Corporate results: AHP PNH, Maxis, Puncak Niaga, Cypark Resources, Pasdec, Topvision and Alam Maritim

AHP PNH sells RM4.8m worth of properties 
Amanah Harta Tanah PNB (AHP) is selling a freehold land together with an intermediate three-storey terraced shop office in Kuala Lumpur to  Arensi (M) Sdn Bhd for RM4.80 million cash. In an exchange filing yesterday, AHP noted the disposal is in line with the objective of Pelaburan Hartanah Nasional Bhd (PHNB), the management company of AHP, to restructure and rebrand the portfolio. The proceeds from the sale will be utilised to pare down existing borrowing of AHP and reduce its gearing level. The expected net gain on disposal is RM300,000, AHP noted.
 
Maxis inks 3G network agreement with U Mobile
Maxis Bhd’s (Maxis) subsidiary, Maxis Broadband Sdn Bhd (MBSB), has made a 3G network agreement with U Mobile Sdn Bhd (U Mobile) commencing Dec 28, 2018, till June 30, 2019, an exchange filing by Maxis yesterday noted. U-Mobile, in a statement, said it has oOver the past 18 months embarked on an aggressive network replacement exercise across Malaysia and is in its final phase of roll-out. “To ensure the transition to its very own newly built network is seamless for customers, the telco decided on entering into the agreement,” the company said. U Mobile added it is spending over RM5 billion on building a new and robust network to ensure its customers are able to enjoy a superior experience. 
 
Puncak Niaga gets 3-month contract extension from KATS
Puncak Niaga Holdings Bhd’s wholly-owned subsidiary, Puncak Niaga Construction Sdn Bhd (PNCSB), had received a three month extension contract to operate and maintain a water treatment plant in Beaufort, Sabah. The contract was awarded by the Water, Land and Natural Resources Ministry (KATS) and the original contract period for the facility is due to expire on Jan 31, 2019, Puncak Niaga’s exchange filing yesterday noted.  
 
Cypark Resources bags two contracts worth RM450m
Cypark Resources Bhd’s wholly-owned subsidiary, Cypark Ref Sdn Bhd, has secured two turnkey contracts worth a total RM450 million to set up solar photovoltaic energy generating facilities as well as the SPP interconnection facilities, SPP interconnectors and the SPP works. The first contract was awarded by Cypark Estuary Solar Sdn Bhd with the facility to be built at Empangan Terip in Negeri Sembilan for RM225 million. The second contract was awarded by Viva Solar Sdn Bhd to do the same in Sik, Kedah, for a contract sum of RM225 million. The commencement date for both works shall be on the date of notice to commence issued by the awarding companies and the time for completion of the works is from the said commencement date until Aug 4, 2020, Cypark noted in separate exchange filings yesterday.
 
Pasdec to dispose 30.87& equity interest 
Pasdec Holdings Bhd is selling its 30.87% stake in CRH Africa Automotive Proprietary Ltd held by Pasdec Automotive Technologies Proprietary Ltd (PAT) to P Panther Capital Proprietary Ltd for RM18 million. The proposed disposal will enable Pasdec to discharge all existing corporate guarantees given in favour of CRH and/or its subsidiary, its exchange filing yesterday noted. The sale is in line with the strategic direction of the Pasdec group to streamline its operations, and realign resources to focus on its property businesses in Malaysia. The disposal is expected to be completed by the first quarter of 2019.
 
Topvision acquires properties from Signature International for RM7.38m
Topvision Eye Specialist Bhd’s wholly-owned subsidiary, Topvision International Eye Specialist Centre Sdn Bhd, has entered into a conditional sale and purchase agreement with Signature Realty Sdn Bhd, a unit of Signature International Bhd, to buy two parcels of contiguous leasehold land, each with a detached house in Petaling Jaya, Selangor, for RM7.38 million cash. In an exchange filing yesterday, Topvision noted the deal will be funded with RM2.38 million in bank borrowings and RM5 million from its share placement proceeds raised from its recent initial public offering. Topvision added that the proposed land acquisitions will enable it to establish Topvision International Eye Specialist Centre, in line with the company’s business expansion plans. The centre is planned to be a subspecialty multi-disciplinary tertiary eye centre, offering retina, cornea, glaucoma, paediatric, general, aesthetic and oculoplastics, refractive and laser-assisted in situ keratomileusis services with in-house general anaesthesia services for complex eye procedures, including cornea transplant. Meanwhile, Signature International Bhd, in its exchange notice yesterday, said the disposal will generate a loss of RM59,713 at Signature Realty level. It added the proceeds from the disposal will be utilised for the working capital of Signature Realty.
 
Alam Maritim secures 5-year contract from Hess
Alam Maritim Resources Bhd’s wholly-owned subsidiary, Alam Maritim (M) Sdn Bhd, has secured a five-year contract for the provision of pan Malaysia underwater services for Petroleum Arrangement Contractors from Hess Exploration and Production Malaysia B.V. In an exchange filing yesterday, the support services provider noted the contract is on a regular or “call-out” basis whereby work orders will be issued by client based on the schedule of rates as set forth in the contract. The total value of the contract is contingent on actual work orders and the scope of work.

RELATED ARTICLES

Friday, October 25, 2019

Maxis posts Q3 net profit of RM358m

Monday, September 25, 2017

Telco sector sets off on a quiet path

Monday, April 29, 2019

Maxis 1Q profit drops 21.8%