Business & Markets 2014
Written by Shalini Kumar of theedgemalaysia.com
Thursday, 24 July 2014 19:52
KUALA LUMPUR (July 24): Based on news flow and corporate announcements today, the stocks in focus on Friday (July 25) could include Zelan, MAHB, SMRT, UEM Sunrise, TNB and Public Bank.
Zelan Bhd has secured a RM248.5 million contract to build and operate material off-loading facilities for Petroliam Nasional Bhd's (Petronas) Refinery and Petrochemical Integrated Development (Rapid) in Pengerang, Johor.
In a statement to the exchange today, Zelan said it had received the letter of award from Petronas Refinery and Petrochemical Corp Sdn Bhd, for the 18-month project within the Tanjung Setapa area.
Malaysia Airports Holdings Bhd (MAHB) sunk in to net loss of RM44.67 million for its second quarter ended June 30, 2014, compared to a net profit of RM101.75 million last year.
Revenue saw a 20% year-on-year increase to RM1.18 billion, from RM978.1 million.
The group attributed the loss to higher expenses, as the share of losses from jointly-controlled entities increased.
Cumulative first-half net profit fell to RM84.04 million, from RM227.81 million a year earlier, while revenue declined to RM1.96 billion, from RM2.01 billion.
SMRT Group Holdings Bhd has entered into a share sale agreement to buy the remaining 30% interest in In-Fusion Education Sdn Bhd from MIG Education Sdn Bhd (IESB) for a total of RM10 million cash.
With the completion of the acquisition, IESB will become wholly-owned subsidiary by SMRT.
The principal activities of IESB are managing and operating the Cyberjaya University College of Medicinal Sciences.
UEM Sunrise Bhd has identified five potential chief executive officer candidates to replace the late Datuk Wan Abdullah Wan Ibrahim.
The shortlisted candidates comprise internal promotion candidates and external individuals and the announcement is expected to be made this year.
Tenaga Nasional Bhd (TNB) has signed a heads of agreement with SIPP Energy Sdn Bhd, signifying the terms of their proposed joint venture.
This is in relation to building, owning and the operation of a combined cycle power plant of about 1000MW-1400MW in Pasir Gudang, Johor, known as Track 4A.
Public Bank Bhd reported a 4% rise in second quarter net profit, from a year earlier, as net interest and fee-based income rose. Lower allowance for bad loans also supported bottom line growth.
In a statement to the exchange today, Public Bank said that net profit rose to RM1.06 billion in the second quarter ended June 30, 2014 (2QFY14), from RM1.02 bilion. Revenue climbed to RM4.06 billion, from RM3.8 billion.
Cumulative first-half net profit increased to RM2.07 billion, from RM1.99 billion a year earlier. Revenue was higher at RM8.01 billion, versus RM7.48 billion.
For 2QFY14, Public Bank plans to pay its first interim single-tier dividend of 23%, which translates into 23 sen a share.