Ranhill, United Plantations, XOX, ManagePay Systems, Parkson, Affin Bank, TH Heavy Engineering, Boustead, SC Estate Builder, IJM Land, AME Elite, Ageson and Aemulus

KUALA LUMPUR (July 27): Based on corporate announcements and news flow today, stocks in focus tomorrow may include: Ranhill Utilities Bhd, United Plantations Bhd, XOX Bhd, ManagePay Systems Bhd, Parkson Holdings Bhd, Affin Bank Bhd, TH Heavy Engineering Bhd, Boustead Holdings Bhd, SC Estate Builder Bhd, IJM Land Bhd, AME Elite Consortium Bhd, Ageson Bhd and Aemulus Holdings Bhd.

Ranhill Utilities Bhd has bagged a mechanical and electrical (M&E) works contract worth RM14.7 million for the Merlimau water treatment plant and Lanchang intake in Melaka. According to the group, the 24-month contract comprises the supply of all materials, labour, plant and applicable necessaries for the execution of the M&E works.

United Plantations Bhd‘s net profit rose 62.73% to RM123.58 million for the second quarter ended June 30, 2020, from RM75.94 million a year earlier, on higher revenue and better performance posted by its plantation segment. Quarterly revenue increased 8.79% to RM294.32 million from RM270.53 million previously, mainly due to higher production and average prices achieved by its crude palm oil and palm kernel products.

XOX Bhd‘s unit XOX Media Sdn Bhd has teamed up with a Shanghai-based venture capital and advisory firm to form a partnership with a 5G technology provider in China. The group today signed a heads of agreement with Jiangsu Sulian Asset Management Co Ltd to link up with an undisclosed Chinese telecommunication firm, to explore a regional 5G mobile network deployment.

ManagePay Systems Bhd said it is forming a joint venture (JV) company, through its wholly-owned subsidiary ManagePay Services Sdn Bhd (MPSB) together with Singapore-based Passion Venture Capital Pte Ltd (PVC), to participate in digital banking in Malaysia. MPSB will hold a 51% stake in the JV company, while PVC will hold the remaining 49%. Investment in the JV company will be fully funded by PVC.

Parkson Holdings Bhd‘s unit, Parkson Haipong Co Ltd, has proposed to dispose of Parkson TD Plaza Shopping Center in Hai Phong, Vietnam for US$10 million (RM42.5 million). The consideration, however, is below the property’s book value of S$13.7 million, resulting in a S$700,000 loss after VAT and transaction costs.

Affin Bank Bhd is not ruling out the possibility of listing its asset management unit, Affin Hwang Asset Management, saying it is keen to “unlock the value” of the unit. Noting that Affin Hwang Asset Management is the second largest asset management firm in the country in terms of assets under management, Affin Bank chief executive officer Wan Razly Abdullah Wan Ali, however, said the bank is not “committing to anything” as yet.

TH Heavy Engineering Bhd has appointed Mohamed Niza Abu Bakar, 45, as its new executive director, effective July 30. Mohamed Niza has served top managerial roles in a number of companies in the fields of manufacturing including pharmaceuticals, healthcare products, as well as metal and plastic parts.

Boustead Holdings Bhd (BHB) said it today received a notice from Lembaga Tabung Angkatan Tentera that the latter had been granted more time, until Oct 27, 2020, to announce its firm intention in relation to taking BHB private.

Property developer SC Estate Builder Bhd said its wholly-owned unit SC Estate Industries Sdn Bhd has agreed to accept 21 pieces of freehold land with buildings as settlement for a RM2.77 million debt. Following this, SC Estate Industries agreed to withhold taking legal action against Sigmagate Capital for the debt, which arose due to failure to make payments for the supply of various construction materials on credit.

Property developer IJM Land Bhd has unveiled an ownership campaign titled “Now You Can” for prospective homebuyers in the current challenging financing environment due to the Covid-19 pandemic. The campaign — ongoing until Oct 31 — aims to instil confidence in customers and provide them with an opportunity to own a home of their dreams with ease.

Integrated industrial space solution provider AME Elite Consortium Bhd said it intends to invest RM25 million in capital expenditure to build two new blocks of i-Stay @ Indahpura workers’ dormitories to increase the accommodation capacity by 54% to approximately 5,900 persons, in order to support the requirements of customers in its i-Park @ Indahpura industrial park.

Ageson Bhd has entered into a JV agreement with Menteri Besar Kedah Inc to undertake the mining, supply and exportation of silica sand in Kedah. In a seperate statement, Ageson said it has accepted the letter of intent from South Korean glass manufacturer company Techpack Solutions Co Ltd for a five-year silica sand supply contract for US$79.5 million (RM339.03 million).

Khazanah Nasional Bhd has exited its investment in semiconductor testing firm Aemulus Holdings Bhd by disposing of its remaining 29.3 million Aemulus shares, representing a 5.33% stake.

Source: TheEdgeMarkets