HPP Holdings, Revenue Group, Genting Plantations, Mercury, QL Resources, Evergreen Fibreboard, WCT Holdings, Eden Inc, STMKB, Pos Malaysia, AEON Credit, AZRB, Mobilia
KUALA LUMPUR (Aug 16): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Aug 17) include Yinson Holdings Bhd, HPP Holdings Bhd, Revenue Group Bhd, Genting Plantations Bhd, Mercury Industries Bhd, QL Resources Bhd, Evergreen Fibreboard Bhd, WCT Holdings Bhd, Eden Inc Bhd, Syarikat Takaful Malaysia Keluarga Bhd, Pos Malaysia Bhd, AEON Credit Service (M) Bhd, Ahmad Zaki Resources Bhd and Mobilia Holdings Bhd.
A consortium that includes Yinson Holdings Bhd has been awarded funding from the Singapore government to develop and commercialise a fully electric cargo vessel with interoperable swappable battery infrastructure solutions for the Port of Singapore.
Offset packaging printing specialist HPP Holdings Bhd said today that its four manufacturing facilities in Melaka have resumed operations after a temporary suspension following the detection of Covid-19 cases among workers. The group said the Ministry of Health approved the resumption of operations of the affected facilities located in Taman Teknologi Cheng effective Aug 14.
Payment solutions provider Revenue Group Bhd is acquiring four land plots in Mukim Baru for RM44 million to house its subsidiaries' administrative and operations as well as technical team under one roof. The group through its wholly-owned subsidiary Revenue Harvest Sdn Bhd is also acquiring a 25% stake in VSure Tech Sdn Bhd, which is in the business of digitalising insurance platforms, for RM12 million.
The Employees Provident Fund (EPF) appeared to have stepped up its Genting Plantations Bhd share borrowing to raise the EPF's stake in the company to about 14% via Bursa Malaysia's securities borrowings and lending (SBL) facility, as Genting Plantations' share price falls to its lowest in more than nine years. The EPF, which is Genting Plantations' second largest shareholder, had raised its stake in Genting Plantations to 13.941% as at Aug 6, 2021, compared with 11.132% on Jan 4, 2021.
Construction group Mercury Industries Bhd has inked a deal with Aturan Prisma Sdn Bhd to develop houses on a freehold land in Melaka. The estimated total gross development value of the project is approximately RM152.3 million with an estimated total gross development cost of RM105.6 million.
QL Resources Bhd said its Indonesian subsidiaries, Pipit Mutiara Indah (PMI) and QL Mutiara (S) Pte Ltd, are being sued by a minority shareholder of PMI, PT Pipit Citra Perkasa (PCP), for alleged negligence in management. PCP claimed that the negligence had caused PMI to suffer eight years of continuous losses, which the minority shareholder claimed to have caused it to suffer losses as a result of not receiving any distributable dividends from PMI.
Evergreen Fibreboard Bhd posted its second consecutive profitable quarter with a net profit of RM4.21 million for the second quarter ended June 30, 2021, attributed to higher revenue from panel boards and downstream products, lower operation cost due to better production efficiency and higher foreign exchange gain recorded. This compared with a net loss of RM11.08 million a year earlier, as revenue rose 23.4% to RM213.31 million from RM172.92 million.
Construction engineering company WCT Holdings Bhd is disposing of 12 pieces of vacant freehold land in Serendah, Selangor to MDCon (Simpang Empat) Sdn Bhd for RM214.3 million cash. The estimated gain from the disposal of the 603 acres of land is RM45.53 million.
Eden Inc Bhd's wholly-owned subsidiary Stratavest Sdn Bhd has entered into a power purchase agreement with Sabah Electricity Sdn Bhd to further extend the operation of Libaran Power Station for another three years. It had successfully fulfilled its obligations under the initial power purchase agreement for the 21-year term, up until Dec 17, 2019.
Syarikat Takaful Malaysia Keluarga Bhd (STMKB) said its group chief executive officer (CEO) Datuk Seri Mohamed Hassan Md Kamil is leaving the company at the end of his contract on March 31, 2022. STMKB said it will appoint an executive search consulting firm to assist with the succession planning exercise for Mohamed Hassan, who was appointed as the CEO in 2006.
Pos Malaysia Bhd sank deeper into the red in the second quarter ended June 30, 2021, as its net loss swelled to RM121.84 million from RM46.78 million in the previous quarter, as it suffered lower business volume across the board as a result of the Movement Control Order. Revenue shrank to RM533.89 million from RM595.28 million in the preceding quarter.
AEON Credit Service (M) Bhd said it has obtained Bank Negara Malaysia's approval to acquire insurance and takaful broking firm Insurepro Sdn Bhd for RM1.7 million. The acquisition, which is expected to be completed in October, will allow the group to distribute both commercial and personal insurance products by leveraging the AEON Group Retail network and ecosystem.
Ahmad Zaki Resources Bhd (AZRB) has appointed former auditor-general Tan Sri Dr Madinah Mohamad as an independent and non-executive director.
Home furniture maker Mobilia Holdings Bhd has proposed a bonus issue of three new shares for every four held, together with free bonus warrants on the basis of one warrant for every four shares held. The proposals, expected to be completed by the fourth quarter of this year, could involve the issuance of 300 million bonus shares, and up to 175 million warrants.
https://www.theedgemarkets.com/article/yinson-hpp-holdings-revenue-group-genting-plantations-mercury-ql-resources-evergreen
