Wednesday, September 13th, 2017


US stocks pull back from records

NEW YORK, Sept 13 — Wall Street stocks pulled back from records early today as US data showed inflation remained tepid, potentially denting the odds of further Federal Reserve interest rate hikes. US stocks have been on the upswing this week,…

CAB Cakaran unit and other shareholders of Singapore Poultry Hub sign deal

PETALING JAYA: CAB Cakaran Corp Bhd yesterday announced that its 51%-owned unit Tong Huat Poultry Processing Factory Pte Ltd has entered into an agreement with the other shareholders of Singapore Poultry Hub Pte Ltd to specify their roles as shareholders and the business affairs of Singapore Poultry Hub.

The principal activity of Singapore Poultry Hub is slaughtering of poultry and cold storage. The company’s shareholders include Tong Huat Poultry, Kee Song Holdings Pte Ltd, Sinmah Holdings (S) Pte Ltd, Tysan Food Pte Ltd and Tan Chin Long.

In a filing with Bursa Malaysia, CAB Cakaran said shareholders of the company may be required to provide funding for Singapore Poultry Hub’s operations which include the establishment of a poultry slaughtering facility and services, a dormitory within the poultry processing hub, and the provision of facilities management services. A cap of S$40 million (RM120 million) has been set for the financing requirements.

Tong Huat Poultry holds a 25% interest in Singapore Poultry Hub.

CAB Cakaran’s share price fell 0.98% or one sen at RM1.01 yesterday, with some 2.09 million shares traded. It has a market capitalisation of RM622.7 million.

EITA wins RM11.3m lift services job

PETALING JAYA: EITA Resources Bhd’s wholly owned subsidiary EITA Elevator (Malaysia) Sdn Bhd has bagged a sub-contract job to provide lift services from Pembenaan Leow Tuck Chui & Sons Sdn Bhd (PLTCSSB) for RM11.30 million.

EITA said in a Bursa Malaysia filing it received the letter of acceptance on Sept 12 from PLTCSSB, to supply, deliver, install, test, commission and maintain lift services for an affordable apartment building next to the Duta-Ulu Kelang Expressway, Mukim Setapak, Kuala Lumpur. EITA Elevator is required to supply and install 23 lifts.

Works is expected to begin upon receipt of the acceptance letter and is expected to go on until Aug 14, 2020.

The sub-contract will not have any material effect on the net assets and gearing of EITA group for the financial year ending Sept 30 2017 and is expected to contribute positively to the earnings of Eita group over its duration.

Eita's shares gained 1.12% to close at RM1.80 with some 95,900 shares changing hands. Its market capitalisation stood at RM232.69 million.

Blackfriars Project Management now only a 50% associate of IGB’s Verokey

PETALING JAYA: IGB Corp Bhd said its wholly owned unit Verokey Sdn Bhd has executed a waiver of pre-emption rights in relation to the allotment and issue of shares of Blackfriars Project Management Ltd to Circleplane Ltd.

This turns Blackfriars Project Management from a 100% owned subsidiary into a 50% associate of Verokey, it told the stock exchange yesterday.

Blackfriars Project Management was established to oversee the management and construction of the development known as 18 Blackfriars London.

The project is a joint-venture development between Verokey and Tower Ray Ltd through an equity participation of 50:50 basis each in Black Pearl Ltd pursuant to the JV agreement dated June 7, 2013.

Circleplane was incorporated in the UK and is principally engaged in the business relating to the management of real estate. It has been appointed Tower Ray’s nominated company.

IGB Corp closed unchanged at RM2.84 yesterday, with some 103,000 shares traded.

Puncak Niaga gets SC approval to buy TRIplc for RM210m

PETALING JAYA: Puncak Niaga Holdings Bhd has obtained the Securities Commission’s (SC) approval to acquire the entire stake in TRIplc Bhd from Pimpinan Ehsan Bhd for RM210 million.

The proposed purchase, first announced in December 2016, is aimed at enhancing Puncak Niaga’s construction segment revenue and the group’s long-term growth prospects.

Puncak Niaga told the stock exchange yesterday the proposed deal involved the acquisition of the entire issued share capital of TRIplc, free from encumbrances together with all rights, benefits, title to and entitlements.

It noted that TRIplc Group must meet the profit requirements of the SC’s equity guidelines of having an audited after-tax profit of at least RM6 million for the financial year ended May 31, 2017, prior to commencement of the acquisition.

TRIplc posted an unaudited net profit of RM20.6 million for the financial year ended May 31, 2017, on RM71 million revenue.

Puncak Niaga’s share price was up 4.5 sen to 76 sen yesterday, while TRIplc’s share price was up 40 sen to RM2.05. Puncak Niaga has a market capitalisation of RM339.9 million, and TRIplc a market capitalisation of RM140.7 million.

Airbus wins US$4b order from Cathay Pacific

PARIS, Sept 13 — Airbus said today it has finalised a more than US$4 billion order with Cathay Pacific for 32 of its A321neo aircraft to revamp the Hong Kong-based carrier’s regional affiliate. The single-aisle medium-haul jets will be…

Airbus wins US$4b order from Cathay Pacific for 32 A321neos

PARIS, Sept 13 — Airbus said today it has finalised an order for 32 of its A321neo aircraft from Hong Kong-based airline Cathay Pacific for a catalogue price of more than US$4 billion. The medium-haul jets will be operated by Cathay Dragon,…

Axiata, Merchantrade Asia in joint venture

PETALING JAYA: Axiata Group Bhd’s wholly owned subsidiary, Axiata Digital Services Sdn Bhd (ADS), and Merchantrade Asia Sdn Bhd (MASB) have set up Merchantrade Digital Services Sdn Bhd (MDS), a digital financial services and solutions company, on a joint-venture basis.

ADS is the substantial shareholder in the JV company with an equity interest of 51%, with the rest held by MASB.

The incorporation of the JV company, which has a share capital of RM1,000, was completed yesterday.

The incorporation of MDS is not expected to have any material effect on the earnings and net tangible assets of Axiata for the financial year ending Dec 31 2017, Axiata said.

Axiata shares fell three sen to RM5.10 with some 5.23 million changing hands. Its market capitalisation stood at RM46.07 billion.

HSS Engineers associate firm bags RM10m consultancy deal

PETALING JAYA: HSS Engineers Bhd’s associate company HSS Integrated Sdn Bhd (HSSI) has been appointed project management consultant by PNB Commercial Sdn Bhd for a mixed development project in Taman Perling, Johor Baru, for RM10 million.

HSS Engineers announced in a Bursa Malaysia filing that it yesterday accepted a letter of appointment dated Sept 5 2017 from PNB Commercial.

“Pursuant to the exclusive teaming arrangement between HSSI and HSS Engineers' wholly owned subsidiary, HSS Engineering Sdn Bhd (HSSE), HSSI and HSSE will be collaborating exclusively to execute and complete the contract,” the company said.

The contract, which comes into effect from the acceptance of the appointment letter, is slated to be completed in the fourth quarter of 2022. It is expected to contribute positively for the financial years ending Dec 31 2017 to Dec 31 2022.

HSS Engineers shares fell one sen to close at RM1.14 with some 1.43 million shares changing hands. Its market capitalisation stood at RM360.56 million.

GM puts pieces in place to take on Uber as Cruise, Maven expand

DETROIT, Sept 13 — Ride-hailing apps and car-sharing services have been called existential threats to automakers as we know them, but General Motors Co is looking to fight fire with fire. Or, in this case, robots with robots. While the more…