MGRC, Majuperak, Chin Hin, Sapura, Advancecon, Dataprep, LPI Capital, Industronic, DNeX, Samaiden and MQ Technology

MGRC, Majuperak, Chin Hin, Sapura, Advancecon, Dataprep, LPI Capital, Industronic, DNeX, Samaiden and MQ Technology

KUALA LUMPUR (Aug 2): Here is a brief look at some corporate announcements and news flow on Tuesday (Aug 2), which include Malaysian Genomics Resource Centre Bhd (MGRC), Majuperak Holdings Bhd, Chin Hin Group Bhd, Sapura Energy Bhd, Advancecon Holdings Bhd, Dataprep Holdings Bhd, LPI Capital Bhd, Industronics Bhd, Dagang NeXchange Bhd's (DNeX), Samaiden Group Bhd and MQ Technology Bhd.

Malaysian Genomics Resource Centre Bhd (MGRC) has been slapped with an unusual market activity (UMA) query by Bursa Malaysia following a sharp fall in its share price, losing 30 sen or 29.7% to end the day at 71 sen. Bursa requested that the company disclose any corporate development, rumours or report concerning the business and affairs of the group, or any other possible reasons, that may account for the UMA.

Majuperak Holdings Bhd, a 51.41%-owned subsidiary of Perak State Development Corp, has struck a deal to acquire a substantial stake in two property management companies as part of a plan to regularise its financial condition and turn the group around. It signed a share sale agreement (SSA) with sellers, namely Cheong Mee Yoke, Teoh Oo Seng and Tan Keng Heng, to acquire 49% equity interest in Allied Group Property Services Sdn Bhd (AGPS) and Allied Group Property Services (Penang) Sdn Bhd (AGPSP) for RM9.8 million cash. This follows the signing of a term sheet between the two parties for the proposed acquisition on March 30. Majuperak said the proposed acquisitions represent a strategic investment for the group to be entitled for the future income streams arising from AGPS and AGPSP.

Chin Hin Group Bhd, which was slapped with an unusual market activity (UMA) query from Bursa Malaysia on Tuesday, said it is unaware of any corporate development relating to the group's business and affairs apart from its proposed sale of a 19.34% stake in Solarvest Holdings Bhd, and the one-for-one bonus issue of Chin Hin shares. Its shares have closed higher for 11 consecutive days since July 15, reaching RM5.11 on Monday (Aug 1), 62.74% higher than July 15's close of RM3.14. The shares climbed further at the opening bell on Tuesday (Aug 2), touching a record high of RM5.12.

Sapura Energy Bhd has been awarded a two-year extension of a charter and service contract by Petrobras in Brazil worth RM580 million. The oil and gas service provider said the contract was awarded to Sapura Navegação Marítima S.A, a wholly-owned subsidiary of Seabras Sapura Participações S.A, a joint venture company between Sapura Offshore Sdn Bhd and Seabras Serviços De Petroleo S.A. According to the group, the award strengthens Sapura Energy’s presence in Brazil, signifying its ability to create strong partnerships and deliver value to clients.

Advancecon Holdings Bhd has secured a RM17.16 million subcontract for the provision of earthworks and civil engineering services over an eight-month period. Advancecon said its wholly-owned subsidiary Advancecon Infra Sdn Bhd secured the subcontract from KEB Builders Sdn Bhd for the preliminaries, site clearance and earthworks, geotechnical works, erosion sediment and control plan services.

Dataprep Holdings Bhd has won a RM5.4 million award from MYTV Broadcasting Sdn Bhd to set up and provide managed services for the transmission system of digital TV infrastructure. The IT company said its wholly owned subsidiary Solsis (M) Sdn Bhd accepted the letter of award for the project from MYTV for the design, supply, delivery, installation, testing and commissioning, inclusive of managed services, for the transmission system of digital TV infrastructure at Gunung Telapak Buruk and TM Exchange Kangar.

LPI Capital Bhd’s second-quarter net profit dropped to RM56.77 million, from RM83.92 million a year earlier, as the general insurer incurred higher claims by policyholders, and as the company registered a decline in revenue on lower gross-earned premiums and investment income. The company's revenue fell to RM397.05 million for the second quarter ended June 30, 2022 (2QFY22), from RM419.99 million a year earlier. Despite the weaker financial performance, LPI declared its first interim dividend of 25 sen a share for the financial year, compared with 29 sen a year earlier.

Industronics Bhd has secured US$1 billion in funding from China’s state-owned investment holding company, State Development & Investment Corp Ltd (SDIC), for collaboration on asset management and capital market services. Industronics said it entered into a deal with SDIC for collaboration on asset management and capital market services, in line with its plans to acquire 10% of Hong Kong-based renowned stockbroking, asset management and credit firm Bluemount Financial Group Ltd.

Dagang NeXchange Bhd's (DNeX) subsidiary Ping Petroleum UK plc will set up a joint-venture company (JVCo) with Cerulean Winds Ltd to deliver a dedicated offshore floating wind turbine for the Avalon development in the Central North Sea, the UK. The turbine will power the Sevan Hummingbird floating production storage and offloading (FPSO) vessel acquired by Ping in July.

Samaiden Group Bhd has entered into a joint venture (JV) agreement with Aneka Jaringan Holdings Bhd to vie for engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants in Indonesia. The companies said the JV provides Samaiden access to the Indonesian market and allows Aneka Jaringan, which already has a presence in Indonesia via its subsidiary PT Aneka Jaringan Indonesia, to add to its value chain in a fast-growing segment.

MQ Technology Bhd has inked a memorandum of understanding (MoU) with Taiwan Superconductor International Semiconductor Technology Co Ltd (TSIST) for negotiation in respect of TSIST’s expressed interest to invest up to 30% equity in MQTech via participation in a forthcoming corporate exercise of MQTech. However, it did not disclose the sum of the investment.

https://www.theedgemarkets.com/article/mgrc-majuperak-chin-hin-sapura-advancecon-dataprep-lpi-capital-industronic-dnex-samaiden-and