Business & Markets 2014
Written by Surin Murugiah of theedgemalaysia.com
Saturday, 29 March 2014 11:24
KUALA LUMPUR (March 29): Based on news flow and corporate announcements last week, the companies that may be in focus tomorrow include: SapuraKencana Petroleum, Selangor Properties, Karex, Gamuda, Malaysia Aica
SapuraKencana Petroleum Bhd is understood to be close to securing as much as US$400 million (RM1.3 billion) in drilling contracts in Africa and Southeast Asia, the Edge weekly reported in its latest edition, citing sources.
The magazine said that according to the sources, the final details were being ironed out, and if all went well, an announcement could be to Bursa Malaysia as early as April.
Selangor Properties Bhd’s net profit multiplied eight times to RM155.3 million in the first quarter ended Jan 31, 2014, from RM19.4 million.
But revenue tumbled 36% year-on-year to RM38.9 million from RM61.1 million.
In a statement to Bursa Malaysia, the property developer said its higher profit was mainly due to a gain of RM113.1 million from the disposal of equity interest in Help International Corporation Bhd.
Karex Bhd's condom production capacity is expected to double to 4 billion pieces from the current 2 billion, with the launch of its new Pontian factory in Johor.
The world’s largest condom manufacturer held a ground breaking ceremony last Friday for the construction of the groups’ new Pontian factory.
Gamuda Bhd will incur divestment losses of RM920 million if the Federal Government invokes Section 114 of the Water Services Industry Act 2006 (WASIA) to take over Selangor’s water assets and operations, according to several research houses.
Malaysia Aica Bhd has proposed a renounceable rights issue and private placement of new shares in the company. The move is intended to raise funds for the expansion of its property development business.
In a statement to the exchange last Friday, Malaysia Aica said its rights issue would involve up to 475.1 million shares. The exercise comes with up to 158.4 million free detachable warrants.
Malaysia Aica plans to distribute three rights shares for one existing share held. The company also intends to distribute one warrant for every three rights units subscribed.