PetChem, T7 Global, DNeX, Hibiscus, Zhulian, DRB-Hicom, BIMB, Seacera, Serba Dinamik, CIMB, Parkson

PetChem, T7 Global, DNeX, Hibiscus, Zhulian, DRB-Hicom, BIMB, Seacera, Serba Dinamik, CIMB, Parkson

KUALA LUMPUR (April 13): Here is a brief look at some of the corporate announcements and news flow on Wednesday (April 13) involving Petronas Chemicals Group Bhd, T7 Global Bhd, Dagang NeXchange Bhd, Hibiscus Petroleum Bhd, Zhulian Corp Bhd, DRB-Hicom Bhd, Bank Islam Malaysia Bhd, Seacera Group Bhd, Serba Dinamik Holdings Bhd, CIMB Group Holdings Bhd and Parkson Holdings Bhd.

Petronas Chemicals Group Bhd (PetChem) climbed as much as 30 sen or 2.92% to a record high of RM10.56 on Wednesday morning as fertiliser and methanol supply tightness persisted amid the Russia-Ukraine conflict. Over the past one year, the counter has surged 31.73%.

Integrated energy solutions provider T7 Global Bhd has bagged a RM6 million contract from Hess Exploration and Production Malaysia BV for the provision of technical and non-technical manpower. T7 Global said its manpower subsidiary T7 Intelligent Resources Sdn Bhd received the letter of award from Hess to provide the manpower for the latter's North Malay Basin integrated gas development project. The group said the contract will span a two-year period.

Dagang NeXchange Bhd (DNeX) said its recent North Sea oilfield development's decarbonisation options may include wind power generation. This follows Monday's announcement that its 90%-owned subsidiary Ping Petroleum Ltd's final investment decision on its proposed crude oil production within the Avalon oilfield in the North Sea was anticipated for later this year after the UK's North Sea Transition Authority indicated it had "no objection" to Ping's planned development concept for the oilfield.

Hibiscus Petroleum Bhd is considering listing a special purpose acquisition company (SPAC) in Singapore that could raise as much as S$200 million (RM620.38 million), according to people familiar with the matter. The independent oil and gas explorer has held talks with potential advisers on the potential SPAC initial public offering, said the people, who asked not to be identified as the information is confidential. The blank-cheque company, which could raise S$150 million to S$200 million, will look for acquisition targets in the renewable energy sector, the people said.

Zhulian Corp Bhd's net profit jumped 116.01% to RM26.15 million for the first quarter ended Feb 28, 2022 from RM12.11 million a year earlier, thanks mainly to a RM14 million net gain from the disposal of land in Indonesia. Quarterly revenue, however, slipped 16.59% to RM34.57 million from RM41.44 million due to overall weak consumer sentiment associated with Covid-19.

DRB-Hicom Bhd has inked a memorandum of understanding with China's Zhejiang Geely Holding Group Co Ltd for the purpose of developing and promoting the Automotive HiTech Valley (AHTV) in Tanjong Malim, Perak. AHTV aims to be the next generation vehicle hub, covering extensive automotive and mobility solutions value chain from a full-fledged high technology research and development centre to a manufacturing cluster as well as supporting services and associated ecosystem including logistics, research university, training and learning institutions within a smart city.

Bank Islam Malaysia Bhd (BIMB) has reminded members of the public who are interested in its shares to place deposits and invest with licensed brokerage companies. The group said it is aware of the existence of a scam share brokerage website using a logo similar to its official logo to cheat the public into investing in BIMB shares.

Seacera Group Bhd said it has received a winding up statutory notice demanding a sum of RM34.64 million in connection with a share sale agreement (SSA). The group said the notice was issued by solicitors acting for Ismail Othman, who signed the SSA with the group's subsidiary, Seacera Properties Sdn Bhd, in 2016.

Serba Dinamik Holdings Bhd and four top executives have been compounded RM3 million each by the Securities Commission Malaysia for falsifying the RM6.01 billion revenue figure for the financial year ended Dec 31, 2020 which was red-flagged by external auditor KPMG. The four individuals are chief executive officer and group managing director Datuk Dr Mohd Abdul Karim Abdullah, executive director Datuk Syed Nazim Syed Faisal who was chief financial officer (CFO) until mid-2020, its current group CFO Azhan Azmi, and vice president of accounts and finance Muhammad Hafiz Othman.

Khazanah Nasional Bhd is trimming its stake in CIMB Group Holdings Bhd by placing out 83 million shares representing a 0.8% stake in the banking group in an accelerated placement. According to a summary of the offer sighted by theedgemarkets.com, the price range is set between RM5.10 and RM5.28 per share for the book-building that opened on Wednesday and closed the same night. The price range represents a discount of up to 3.4% to the stock's closing price of RM5.28 on the day.

Parkson Holdings Bhd said its external auditor has reported a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern. This is in respect of the retailer's audited financial statements for the 18-month period ended Dec 31, 2021 (FY21). Separately, Parkson said it has reassessed its condition and concluded that it does not trigger any Practice Note 17 prescribed criteria based on the FY21 results.

https://www.theedgemarkets.com/article/petchem-t7-global-dnex-hibiscus-zhulian-drbhicom-bimb-seacera-serba-dinamik-cimb-parkson