Aeon Credit, CIMB, Deleum, Prinsiptek, Wellcall, Barakah Offshore, Tune Protect, YFG, Vizione and KIP REIT
Justin Lim / theedgemarkets.com
January 15, 2019 23:28 pm +08
KUALA LUMPUR (Jan 15): Based on corporate announcements and news flow today, companies that may be in focus on Wednesday (Jan 16) may include the following: Aeon Credit Service (M) Bhd, CIMB Group Holdings Bhd, Deleum Bhd, Prinsiptek Corp Bhd, Wellcall Holdings Bhd, Barakah Offshore Bhd, Tune Protect Group Bhd, YFG Bhd, Vizione Holdings Bhd and KIP Real Estate Investment Trust (REIT) .
Aeon Credit Service (M) Bhd has been granted a money lending licence under the Moneylenders Act 1951 and Moneylenders (Control and Licensing) Regulations 2003 by the Ministry of Housing and Local Government.
It said the licence will be valid for a period of two years, effective today.
“The approval allows AEON Credit to undertake any business of those relating to the money lending activities which complements its existing business,” it added.
CIMB Group Holdings Bhd’s 98.43%-owned subsidiary CIMB Thai Bank PCL saw its net profit for the fourth quarter ended Dec 31, 2018 fall 98.2% to 6.9 million baht (RM886,469) from 384.9 million baht a year ago, due to higher operating expenditure.
The weak quarterly earnings dragged the group into the red for the full year 2018, posting a net loss of 804.28 million baht compared to a net profit of 71.39 million baht in the previous year. This comes in the absence of a tax credit of 70 million baht in the previous year.
Deleum Bhd said its unit Deleum Oilfield Services Sdn Bhd has won a three-year contract to provide slickline equipment and services for Petronas Carigali Sdn Bhd.
However, no contract value was stated by the company.
Prinsiptek Corp Bhd is developing an oil palm plantation plus a palm oil mill and other facilities in a RM2.13 billion joint venture.
The company is teaming up with AA Strategic Marketing Sdn Bhd and TTSJ Trading Sdn Bhd for the joint venture.
The partnership will see the companies pool their expertise to develop an oil palm plantation and palm oil mill in Lawas, Sarawak; and build a port, jetty, bulking tank for palm oil, refinery and green energy plant in Sipitang Port, Sabah.
Malaysia’s largest manufacturer of low to medium pressure industrial rubber hoses, Wellcall Holdings Bhd, is teaming up with Sweden-based Trelleborg Group to manufacture and sell composite hoses and fittings.
Both parties will jointly establish a composite hose production site in Malaysia.
Under the JV, Trelleborg and Wellcall will hold 51% and 49% respectively of the shares.
Debt-laden oil and gas services company Barakah Offshore Bhd said it is still negotiating a debt settlement proposal with its lenders and creditors.
Barakah said it will continue to engage with its lenders and creditors to achieve an amicable debt settlement proposal.
This follows a Kuala Lumpur High Court order to restraint any proceedings and actions by lenders against Barakah and its unit PBJV Group Sdn Bhd that had expired on Jan 14.
“The board wishes to inform that as at the date of this announcement, none of the Barakah group’s lenders has called for an event of default on any of the group’s financing facilities,” said Barakah.
Tune Protect Group Bhd has appointed Khoo Ai Lin as group CEO, replacing Razman Abu Hafidz who stepped into an advisory role at the group at end-December 2018.
Khoo, 50, joined the group in 2017 as CEO of Tune Protect Malaysia. She is currently also a director of Tune Protect Re Ltd and will continue to lead Tune Protect Malaysia until further notice.
YFG Bhd has announced that two of its directors have resigned to save the loss-making company some money.
Independent and non-executive director Tan Boon Chai @ Lee Boon Chuan and non-independent and non-executive director and Teh Yee Joo both cited a desire to reduce the company’s costs via their resignations.
Tan’s resignation is effective today while Teh’s resignation is effective on Jan 30.
Vizione Holdings Bhd posted another quarter of record earnings as net profit for the quarter ended Nov 30, 2018 almost tripled to RM19.44 million from RM6.55 million a year earlier due to the construction works undertaken during the period by its subsidiary, Wira Syukur (M) Sdn Bhd.
Earnings per share rose to 3.62 sen from 0.19 sen.
Quarterly revenue grew 12.53% to RM165.75 million from RM147.3 million a year ago.
For the cumulative six months, Vizione’s net profit increased almost four-fold to RM34.46 million from RM7.08 million a year ago, while revenue rose 92.88% to RM325.25 million from RM168.63 million.
KIP Real Estate Investment Trust (REIT) reported net property income falling 3.4% in its second quarter ended Dec 31, 2018 to RM10.45 million, from RM10.82 million a year earlier, on lower rental fees and higher property operating expenses despite higher occupancy rate of 87.9% in the current quarter compared with 85% in a year earlier.
The REIT said the higher property operating expenses of RM5.2 million is mainly attributable to the higher maintenance, marketing and advertising expenses.
Gross revenue was marginally lower at RM15.63 million, from RM15.68 million a year ago, while net profit for the quarter fell 9.79% to RM7.9 million from RM8.75 million.
On a separate note, KIP REIT is exploring the possibility of injecting its KIP Mall Kota Warisan into the fund by 2020.