Master Tec Wire & Cable Sdn Bhd has agreed to collaborate with Tenaga Nasional Bhd's (TNB) subsidiary, Tenaga Cable Industries Sdn Bhd, on another multi-million-ringgit contract to supply low-voltage power cables. Master Tec signed a long-term original equipment manufacturing (OEM) agreement with Tenaga Cable Industries to supply three types of cables on October 19. (NST)
Betamek Bhd, en route to the ACE Market of Bursa Malaysia on Oct 26, posted a net profit of RM4.65mil on a revenue of RM48.6mil in the second quarter ended Sept 30. The electronics manufacturing services provider’s earnings per share (EPS) for the quarter was 1.22 sen. For the first six months to Sept 30, Betamek posted a net profit of RM8.9mil, or a 2.33 sen EPS on a revenue of RM95.03mil. (TheStar)
Yinson Holdings Bhd has secured a contract extension worth US$3.4mil (RM16.04mil) for the charter of one floating production, storage and offloading or FPSO vessel. The energy infrastructure group, in a Bursa Malaysia filing, said the contract was extended for one month commencing from Oct 17 to Nov 16. Save for the extension of the tenure, the terms under the contract extension remain unchanged. (TheStar)
T7 Global Bhd's wholly-owned subsidiary, Tanjung Offshore Services Sdn Bhd, has received a work order award from Hibiscus Oil & Gas Malaysia Ltd for the Pan Malaysia Umbrella Contract for Integrated Well Services (IWS). The contract is for the petroleum arrangement contractor's (PAC) – Work Order Request #3 RML Workover and Plug & Abandonment. (NST)
Ranhill Utilities Bhd’s wholly owned subsidiary, Ranhill Water Technologies Sdn Bhd (RWT) has secured a RM11.94mil construction contract for a water treatment plant in Johor. In a filing with Bursa Malaysia, Ranhill said RWT was recently awarded the contract by Ranhill SAJ Sdn Bhd (SAJ) through a competitive open tender exercise. (TheStar)
Atlan Holdings Bhd is acquiring The Cornwall Hotel Spa & Estate in the UK from Belle Isle Property Ltd for RM57.50mil. In a filing with Bursa Malaysia yesterday, Atlan said the property comprised a hotel and spa with 65 guest rooms. (TheStar)
Stella Holdings Bhd said the diversified company had on Friday (Oct 21) received a notice of unconditional mandatory takeover offer at 95 sen a share from joint offerors Varia Engineering & Services Sdn Bhd (VES), Datuk Lau Beng Wei and Datuk Lau Beng Sin (joint offerors), who collectively intend to acquire the remaining Stella shares not owned by them. (TheEdge)
ACE Market-listed HPP Holdings Bhd’s net profit doubled year-on-year to RM4.28 million for the first quarter ended Aug 31, 2022 (1QFY23), from RM1.98 million a year ago, due to higher sales and favourable foreign exchange (forex). In a filing with the bourse on Thursday (Oct 20), the paper-based packaging manufacturer elaborated that the stronger earnings were carried by higher sales in Mexico and Thailand, while also benefiting from the depreciation of the ringgit against the US dollar, as it noted that sales in these two countries are mainly denominated in the greenback. (TheEdge)
Press Metal Aluminium Holdings Bhd’s Koon brothers have offloaded 123.59 million shares off-market, representing a 1.5% stake in the company, for RM605.59 million, local bourse filings showed. The shares were sold on Tuesday (Oct 18) at RM4.90 apiece, according to the group's filings with Bursa Malaysia on Wednesday. (TheEdge)
Caely Holdings Bhd (CHB) has set plans to expand its manufacturing business segment via a proposed joint venture with an Indonesian counterpart for a new production facility with a total investment value of US$800,000. Executive director Leong Seng Wui said the company is looking to execute the expansion by the first quarter (Q1) of next year, adding that the investments are to be in cash and machinery available in its Teluk Intan plant in Perak. (NST)
RHB Research is positive on Dayang Enterprise Sdn Bhd's contract extension from Petronas Carigali Sdn Bhd (PCSB) as it ensures the sustainability of job flow until the end of 2023. Dayang was awarded a contract amendment and extension for providing offshore maintenance, construction and modification (MCM) services from PCSB. (NST)
Sime Darby Plantation Bhd (SDP) expects to eliminate the need for manual workers in all non-harvesting activities by the end of 2023 after it has successfully mechanised several tasks across its Malaysian plantation operations. (TheStar)
Digi.com Bhd’s shares climbed in early trade Friday, after it reported earnings that were broadly in line with expectations. The telco rose five sen, or 1.43% to RM3.55 at 9.42 am. The counter has fallen over 12% so far this year. Digi posted a net profit of RM264.48mil in the third quarter ended Sept 30 (3Q), down 15.45% from RM312.81mil in the same quarter a year earlier. Digi posted a net profit of RM264.48mil in the third quarter ended Sept 30 (3Q), down 15.45% from RM312.81mil in the same quarter a year earlier. In a filing with Bursa Malaysia, it said its wholly owned subsidiary Dayang Enterprise Sdn Bhd had been awarded a contract. (TheStar)
Some members of the investment community have relayed their concerns over Astro Malaysia Holdings Bhd’s dividend sustainability, and the ability of the group to uphold its commitment to distributing at least 75% of its annually reported net profit to shareholders. These are understandable concerns, given that Astro has plenty of financial commitments denominated in US dollars. (TheEdge)
Source: New Straits Times, The Edge Markets, The Star 21 Oct 2022
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