Stocks in Focus (21-03-2018)
KUALA LUMPUR (March 20): Based on corporate announcements and news flow today, companies in focus on Wednesday (March 21) may include: Axiata, PUC, Mudajaya, Crest Builder, Tien Wah, Pasukhas, KSL, XingHe, OldTown, Comintel and Berjaya Media.
Axiata Group Bhd’s 83% subsidiary in Sri Lanka, Dialog Axiata PLC (Dialog), is taking up a 35% stake in Digital Reality (Private) Ltd or DRPL, which operates a data centre business in Sri Lanka.
Dialog, which is making the investment via its unit Dialog Broadband Networks (Private) Ltd, has the option to raise its stake and obtain control of DRPL, between the third and fifth year after the acquisition.
PUC Bhd‘s wholly-owned subsidiary Founder Qube Sdn Bhd (FQ) and Advwhere Ltd has established a partnership, under which FQ gains the exclusive right from Advwhere to market the Cloudbreakr Technology in Malaysia, Indonesia and Singapore to media partners and advertisers.
PUC said the collaboration will add value to the company by widening the range of media spaces that FQ can offer to its advertisers, as FQ will now be able to offer to its advertisers and potential media partners, an additional option of advertising and promotion through the Cloudbreakr Technology.
Mudajaya Group Bhd has obtained Islamic financing facilities worth RM90 million to part finance infrastructure contracts its subsidiary Mudajaya Corp Bhd will secure from the government, statutory bodies, government agencies or government-linked companies (GLCs).
The facilities will also be used for tender, performance bond and advance payment guarantee favouring the government or GLCs.
Crest Builder Holdings Bhd said its wholly-owned subsidiary Crest Builder Sdn Bhd has won an 18-month contract for construction works in Petaling Jaya worth RM117.8 million.
Tien Wah Press Holdings Bhd has terminated a joint venture agreement (JVA) with Vietnamese company, Dong Nai Food Industrial Corp (Dofico), as the latter’s failure to deliver a set volume of printed tobacco packaging had caused losses in the partners’ joint venture company.
Pasukhas Group Bhd has bagged construction works worth a combined RM41.3 million from Paramount Property Construction Sdn Bhd for a hotel and serviced apartments in Shah Alam, Selangor.
The project includes a five-storey car park, a 14-level block of serviced apartments of 389 units, a 14-level block of hotel with 240 rooms and a taxi stand with roofing.
KSL Holdings Bhd is acquiring nine more parcels of freehold land measuring 74.72 hectares in Johor Bahru for RM176.94 million — just eight days after it proposed to buy two parcels of leasehold land measuring 47.74 hectares in the district for RM133.59 million — to enlarge its landbank.
China-based XingHe Holdings Bhd has entered into a joint venture (JV) agreement with My Ocean Venture Sdn Bhd (MYO) and VC Marine Sdn Bhd (VCM) to venture into the tuna and seafood processing business in Malaysia.
Jacobs Douwe Egberts Holdings Asia NL BV (JDE Asia) has received valid acceptances for 456.78 million OldTown Bhd shares, representing a 98.6% stake in the company, following the closing of its offer today.
OldTown said the offeror will compulsorily acquire the remaining shares as provided for by the Capital Markets and Services Act 2007 (CMSA), as it intends to privatise and delist OldTown.
Comintel Corp Bhd has declared a special dividend of 45 sen per share, to be paid on April 19, to reward shareholders following the sale of its wholly-owned unit, BCM Electronics Corp Sdn Bhd, for RM123.8 million.
Berjaya Media Bhd’s net loss narrowed 46% to RM2.45 million in the third quarter ended Jan 31, 2018 (3QFY18), from RM4.51 million a year ago, on the absence of impairment loss on publishing rights during the quarter. Last year, the group booked a RM1.5 million impairment loss.
Quarterly revenue, however, fell 23% year-on-year to RM8.3 million from RM10.72 million, due to lower advertising income by its principal operating subsidiary, Sun Media Corp Sdn Bhd.
Source: The Edge Markets