Wednesday, April 25th, 2018


Multi Sports releases 7 quarterly results after delays

PETALING JAYA: Multi Sports Holdings Ltd has finally issued all its seven pending quarterly financial reports up to December 31, 2017 after numerous extensions of time.

For the full-year of 2017, it registered a narrowed net loss of RM148,000 compared with RM585.71 million in 2016.

The company did not provide much information in its financial statements.

Hap Seng buys vehicle distribution business

PETALING JAYA: Hap Seng Consolidated Bhd’s wholly owned subsidiary Hap Seng Trucks Distribution Sdn Bhd is acquiring Mercedes-Benz Malaysia Sdn Bhd’s commercial vehicle wholesale distribution business for an undisclosed amount.

The group said in a stock exchange filing that it has entered into a business transfer agreement with Mercedes-Benz for the acquisition, which will be funded through internal generated funds and/or external borrowing.

“The proposed acquisition enables the Hap Seng group to participate in the wholesale distribution of the Mercedes-Benz and Fuso commercial vehicles in the growing market in Malaysia, which will further strengthen Hap Seng group’s presence as a significant Mercedes-Benz automotive player for both passenger cars and commercial vehicles in Malaysia,” the group’s board of directors said.

The business activity of the purchase involves; imports of completely built up and completely knocked down components, assembly management, wholesale distribution; after-sales service for Mercedes-Benz and Mitsubishi Fuso branded trucks, vans and related original equipment manufacturer spare parts in Malaysia; the supply of after-sales service for Mercedes-Benz branded buses and the operations and activities of Mercedes-Benz Malaysia Commercial Vehicle Training Centre.

Hap Seng Consolidated closed 0.10% higher at RM 9.71 with some 86,900 shares done.

‘Eat X Dignity’ programme launched

KUALA LUMPUR: Berjaya Cares Foundation and Dignity for Children Foundation (DCF) today officially launched a social transformation enterprise known as “Eat X Dignity”, a platform that trains underprivileged youths and children in employable and entrepreneurial skills in the food and beverage industry.

The Eat X Dignity café has been in operation since June 2015 and is located in Sentul Boulevard.

DCF, which has been around for 20 years, aims to establish high-quality, one-stop community learning centres for the poor; implementing specialised learning environments that develop children academically and socially, empowering them to become productive.

Berjaya Corporation Bhd CEO Datuk Seri Robin Tan Yeong Ching said that when he first visited DCF in 2011, he was impressed with the work that DCF chairman and co-founder Rev Elisha Satvinder and his wife were doing with underprivileged children in the area.

“I told my father (Berjaya Corporation founder and executive chairman Tan Sri Vincent Tan), and he came down to see the place and he said it was amazing. So we asked, what we could do to help and that was when we asked Elisha to start this business,” he said.

“We see many people in the food and beverage line not qualified for the jobs or lack adequate training. With programmes like these, it sends already trained youth out into the workforce,” Tan added.

Thus far the Eat X Dignity programme has trained some 32 youths and children. There are 13 of them attached with the cafe.

“We are very happy to announce that after 20 years of providing quality education for the poor, we are putting another initiative into place, the Transformational Enterprises, to help marginalised youths to become more employable in a very competitive marketplace,” Elisha said.

“Berjaya Cares has been an essential partner in providing space and equipment for Eat X Dignity, this venture now has the potential to save lives … Berjaya Cares has given an estimated RM2.5 million to our enterprise, this would not have been possible without their support,” he added.

Westports Q1 net profit falls 12%

PETALING JAYA: Westports Holdings Bhd’s net profit fell 12% to RM123.8 million in the first quarter ended March 31, 2018, from RM140.9 million in the previous corresponding quarter mainly due to higher depreciation and finance cost.

Revenue for the quarter plunged 26% to RM385.09 million compared with RM520.9 million in the same quarter a year ago.

Its operational revenue was down by 12% to RM385.09 million, from RM438.6 million previously, mainly attributed to adoption of MFRS 15 from Jan 1.

On its prospects, the group said that its container throughput is expected to register modest growth rate of a low single-digit percentage this year.

In a statement today, the port operator said that its container operations remains the most significant revenue contributor at 84%.

During the quarter, it said the container operations handled 2.25 million twenty-foot equivalent units (TEUs), with the Intra-Asia segment constituting 61% of the total containers handled.

Westports said it continued to facilitate and support domestic economic activities as the gateway volume improved strongly by 25% in the first quarter. It said transhipment volume has improved when compared with the preceding quarter to 1.48 million TEUs.

The group’s managing director Datuk Ruben Emir Gnanalingam said the first quarter results reflected the residual impact from the unprecedented realignment within the container shipping industry in 2017.

China Ouhua FY2017 audited accounts qualified by auditor

PETALING JAYA: China Ouhua Winery Holdings Ltd's external auditor Messrs UHY Lee Seng Chan & Co have issued a qualified opinion on its audited financial statements for the financial year ended December 31, 2017, after it was unable to determine the recoverability of a RMB118.8 million (RM73.2 million) deposit the company paid for a contract to purchase land and property in China.

The payment of 90% of the purchase consideration of RMB132 million was made to Huangwu Subdistrict Office, Zhifu District, Yantai City, China on December 17, 2013.

The contract was to purchase land, buildings and ancillary facilities including 320KVA power distribution equipment, water supply system, roads surrounding the factory and enclosing wall.

The external auditor was unable to determine whether any adjustments to the carrying amount of deposits as at December 31, 2017 were necessary.

The stock closed unchanged at 7.5 sen.

PRG’s Furniweb to distribute luxury apparel

PETALING JAYA: PRG Holdings Bhd’s Hong Kong Stock Exchange listed 75% owned subsidiary Furniweb Holdings Ltd is collaborating with Switzerland based luxury goods conglomerate Philipp Plein International Group (PPI) to distribute, promote and sell luxury fashion apparel carried on under PPI’s trade name.

The group said in a Bursa Malaysia filing that, it has entered into a “legally binding” letter of intent with PPI which comprises of Philipp Plein International AG and Plein Sport AG, to act as an authorised dealer for PPI’s products in Singapore, Malaysia and Thailand.

“We are enthusiastic to capture new business opportunities and are strategic about the projects we take on. We believe the association with a famous global apparel brand will bring new elements and dimension to the Group’s profile, potentially broaden the customer base for our existing core business and provide opportunities for growth,” said Furniweb in a statement.

Furniweb is involved in manufacturing of elastic textiles, comprising covered elastic yarn and narrow elastic fabric webbing, furniture and seat belt webbing other products, including rubber tape.

PRG's shares were untraded.

Caring Pharmacy’s Q3 profit drops

PETALING JAYA: Caring Pharmacy Group Bhd saw a 2.3% decline in net profit to RM5.16 million for the third quarter ended February 28, 2018 compared with RM5.28 million in the previous corresponding period.

However, its revenue rose 12.8% to RM130.48 million from RM115.66 million.

For the nine-month period, Caring Pharmacy’s net profit soared 44.7% to RM12.69 million from RM8.77 million, with revenue rising 11.4% to RM379.18 million from RM340.46 million.

The group said in a filing with the stock exchange that it expects the operating environment to remain highly competitive, but will continue to enhance operating efficiency and focus on improving the marketing strategies in order to safeguard its revenue and profitability.

“The board of directors remains optimistic that the group will continue to be profitable in the next quarter.”

As of February 28, 2018, Caring Pharmacy has a total of 114 community pharmacies.

ASTRO’s regional video platform Tribe signs partnership with Telkomsel, Indonesia’s biggest telco

KUALA LUMPUR, April 25 — Tribe, Astro Malaysia Holdings Berhad’s regional video streaming service today announced their partnership with Indonesia’s largest mobile provider Telkomsel. The collaboration will see Tribe’s original content be…

Costa Coffee to break from Whitbread after investor pressure

LONDON, April 25 — Costa Coffee will be spun off as an independent business after owner Whitbread yielded to pressure from hedge fund investors who saw value in breaking up a group that also runs the Premier Inn hotel chain. Costa Coffee, second…

Hostile takeover? Daimler CEO says no fears about Chinese magnate Li Shufu


BEIJING (April 25): German car maker Daimler AG’s boss said on Wednesday there was no indication the firm’s largest shareholder, Chinese auto magnate Li Shufu, was planning a hostile takeover after he took a $9 billion stake in the firm earlier this year. Dieter Zetsche, Daimler’s chief executive, said Li, the head of Chinese carmaker Geely, had told the firm he had no intention to go beyond his current 9.7 percent stake in Daimler, which he announced in February. Zetsche added that he was not concerned about the firm’s top shareholder wrestlingRead More