KUALA LUMPUR (Dec 7): Here is a brief recap of several company announcements that made the news on Wednesday (Dec 7) involving Gamuda Bhd, Dayang Enterprise Holdings, QES Group Bhd, Solarvest Holdings Bhd, Wah Seong Corp Bhd, Muhibbah Engineering (M) Bhd, Sunview Group Bhd, KNM Group Bhd and Classita Holdings Bhd (formerly known as Caely Holdings Bhd).
Gamuda Bhd plans to acquire a 30% stake in ERS Energy Sdn Bhd for RM200 million via the subscription of shares in the solar energy company. Gamuda said the subscription price, which values ERS Energy at a pre-money equity value of RM467 million, was arrived at on a willing-buyer willing-seller basis, and the investment will be satisfied by cash funded via internal generated funds and borrowings. The partnership with ERS Synergy will enable the group to actively participate in the world’s transition to net zero in line with the Gamuda Green Plan which commits the group to reducing carbon emissions intensity by 30% in 2025 and 45% in 2023. The investment will grow Gamuda’s renewable energy asset portfolio to over 800 MW in the next few years.
Dayang Enterprise Holdings Bhd reported in a Bursa filing on Wednesday that the Employees Provident Fund (EPF) has ceased to be its substantial shareholder less than a month after attaining the status. The pension fund disposed of 1.15 million shares or a 0.1% stake in the oil and gas marine support service provider on Dec 2, slashing its stake to 4.96% (57.42 million shares). On Nov 11, EPF emerged as a substantial shareholder of Dayang with a 5.01% stake (58.03 million shares), and subsequently upped its stake to as high as 5.37% (62.17 million shares) by Nov 21. However, EPF then began paring its shareholding in Dayang on Nov 22, and by Dec 1 its equity interest in the group stood at 5.059% (58.57 million shares) after offloading a cumulative 3.6 million shares or 0.31% stake over six transactions in that one-week span.
QES Group Bhd has secured approval from the Securities Commission (SC) for the transfer of its stock’s listing from the ACE Market to the Main Market of Bursa Malaysia. QES was listed on the ACE Market in March 2018. The company’s 2021 annual report listed WA Capital Sdn Bhd and Liew Soo Keang as among its substantial shareholders with stakes of 26.13% and 22.87% respectively. For the nine months ended Sept 30, 2022, QES’ net profit rose to RM20.96 million from RM14.57 million a year earlier in tandem with higher revenue and better gross profit generated from both the distribution and manufacturing divisions. Quarterly revenue increased to RM191.44 million from RM158.59 million on the back of higher sales from both the company’s distribution and manufacturing divisions.
Solarvest Holdings Bhd pushed through the electric vehicle (EV) charging port market with the launch of the EV charging and mobility solutions called PowerBee. “Leveraging on our existing renewable assets and expertise in solar, we are confident in Solarvest’s development of green charging infrastructure (PowerBee) to provide reliable, accessible, and affordable clean energy solutions,” Solarvest chief strategy officer Leon Liew Chee Ing said in a virtual press conference. He added that the main target segments were high-rise buildings (residential) and existing customer portfolio in C&I, noting that these segments are the "low-hanging fruit".
Wah Seong Corp Bhd has secured a contract worth US$127.09 million (RM557.65 million) for the supply of certain floating production storage and offloading (FPSO) modules by Yinson Holdings Bhd. Its indirect wholly-owned subsidiary WS Engineering & Fabrication Pte Ltd was awarded the contract by Yinson’s unit, Yinson Azalea Production Pte Ltd. The scope of work involves engineering, procurement and construction of certain FPSO topside modules, and is expected to be completed within 24 months.
A consortium led by oil and gas services provider Muhibbah Engineering (M) Bhd has secured a RM322 million contract from Petronas Carigali Sdn Bhd, the exploration arm of Petroliam Nasional Bhd (Petronas), in relation to the latter's Gansar project located 190km from Terengganu's shores. The job involves the provision of engineering, procurement, construction, commissioning and installation — also known as EPCC+I — of a light weight structure for Duyong brownfield modification and host tie-in. The 22-month contract is expected to positively contribute to Muhibbah’s earnings and net assets for the current and future financial years.
Sunview Group Bhd was awarded a RM120 million engineering, procurement, construction and commissioning (EPCC) contract relating to a solar energy-generating facility located in Bestari Jaya, Selangor. The group said its wholly-owned subsidiary Fabulous Sunview was awarded the contract by Nextenaga Sdn Bhd to undertake the EPCC job for the development of Nextenaga's 29.99MWac Bukit Badong large scale solar photovoltaic project. The 10-month contract is expected to be completed on Sept 20, 2023 and will contribute positively towards the group's future earnings.
KNM Group Bhd has defaulted on three credit facilities, two totalling US$23 million (RM101.4 million) and one involving €68.5 million (RM316.2 million) on Dec 1, or about RM417.6 million in total. KNM is in close negotiation with the lenders, although the repayment date has not changed from the Nov 30 deadline, following a previous extension. The Practice Note 17 (PN17) outfit said the events of default may trigger cross defaults in other existing financial facilities. "Nevertheless, KNM Group has been communicating with the respective financial institutions involved pertaining to KNM Group's plan to improve its financial position, in order for the KNM Group's other existing financial facilities to remain status quo," KNM added.
After nearly eight months, the Malaysian Anti Corruption Commission (MACC) has unfrozen the bank accounts of troubled lingerie maker Classita Holdings Bhd (formerly known as Caely Holdings Bhd) and its subsidiaries. This came after the MACC concluded its investigation without bringing any charges against the company, said Classita in a bourse filing on Wednesday (Dec 7). "The board of directors of Classita wishes to announce that the MACC had completed their investigation without any charge being made against the company. Besides, MACC had also unfrozen the operational accounts of the company and its subsidiaries," it said. In April, the MACC had frozen all operational bank accounts of Caely and its subsidiaries in connection with several suspicious transactions.
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Gamuda, Dayang, QES, Solarvest, Wah Seong, Muhibbah, Sunview, KNM and Classita Holdings have 1137 words, post on www.theedgemarkets.com at December 8, 2022. This is cached page on Business News. If you want remove this page, please contact us.