Sunday 14 Jul 2024
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KUALA LUMPUR (Oct 17): Here is a brief recap of some corporate announcements that made news on Tuesday: AE Multi Holdings Bhd, Eversendai Resources Bhd, Central Global Bhd, Infomina Bhd, Ancom Nylex Bhd, Sunsuria Bhd, Minox International Group Bhd, Straits Energy Resources Bhd, MyEG Services Bhd and ARB Bhd.

AE Multi Holdings Bhd, whose share price tumbled from 12.2 sen at end-2020 to one sen currently, is planning to consolidate every 10 existing shares held by its shareholders into one share on an date to be determined later. The company said the proposed share consolidation would result in an adjustment to the reference price of its shares and warrants B. For illustration, based on the last transacted market price of its shares of 1.5 sen per share as at Oct 2 (the latest practicable date), the theoretical adjusted reference price of its consolidated shares would be 15 sen per share upon completion of the proposed share consolidation, while warrants B’s adjusted reference price would be 10 sen apiece, compared with one sen apiece as at Oct 2.

Eversendai Resources Bhd’s wholly owned subsidiary, Eversendai Resources Sdn Bhd (ERCB) has entered into partnership with Saudi Arabia-based Algihaz to form a joint venture (JV) company to execute structural steel projects in Saudi Arabia. The construction company said the JV company shall be named as Eversendai Algihaz Structures LLC.

Central Global Bhd has secured a RM15.24 million sub-contract to supply plant, machinery, labour and material for a water supply construction project in Lahad Datu, Sabah. The sub-contract was awarded by Mahiribu Sdn Bhd, a third-party main contractor employed by the Ministry of Rural and Regional Development. Central Global, which is 28.9%-owned by its managing director Chew Hian Tat, said the contract work includes site clearing, earthworks, piling works, piping works, and reservoir pumping system.

Infomina Bhd's net profit rose 53.63% to RM7.27 million for the first quarter ended Aug 31, 2023 (1QFY2024), from RM4.73 million a year earlier, on the back of better performance of its technology infrastructure business operations support segment. At the segment profit level, the business operations support segment — which includes operations, maintenance, and services for technology infrastructure — grew 42.61% to RM11.78 million, from RM8.26 million previously. The design and delivery segment, meanwhile, saw a 70.1% decline to RM570,000, from RM1.91 million a year ago.

Ancom Nylex Bhd's net profit rose 3.85% to RM20.8 million for the first quarter ended Aug 31, 2024 (1QFY2024), from RM20.03 million a year earlier, on the back of higher earnings posted by its agricultural chemicals segment, and lower distribution and administrative expenses. Quarterly revenue fell 11.36% to RM487.36 million from RM549.81 million, underpinned by lower revenue contributions from the logistics, agriculture and industrial chemicals segments. Quarter-on-quarter, net profit came in 14.42% higher than the RM18.18 million registered for 4QFY2023, while revenue inched up 1.9% from RM478.25 million.

Sunsuria Bhd has inked a partnership with Island Hospital Sdn Bhd (IH) to open its first cancer centre in Penang. The property developer said its 30%-owned Icon Sunsuria had entered into a partnership with IH to develop the centre. Notably, the cancer centre is slated to operate early next year.

ACE Market-listed Minox International Group Bhd, which gained 48% on its maiden trading day on Bursa Malaysia on Tuesday, will pass on cost increases stemming from the 2% hike in service tax to its customers, following the government's announcement in Budget 2024 that the tax would be raised to 8%. Minox, through its subsidiaries, is principally involved in the distribution of stainless steel sanitary valves, tubes and fittings, installation components and equipment, and rubber hoses under the “Minox” brand and other related products.

Straits Energy Resources Bhd has secured a RM71.56 million sub-contract to supply equipment, resources, transport and machineries for a University Malaysia Perlis project. Its 70% indirect subsidiary Straits CommNet Solutions Sdn Bhd, which is principally involved in designing, developing, researching and handling all types of telecommunication products. Teras, the main contractor for the project, was awarded the project by the Public Works Department. The project involves the construction and installation of state-of-the-art engineering and communications facilities.

MyEG Services Bhd said it has received a two-year extension of its immigration-related services contract, but has to complete a system enhancement before being allowed to resume accepting applications for the services. The group said it received the letter of acceptance from the Ministry of Home Affairs on Tuesday, and an agreement to formalise the extension will be signed at a later date. The e-government services provider added that it will announce the commencement date of the system enhancement in due course. MyEG said the estimated total value of the extension will be dependent on the number of transactions performed over the two-year period.

ARB Bhd intends to distribute the bulk of its 94.56% stake in its Nasdaq-listed subsidiary, ARB IOT Group Ltd, to its shareholders through a dividend-in-specie. Up to 23.52 million shares or a 88.95% stake in ARB will be distributed on the basis of 14 shares for every 1,000 shares in ARB. The proposal comes after two rounds of distribution-in-specie in September by ARB’s wholly-owned subsidiaries, ARB Holdings Sdn Bhd and ARB IOT Ltd, to transfer the shareholdings in ARB IOT Group to be directly held under the Malaysian listed entity.

Edited ByS Kanagaraju
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