KUALA LUMPUR (June 22): Based on corporate announcements and news flow today, companies in focus tomorrow (Wednesday June 23) may include: Affin Bank Bhd, MPHB Capital Bhd, Serba Dinamik Bhd, Sunway Bhd, Astro Malaysia Holdings Bhd, Daibochi Bhd, Mulpha International Bhd, Yinson Holdings Bhd, TCS Group Holdings Bhd, Willowglen MSC Bhd, White Horse Bhd, MAA Group Bhd, Turiya Bhd and Dagang NeXchange Bhd (DNeX).
Italy's largest insurer Generali is proposing to buy a 70% stake in AXA Affin Life Insurance (AALI), a 53% stake in AXA Affin General Insurance (AAGI), as well as enlarge its current stake in MPI Generali Insurance Bhd from 49% currently to 100%. Generali said it will acquire a 49% stake currently held by AXA and a 21% stake currently held by Affin Bank Bhd in AALI, while it will purchase a 49.99% stake in AAGI from AXA and a further 3% stake from Affin and minority shareholders. Generali also plans to buy its joint-venture partner Multi-Purpose Capital Holdings Bhd (MPCHB) — a wholly-owned subsidiary of MPHB Capital Bhd — out of MPI Generali Insurance. The total consideration for the combined transactions is of RM1.29 billion, subject to closing adjustments, Generali said.
Serba Dinamik Bhd's board has decided to take legal action against its external auditor KPMG PLT, which has shone the limelight on the oil & gas outfit for the wrong reasons, after it raised red flags on its client’s financial accounts. It alleged that KPMG had been negligent and breached its contractual and statutory duties to the group. Meanwhile, the group has yet to finalise the appointment of Ernst & Young (EY) to conduct the independent review over the audit matters flagged by its external auditor. Serba Dinamik's legal counsel Tan Sri Muhammad Shafee Abdullah said the decision still lies with its board of directors.
Sunway Bhd announced today that trading in its shares will be suspended from tomorrow (Wednesday, June 23), pending an announcement from the group. Its structured warrants will also be suspended at the same time.
Astro Malaysia Holdings Bhd saw its net profit in its first financial quarter ended April 30, 2021 (1QFY22) increase 91% to RM141.25 million from RM73.84 million a year ago, thanks to the increase in its earnings before interest, tax, depreciation and amortisation (EBITDA) by 13% to RM374 million, from RM330.2 million. Revenue increased 0.8% to RM1.06 billion, from RM1.05 billion, mainly due to higher advertising revenue, merchandise sales and others, offset by a decrease in subscription revenue. The group declared a dividend of 1.5 sen, which is payable on July 23.
Flexible packaging solutions provider Daibochi Bhd saw its net profit decline slightly by 5.35% to RM10.26 million in the third quarter ended April 30, 2021, from RM10.84 million in the previous year, due to higher raw material prices recorded in the period. Revenue slid 1.22% to RM150.12 million from RM151.98 million, despite sales remaining stable in its domestic market. The group has declared a single tier interim dividend of two sen to be paid on July 19.
Mulpha International Bhd’s unit Mulpha Credit Sdn Bhd has entered into a transaction to dispose of its entire equity interest in New Zealand’s Education Perfect Group Ltd (EPGL). Mulpha said the disposal represents the entire 37.81% in EPGL for NZ$455 million or RM1.31 billion.
Yinson Holdings Bhd has agreed to collaborate with Chile-based renewable energy developer Verano Capital Holdings SpA to undertake renewable energy projects in Chile, Colombia and Peru. The company said the collaboration, which will be carried out through its wholly-owned subsidiary Yinson Renewable Pte Ltd, has initially targeted to progress a pipeline of over 800 megawatt of utility scale solar projects, of which 330MW is expected to be consented to within the next six to 12 months.
Construction firm TCS Group Holdings Bhd has secured a RM555 million contract for a mixed-use development project known as J.Satine in Setapak. The project comprises 3,600 units of Residensi Wilayah apartments, 661 units of small office or home office (SOHO) and 42 commercial units, the group said.
Willowglen MSC Bhd said it has won a contract for the maintenance of Singapore's East-West Cable Tunnel Scada System, including system enhancements. The contract worth RM10.99 million was awarded by SP PowerAssets Ltd, the government-owned sole provider of electricity transmission and distribution services in Singapore.
Ceramic tile maker White Horse Bhd is disposing of a piece of leasehold land with buildings in Vung Tau, Vietnam for RM113.45 million. The group is selling the land measuring 278,511 square metres to Vietnam's Viglacera Tien Son Joint Corp, it said.
MAA Group Bhd is acquiring a 57.78% stake in Turiya Bhd from Ithmaar Bank BSC for RM23.8 million, in a bid to extend a mandatory takeover offer on the machinery and chemicals manufacturer. MAA, which is involved in investment holding and insurance business, proposed to acquire 132.15 million Turiya shares from Ithmaar Bank at 18 sen per share. It also intends to maintain Turiya's listing status on Bursa Malaysia.
Dagang NeXchange Bhd (DNeX) has today appointed two directors, namely Hon Hai Precision Industry Co Ltd’s Dr Chen Wei-Ming, besides oil and gas veteran Datuk Robert Fisher.