Stocks In Focus (04-01-2018)
KUALA LUMPUR (Jan 3): Based on corporate announcements and news flow today, companies in focus on Thursday (Jan 4) may include Wah Seong, Westports, Kerjaya Prospek, TDM, Selangor Dredging, My EG and Aturmaju Resources
Wah Seong Corp Bhd will pay Dutch pipe-coating solutions fabricator and installer Bauhuis BV £500,000 (RM2.72 million) as part of a settlement agreement, bringing an end to arbitration proceedings in London between the two parties.
The settlement follows an outstanding payment claim of €3.9 million by Bauhuis against Wah Seong’s indirect wholly-owned subsidiary Wasco Coatings HK Ltd.
The claim was for the supply of pipe-coating equipment to be installed and commissioned by Bauhuis at a pipe manufacturing plant in Regina, Canada, under a contract signed in 2015.
Westports Holdings Bhd said it achieved a container throughput of about nine million twenty-foot equivalent units (TEU) for the financial year ended Dec 31, 2017 (FY17) as Port Klang became one of the leading transhipment hubs in the region for the Ocean Alliance.
Westports said the nine million TEUs figure is within Westports’ volume guidance. The group had earlier guided an FY17 container throughput, which was 7% to 12% lower compared with the previous year.
Kerjaya Prospek Group Bhd has proposed a bonus issue of up to 677.44 million new shares on the basis of six bonus shares for every five existing shares held.
The group is also issuing up to 169.36 million new warrants on the basis of six bonus warrants for every 20 Kerjaya Prospek shares held.
Upon completion of the proposals, the enlarged share capital of Kerjaya Prospek on a fully diluted basis will amount to 1.41 billion shares.
TDM Bhd, controlled by the Terengganu state government via Terengganu Inc Sdn Bhd with a 61.15% stake, has accepted land parcels totalling 4,515ha in Kemaman and Dungun from the state government through a grant, which is in line with TDM’s domestic plantation expansion plan.
TDM’s current land bank in Terengganu stands at 31,848ha and the acceptance of the new land, together with the proposed acquisition of controlling stake in Ladang Rakyat Trengganu Sdn Bhd which was announced in February 2017, will increase TDM’s total land bank in Terengganu to 47,830ha.
Selangor Dredging Bhd (SDB) has declared a special dividend of 19 sen per share from proceeds of the group’s sale of Wisma Selangor Dredging.
The dividend is payable on Jan 29 with the ex-date set at Jan 16.
SDB had announced the disposal of Wisma Selangor Dredging to Golden Eagle Realty Sdn Bhd for RM480 million on June 20 last year.
My EG Services Bhd today launched a new commercial service to provide job matching and placement services to match Malaysian employers with foreign workers.
The service will be undertaken by the group’s wholly-owned unit Ipidato Dot Com Sdn Bhd, whose name has been changed to My EG Jobs Sdn Bhd to better reflect the new business activities.
Wood product manufacturer Aturmaju Resources Bhd (ARB) has proposed a reduction of its share capital to help improve its financial position and cut accumulated losses.
The group plans to reduce its capital from RM61.1 million to RM6.72 million, giving rise to a credit of RM54.38 million.
“This will be utilised to set-off the company’s and group’s accumulated losses of approximately RM53.8 million and RM47.3 million, respectively, based on the audited financial statements of the company for the financial year ended Dec 31, 2016,” it said.
Source: The Edge Markets