TNB, Gamuda, Yinson, Sunway Construction, Eco World Development, Chin Hin, Wellspire, Straits Energy, Ta Win, Green Packet and Pasukhas

TNB, Gamuda, Yinson, Sunway Construction, Eco World Development, Chin Hin, Wellspire, Straits Energy, Ta Win, Green Packet and Pasukhas

KUALA LUMPUR (March 23): Here is a brief recap of some corporate announcements that made news on Thursday (March 23): Tenaga Nasional Bhd, Gamuda Bhd, Yinson Holdings Bhd, Sunway Construction Group Bhd, Eco World Development Group Bhd, Chin Hin Group Property Bhd, Wellspire Holdings Bhd, Straits Energy Resources Bhd, Ta Win Holdings Bhd, Green Packet Bhd and Pasukhas Group Bhd.

Datuk Abdul Razak Abdul Majid, who has served Tenaga Nasional Bhd (TNB) for 36 years, has been appointed as the group’s new non-independent non-executive chairman for a two-year term with effect from next Monday (March 27). Abdul Razak, 72, replaces former Umno lawmaker Datuk Seri Hasan Arifin, who resigned from the position with effect from Jan 1, having served for 15 months. Abdul Razak has a direct interest of 26,562 shares in TNB.

Gamuda Bhd posted a net profit of RM194.62 million for its second quarter ended Jan 31, 2023 (2QFY2023), up 9.88% from RM177.13 million in 2QFY2022, as stronger construction and property earnings filled in the void of its highway earnings following the divestments of its four highways last year. "Overseas earnings tripled to contribute half of overall earnings compared with 22% previously as our overseas projects picked up pace.” Quarterly revenue climbed 18.39% to RM1.44 billion from RM1.22 billion. Earnings per share rose to 7.46 sen from 7.05 sen. No dividend was declared.

Yinson Holdings Bhd's net profit jumped 158.5% for the fourth quarter ended Jan 31, 2023 amid higher contribution from engineering, procurement, construction, installation and commissioning business activities. The floating production storage offloading (FPSO) vessels operator reported a net profit of RM168 million or 4.6 sen per share for the quarter, compared with RM65 million or 1.3 sen per share a year earlier. Quarterly revenue also rose sharply to RM1.96 billion, from RM741 million in 4QFY2022.

Sunway Construction Group Bhd has been awarded a contract for the construction of station and viaducts for the Johor Bahru–Singapore Rapid Transit System (RTS) for RM604.86 million. On March 23, SunCon announced that its wholly-owned subsidiary Sunway Construction Sdn Bhd had signed the Letter of Acceptance in respect for the proposed construction and completion of Package 1B and Package 5 for the RTS project. Package 1B entails the advance works for station and viaducts, while Package 5 is for the terrestrial viaducts and ancillary structures. The LoA was issued by Malaysia Rapid Transit System Sdn Bhd, the project owner of the JB-Singapore RTS.

Eco World Development Group Bhd’s net profit for the first quarter ended Jan 31, 2023 (1QFY2023) fell 10% to RM57 million from RM63.36 million a year ago, due to the recognition of an RM81 million impairment of its investment in Eco World International Bhd in the previous quarter. Quarterly revenue fell 8.5% to RM484.7 million from RM533.4 million a year ago, due to lower contributions from several parcels, which were substantially completed in FY2022. Revenue was also affected by the earlier Chinese New Year celebrations in January 2023, which slowed down work progress during the festive season. This is expected to normalise and pick up in the upcoming quarters.

Chin Hin Group Property Bhd has emerged as a substantial shareholder of NCT Alliance Bhd, after subscribing to 75.41 million shares in the latter via private placement. The shares amount to 5.61% of the voting shares in NCT upon completion of the share placement, said Chin Hin Property Group on Thursday. The property developer paid 32 sen per share, which amounts to RM24.13 million, from internally-generated funds for its stake in NCT, which is also involved in real estate development and construction activities.

Wellspire Holdings Bhd's 75.01% owned subsidiary, Bai Li Enterprise Co Ltd, has entered into a distribution agreement with HH International Enterprise Ltd to distribute snack products in Thailand. HH is the wholly-owned subsidiary of Weilong Delicious Global Holdings Ltd, a company listed on the Main Board of the Hong Kong Stock Exchange. Under the agreement, Bai Li will be HH's exclusive distributor of “Weilong” brand products in Thailand, commencing with konjac and seasoned flour products.

Straits Energy Resources Bhd said its 38%-associate CBL International Ltd has been granted in-principle approval to list on the Nasdaq Capital Market on March 23. Straits Energy said Nasdaq had vide email dated March 20 approved in-principle the listing and registration of CBL International's shares on the Nasdaq stock market. On Aug 29 last year, Straits Energy had announced that CBL International, an ultimate holding company of Banle International Group Ltd, was proposing a listing on the Nasdaq Capital Market via an initial public offering (IPO).

Ta Win Holdings Bhd said its wholly-owned subsidiary, Cyprium Capital Sdn Bhd, is acquiring Asia Poly Holdings Bhd's 15% stake in Cyprium Wire Technology Sdn Bhd (CWT) for RM12 million. “The proposed acquisition is undertaken to increase the company’s effective equity interest in CWT which would result in CWT being a 66%-owned subsidiary of the company which would represent greater control in decision making by the company to drive and influence the future strategic direction of CWT.” CWT is involved in the manufacturing of wire and cable products.

Green Packet Bhd saw its second largest individual shareholder Leong Seng Wui disposing of all his shares in the group on March 20 and 21. On March 23, Green Packet stated that Leong, who is also the group’s executive director, had ceased being its substantial shareholder after he disposed of all of his shares early this week. Prior to the disposal, Leong owned 124.34 million shares, or 8.91% of the issued shares of Green Packet, which he acquired back in January 31, 2022.

Pasukhas Group Bhd said the value of the contract the group won last year to undertake concrete substructure works for the head building of the Dexcom Malaysia Factory 3 project in Penang has been increased to RM12.7 million from RM7.08 million. It has accepted an amendment to its agreement with Exyte Malaysia Sdn Bhd to revise the contract value agreed to in August 2022. Another amendment involved the final acceptance date being extended to June 30 from Jan 9.

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