Corporate results: MHB, Sime Darby, Boustead Plantation and Tabung Haji
MHB bags fixed offshore structure contracts from Petronas
Malaysia Marine and Heavy Engineering Holdings Bhd’s (MHB) wholly-owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd, has been awarded a frame agreement by national oil company Petroliam Nasional Bhd (Petronas) to provide engineering, procurement and construction (EPC) services on a fixed offshore structure works. In an exchange filing yesterday, MHB noted the frame agreement consists of two packages including fixed offshore structures of weight exceeding 7,500MT (Package A) and fixed offshore structures of weight not exceeding or equal to 7,500MT (Package B). No contract value was given but stated the agreement is valid for six years for both Package A and Package B on a mini bidding basis managed under Petronas’ Petroleum Agreement Contractors and covers all oil and gas blocks in Malaysia. 
 
Sime Darby sells Elite Motors for RM1.8m
Sime Darby Bhd’s indirect wholly-owned subsidiary, Sime Darby Motor Group (HK) Ltd, has sold its entire interest in Elite Motors Ltd to Ankor Motors Ltd for RM1.84 million cash. Elite Motors is principally engaged in providing vehicle repair services and car testing services. Its total issued and paid-up share capital of HK$1 comprising one share. The principal activity of Ankor is the provision of car testing services. In an exchange filing yesterday, Sime noted the disposal will not have any material effect on the earnings or net assets of the Sime Darby group for the financial year ending June 30, 2019. 
 
Boustead Plantation seeking RM37m GST refund
Boustead Plantations Bhd (BPlant) has filed a suit claiming RM37.21 million from Setia Fontainers Sdn Bhd in relation to a refund from the goods and services tax.  In an exchange filing yesterday, BPlant noted it is claiming for relief against the defendant on account of the defendant’s breach of a sale and purchase agreement (SPA) dated Dec 22, 2016. BPlant added its solicitors believe the company has a good case in this suit and are positive of the outcome of this litigation.
 
Tabung Haji transfers Alam Maritim, White Horse stakes to SPV
Lembaga Tabung Haji (TH) has transferred its stakes in Alam Maritim Resources Bhd and White Horse Bhd to Urusharta Jamaah Sdn Bhd, a special purpose vehicle set-up to support TH’s restructuring exercise. TH had a 9.95% stake or 91.97 million shares in the oil and gas service provider and 22.47 million shares or 9.8% stake in tile maker White Horse. Urusharta Jamaah has taken over the shares in some 47 companies owned by TH since last month.