PDZ cancel buy O&G, will monday down down down???
Business & Markets 2014
Written by Kamarul Anwar of theedgemalaysia.com
Friday, 26 September 2014 22:00
KUALA LUMPUR (Sept 26): Based on news flow and corporate announcements today, these stocks might stir the market’s interest on Monday (Sept 29) are as follows: Coastal Contracts, PDZ, Datasonic, Heitech Padu, Engtex and Takaso Resources.
Coastal Contracts Bhd has secured RM444 million worth of sales of offshore support vessels (OSV), effectively increasing its order book to RM2.6 billion, said the marine transport builder and service provider in a statement to Bursa Malaysia today.
The Sabah-based group said its wholly-owned subsidiaries Coastal Offshore (Labuan) Pte Ltd and Thaumas Marine Ltd had together bagged contracts for the sales of seven OSV units, for an aggregate value of approximately RM444 million.
These vessels are expected to be delivered this year and next year, said Coastal Contracts, which in turn will contribute to its top and bottom lines for the financial years ending Dec 31, 2014 (FY14) and Dec 31, 2015 (FY15).
Coastal Contracts’ shares were today’s sixth-biggest gainer, after closing 19 sen or 4.04% higher at RM4.89. Its market capitalisation was RM2.51 billion.
PDZ Holdings Bhd has scrapped its plans to buy a 20% stake in Efogen Sdn Bhd, which the container shipping firm said would open doors for it to enter the oil and gas industry.
In a filing with Bursa Malaysia today, PDZ said both itself and vendor Johany Jaafar had mutually agreed to terminate the share acquisition agreement. This came after three rounds of extension to satisfy the conditions of the agreement.
PDZ first announced in May that it plans to buy 20% of Efogen’s shares from founder Johany, for RM18 million in total.
PDZ’s stock was up by half a sen or 1.64% today to close at 31 sen, bringing its market capitalisation to RM269.49 million.
Datasonic Group Bhd is venturing into the electric vehicles (EV) segment by acquiring a 30% stake in Electric Vehicle Automotive (M) Sdn Bhd (EVAM) for RM30,000, from Saw Puay Ling.
In a filing with Bursa Malaysia, the ICT outfit said EVAM is planning to undertake development of EVs, specifically designed for “tropical megacities in Malaysia”.
Datasonic said EVAM is working on the details of the transfer of technology and knowhow from foreign expertise into Malaysia.
“The transfer of technology of the electric vehicles is not confined to only the vehicle, but also the expertise and know-how on the battery design and set-up, as well as the battery management system, with appropriate cooling system to enable the rapid charging and ensuring the durability and lifespan of the battery,” the firm added.
Datasonic, which is also vying to win the fuel subsidy job from the government, lost seven sen or 4.09% to close at RM1.64. Its market capitalisation was RM2.21 billion.
Heitech Padu Bhd has been granted a one-year extension by the National Registration Department to maintain and upgrade the latter’s IT system. The contract is valued at RM58 million and will expire on June 30, 2015.
Its shares closed one sen or 1.42% lower at 69.5 sen today, after seeing 102,600 units traded. Heitech Padu had a market capitalisation of RM71.36 million.
Pipe manufacturer Engtex Group Bhd has proposed a one-for-two bonus issue of up to 148.5 million shares to reward its shareholders, and also enhancing its counter’s trading liquidity.
“Barring any unforeseen circumstances and subject to receipt of all required approvals, the board expects the proposals to be completed in the fourth quarter of 2014,” said Engtex in a Bursa Malaysia filing today.
The counter closed two sen higher at RM2.09 today, with a market capitalisation of RM410.51 million.
Takaso Resources Bhd, a condoms and baby care accessories manufacturer, has stepped foot into the construction industry after entering into a letter of intent (LOI) yesterday, to acquire a 100% equity interest in Dynavance Sdn Bhd (Dynavance).
Based on a filing to Bursa Malaysia, Takaso said that Dynavance had represented and warranted it will deliver a minimum of RM12 million in net profit over 24 months, after the completion of the deal.
Dynavance is currently undertaking two construction projects. It has a contract to construct six blocks of low cost residential apartments for Konsortium SKS Bhd, worth RM140 million, which will commence in March 2015 and complete in May 2017.
Dynavance’s other project is for the construction and completion of earthworks and foundations works for an entertainment outlet. The job is worth RM10.52 million and is to be completed in June 2015.
Takaso shares inched up half a sen to 59.5 sen, giving it a market capitalisation of RM95.64 million