The Edge Markets
KUALA LUMPUR (Sept 2): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Sept 3) include Malaysia Airports Holdings Bhd, MGB Bhd, Advancecon Holdings Bhd, Inta Bina Group Bhd, Iconic Worldwide Bhd, Vizione Holdings Bhd, MQ Technology Bhd, LKL International Bhd, Paramount Corp Bhd, Teck Guan Perdana Bhd and Perdana Petroleum Bhd.
Malaysia Airports Holdings Bhd (MAHB), which manages 39 airports in the country, said tenants who have signed up or are going to sign up under its ongoing airport commercial reset programme will get to benefit from a rental reduction of up to 30% from the current rate.
This is equivalent to a total annual savings of RM45 million for the participating tenants.
A unit of MGB Bhd, formerly known as ML Global Bhd, has bagged a contract worth RM122.3 million to undertake the construction of serviced apartments and related facilities in Sepang, Selangor.
The project will commence on Feb 15, 2021 and will be completed on May 14, 2022.
Advancecon Holdings Bhd has bagged two subcontracts worth a total of RM80.8 million for the construction of subgrade and related works for the East Coast Rail Link (ECRL) project from China Communications Construction (ECRL) Sdn Bhd.
Work will commence on Sept 7. The first subcontract, worth RM53.74 million, is set to be completed on Sept 6, 2023 while the second job, worth RM27.09 million, is set to be completed by Sept 6, 2022.
A unit of Inta Bina Group Bhd has bagged an RM52.13 million contract to undertake the main building works for the Eco Majestic gated community township in Semenyih, Selangor. The construction period is 22 months.
Iconic Worldwide Bhd is planning to diversify into the manufacturing of personal protective equipment (PPE), including gloves and disposable face masks, involving an estimated investment cost of about RM155.5 million.
This covers the cost of land, construction of a new facility, installation and commission of production lines, other equipment, and working capital.
Integrated construction engineering group Vizione Holdings Bhd is planning to acquire a 51%-stake in specialty medical gloves maker SSN Medical Products Sdn Bhd for RM5 million, to venture into the glove-making sector.
Upon completion of the proposed acquisition, Vizione plans to add more production lines to boost SNS’ capacity to one billion gloves per annum from 500 million now,
Precision mould maker MQ Technology Bhd’s (MQ Tech) has entered into a Memorandum of Agreement to acquire a 70% stake in rubber and plastic medical products manufacturer Kibaru Manufacturing Sdn Bhd.
LKL International Bhd has bagged a nitrile glove contract worth US$18.96 million or RM78.49 million to supply nitrile gloves to an unnamed China-based company.
Paramount Corp Bhd remains bullish on the prospects of the property market as interest rates remain low, saying it will help regain demand that was affected during the Movement Control Order period.
Paramount group chief executive officer Jeffrey Chew said the group’s prospects for 2HFY20 will be boosted by higher property launches, adding that Paramount has an estimated RM640 million worth of launches in the pipeline — all residential — which is 121% more than what the group launched in 1HFY20.
Teck Guan Perdana Bhd’s wholly-owned unit Tawau Cocoa Estate Sdn Bhd is buying a 510.6-acre agriculture land in Tawau for RM11.94 million, which will be funded through a mix of external borrowings and internally-generated funds.
The land comes with planted fruits, other crops and facilities covering 187 acres, while the remaining 323.6 acres are undeveloped.
Perdana Petroleum Bhd will be supplying an anchor handling tug supply vessel to ROC Oil (Sarawak) Sdn Bhd for drilling and project activities for RM10 million. The contract is for a duration of up to 210 days, with an option for a 145-day extension.