KUALA LUMPUR (Aug 4): Here is a brief recap of some corporate announcements that made news on Friday (Aug 4) involving Berjaya Land Bhd, Vinvest Capital Holdings Bhd, EA Holdings Bhd, Malayan Banking Bhd, Eksons Corp Bhd, Magna Prima Bhd, Fitters Diversified Bhd, PIE Industrial Bhd and SLP Resources Bhd.
Berjaya Land Bhd (BLand) lambasted caretaker Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor's recent remarks on the Selangor Maritime Gateway (SMG) project, saying it will be lodging a police report and pursuing legal action over the matter. BLand said Sanusi made false and unsubstantiated allegations about the project, which involves the rehabilitation of the Klang River, during a speech at a public event on Wednesday.
In response to Vinvest Capital Holdings Bhd’s allegation of losing its 17.82% stake in EA Holdings Bhd, TA Securities Holdings Bhd clarified that Vinvest had already received sales consideration from the disposal of 1.1 billion EA Holdings shares. “The 1.1 billion EA Holdings shares [held by] Vinvest were directly transacted and payments were appropriately settled between the seller and the purchasers through the Fixed Delivery Settlement System of Bursa Malaysia,” it said in an email to The Edge. TA Securities added that the disposal of shares was done only on June 23, and not over a period of between June 23 and July 11 as claimed by Vinvest.
Malayan Banking Bhd (Maybank), has appointed Raymond Chooi as the regional head of equity capital markets (ECM) at its investment banking group, according to a memo seen by Reuters. Chooi will be expanding his current role as Maybank Investment Banking Malaysia Head of ECM "to help drive the growth and development of Maybank IBG's ECM business across the region", the memo said. Maybank IBG refers to Maybank Investment Banking Group.
Bursa Securities has publicly reprimanded Eksons Corp Bhd for failing to ensure that its report for the fourth financial quarter ended March 31, 2022 (4QFY2022) announced on May 30, 2022 took into account the adjustments stated in the company's announcement dated July 29, 2022. The regulator said Eksons had reported an unaudited net loss of RM10.21 million in its report for 4QFY2022 announced on May 30. However, on July 29, the company reported an audited net loss of RM15.45 million in the audited financial statement for the quarter, which represented a difference of RM5.24 million. As such, Bursa Securities said Eksons is required to carry out a limited review of the company’s quarterly report submissions.
Property developer Magna Prima Bhd is selling its entire equity interest in loss-making 33 Sentral Park Sdn Bhd, which owns two pieces of residential land fronting Jalan Gasing in Petaling Jaya, Selangor, to Glomics Holding Sdn Bhd for RM65 million. The disposal is expected to result in a loss on disposal of RM3.73 million for the group for the financial year ending Dec 31, 2023. The two pieces of land are currently charged to OSK Capital Sdn Bhd for a loan granted to Magna Prima's unit Crossborder Team (M) Sdn Bhd. The outstanding loan payable to the lender is about RM15 million.
Fitters Diversified Bhd has terminated its initial 18.97-hectare land disposal to Aikbee Development (Kepong) Sdn Bhd for RM36 million, owing to the buyer’s failure of payment. The disposal was between its indirect unit — Rasa Anggun Development Sdn Bhd — and Aikbee and had been terminated due to Aikbee’s failure to pay the balance purchase price on or before the extended completion date.
PIE Industrial Bhd saw its net profit rise 51.1% to RM12.09 million for the second quarter ended June 30, 2023 (2QFY2023), from RM8 million a year earlier, mainly due to a gain from foreign exchange transactions, reversal of impairment of trade receivables, and lower provision for slow moving inventories. Revenue, however, fell 3.3% to RM286.51 million from RM296.3 million in 2QFY2022, on lower demand for raw wire and cable products, but partly offset with higher revenue from electronics manufacturing services and wire harness products.
SLP Resources Bhd’s second quarter net profit fell 60.64% to RM3.49 million, from RM8.86 million a year ago, due to lower revenue and the absence of a gain from the disposal of a parcel of land reported previously. Quarterly revenue declined 20.05% to RM37.63 million, from RM47.07 million a year earlier, due to softening demand from local and regional markets. Despite the lower quarterly performance, the group paid a second interim dividend of 1.25 sen, payable on Oct 5.