Corporate results: Willowglen MSC, Straits Inter Logistics, PRG Holdings and Berjaya Food
Willowglen MSC awarded RM14m job
Willowglen MSC Bhd’s wholly-owned subsidiary, Willowglen Services Pte Ltd, has been awarded a contract worth RM14.39 million by SP PowerAssets Limited for the design, supply, install, test and commission the SCADA and RFID System for existing cable tunnel. The contract commenced on Dec 4, 2018 and will be completed by Dec 3, 2019. Willowglen, in an exchange filing yesterday, noted the contract is not renewable.
 
Straits plans diversification into land transportation, logistics
Straits Inter Logistics Bhd via its wholly-owned subsidiary, Straits Alliance Transport Sdn Bhd, plans to diversify into the land transportation and logistics business. In an exchange filing yesterday, Straits noted the proposed diversification is well within its strategy to identify new business opportunities within the logistics segment that can provide additional revenue and income stream to the group. The group added it wants to expand its existing business to include both marine and land transportation and logistics segments. Upon completion of the proposed diversification, Straits group expects to generate income from two business segments, namely oil bunkering and oil trading business (marine transportation industry) and onshore transportation (land transportation industry). 
 
PRG to take stake in Capital World for RM28m
PRG Holdings Bhd had entered into a non-binding memorandum of understanding with Capital World Ltd to subscribe for 265 million new shares in Capital World for SG$9.28 million (RM28.21 million) or SG$0.035 (11 sen) per share. The deal includes an option to further subscribe for up to 205 million new Capital World shares at an issue price of SG$0.035 each upon completion of the Tranche 1 subscription. The proposed subscription is expected to be funded with internal funds and/or bank borrowings, PRG’s filing with the exchange yesterday noted.  
 
BFood’s 2Q net profit higher at RM7m
Berjaya Food Bhd (BFood) posted a 21% year-on-year (YoY) increase in net profit to to RM7.03 million for its second quarter (2Q) ended Sept 30, 2018 while revenue rose 3.6% YoY to RM166.58 million due to the increasing number of Starbucks cafes operating in Malaysia and higher same-store-sales at the coffeehouse chain. In an exchange filing yesterday, BFood noted its year-to-date net profit rose 19% YoY to RM13.27 million while revenue climbed 4% YoY to RM327.96 million. The board has recommended a second interim dividend of one sen single-tier dividend per share for the financial year ending April 30, 2019, payable on Jan 25 next year. BFood develops and operates Starbucks Coffee in Malaysia and Brunei as well as the country’s Kenny Rogers Roasters chain among others. Moving forward, renewed consumer confidence level coupled with the group’s expansion plans are expected to fuel business growth.