KUALA LUMPUR (Sept 14): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Tuesday, Sept 15) could include the following: FGV, Mudajaya, Poh Huat, Daya Materials, Nova MSC, Fututech, Super Enterprise, Halex and Metal Reclamation.
Felda Global Ventures Holdings Bhd (FGV) has been issued an unusual market activity (UMA) query by Bursa Malaysia, after the sudden spike in its share price today.
FGV’s share price surged as high as 30% to trade at RM1.65 today after the news that the federal government will pump RM20 billion into ValueCap Sdn Bhd to support the local stock market.
The plantation stock has been sliding since June last year, falling from RM4.60 to a low of RM1.19 last month.
In the UMA query today, Bursa had requested FGV to disclose any corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons for the share price rally.
Mudajaya Group Bhd has bagged a RM489 million contract to build workers village and temporary construction facilities for the utilities, interconnecting and off-site (UIO) facilities for Petroliam Nasional Bhd’s (Petronas) RAPID Project in Pengerang, southern Johor.
In a filing to Bursa Malaysia, Mudajaya Group said its wholly-owned subsidiary Mudajaya Corp Bhd has been awarded the contract by PRPC Utilities andFacilities Sdn Bhd.
Mudajaya Corp will undertake the engineering, procurement, construction and commissioning of workers village and temporary construction facilities for the UIO facilities for the RAPID Project.
PRPC Utilities and Facilities is a subsidiary of Petronas.
Poh Huat Resources Bhd’s net profit almost tripled to RM10.49 million, or 9.96 sen per share, for the third quarter ended July 31, 2015 (3QFY15), from RM3.88 million or 3.64 sen per share in the previous year.
Revenue for the quarter grew 26% to RM112.50 million, from RM89.12 million a year earlier.
Poh Huat announced a second interim dividend of three sen per share for the financial year ending Oct 31, 2015 (FY15).
In its filing with Bursa Malaysia, the furniture maker attributed the improved performance to higher shipment from its Vietnamese operations, which was significantly higher in line with the stronger recovery in the employment and housing market in the United States.
Besides that, the strengthening of the US dollar had also improved margins for its Vietnamese and Malaysian operations. The group recorded a foreign exchange gain of RM3.4 million during the quarter.
For the cumulative nine-month period to July 31 (9MFY15), net profit almost doubled to RM23.33 million, from RM12.75 million in the year before, while revenue climbed 17% to RM313.75 million, from RM269.06 million.
Daya Materials Bhd’s deputy group chief executive officer Rayburn Azhar Ali has stepped down from his post effective Aug 13 to pursue other interests.
In a filing with Bursa Malaysia today, Daya Materials said Rayburn, 45, has been heading the group’s downstream oil and gas division for the past seven years.
According to the filing, Rayburn resigned from his post as he wanted to pursue other interests but did not give details.
Nova MSC Bhd is proposing to undertake a private placement which may raise some RM5.28 million, based on an illustrative price of 10.5 sen per placement share, mainly for working capital.
In its filing with Bursa Malaysia today, Nova MSC said the placement shares will be issued to third party investors to be identified, and at an issue price to be determined by the board and announced later.
The proposed private placement is expected to entail the issuance of 50.25 million Nova MSC shares, representing 10% of its enlarged issued and paid up share capital.
Using an illustrative price of 10.5 sen per placement share, which is priced at a discount of 9.48% of the five-day volume weighted average price (VWAP) of Nova MSC shares up to and including Sept 11, 2015, the proposed private placement is expected to raise gross proceeds of up to RM5.28 million.
Of this, RM5.13 million is expected to be utilised for working capital purposes, while the remaining RM150,000 is expected to be used for the expense of the placement exercise.
The placement shares will be issued based on a discount, if any, of not more than 10% of the five-day VWAP of Nova MSC shares, immediately preceding the price-fixing date.
The proposed private placement may be implemented in tranches within six months, the filing stated.
The trading of Fututech Bhd shares will be suspended tomorrow pending the injection of two building construction firms into the company.
In a filing with Bursa Malaysia, Fututech said it is expected to make an announcement tomorrow.
It is learnt that Fututech is expected to finalise its asset injection exercise by its controlling shareholder.
Fututech had on Feb 6, 2015 entered into a heads of agreement with Fututech executive chairman Datuk Tee Eng Ho, Datin Toh Siew Chuon and Tee Eng Seng to explore and negotiate further the proposed acquisitions of Kerjaya Prospek Sdn Bhd and Permatang Bakti Sdn Bhd.
The purchase consideration was RM380 million, which will be settled by the issue of 280 million new ordinary shares of 50 sen each in Fututech at an issue price of RM1.16 per share and the balance in cash.
Super Enterprise Holdings Bhd will be delisted from the Main Market of Bursa Malaysia this Friday (Sept 18).
The company said that it has received a letter today from Bursa, which stated that pursuant to Paragraph 16.07(a) of the Main Market Listing Requirements, the entire issued share capital of Super Enterprise will be removed from the official list of Bursa with effect from 9am on Friday.
Nasdaq-listed Multi-Color Corp (MCC) had on June 17 launched a takeover offer to acquire all the shares in Super Enterprise, which manufactures product decorating and labelling solutions and is involved in the sale of labelling machines, at an offer price of RM3.80 per Super Enterprise share or RM158.4 million.
The offer became unconditional on Aug 11, after MCC’s indirect wholly-owned subsidiary MCC LABL2 Netherlands BV, which made the takeover offer, received valid acceptances for 37.87 million shares or 90.87% in the company.
Shares of Super Enterprise have been suspended from trading since Sept 4.
Halex International Sdn Bhd, a subsidiary of Halex Holdings Bhd, has entered into a memorandum of understanding (MoU) with the major shareholder of VW Win Holdings Plc (VW Win), Goh Teik Keng, for a proposed acquisition of at least 51% stake in the latter.
VW Win currently operates a licensed lottery gaming business in Cambodia, and intends to apply for and operate an online gaming license in the country.
In a filing with Bursa Malaysia, Halex said that the proposed acquisition shall be conditional upon the fulfilment of the conditions as stated in the MoU by Dec 10, this year.
The conditions stipulated in the MoU include Halex International receiving necessary approvals from the relevant authorities in Cambodia with regards to the proposed sale and purchase of the shares as well as regulators Bursa Malaysia and Securities Commission.
The MoU also states that VW Win must obtain a valid online gaming licence in Cambodia.
Goh has also agreed to execute and provide a valid guarantee to Halex that the group’s annual net profit shall not be less than US$3 million, for a period of three years beginning financial year 2016, according to the filing.
Metal Reclamation Bhd, which is in Practice Note 17 status, has been granted a two-week extension for a restraining order the company had obtained to ensure its proposed corporate debt restructuring scheme is carried out fairly.
In a filing with Bursa Malaysia, Metal Reclamation said the court had extended the restraining order for 14 days from Sept 2, 2015.
Metal Reclamation said the group had sought to restrain all potential litigations or proceedings which may affect the formulation of the proposed corporate debt restructuring scheme.
The company found it necessary to obtain the order to ensure that the creditors of the company and its subsidiaries were treated “equally and efficiently”.
Metal Reclamation said the debts owed by the company and its subsidiaries to the creditors will be restructured under the scheme, which is pending the finalisation of the proposed arrangement for the scheme creditors.
This is the third extension granted by the courts to Metal Reclamation’s restraining order.
(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)