Corporate announcement

Qatar mulls stake in Pavilion Bukit Jalil

Qatar Investment Authority (QIA) is planning to participate in the ownership of Pavilion Bukit Jalil.

In an exchange filing yesterday, Malton Bhd noted QIA had obtained principle approval from its investment committee to work towards participating in the ownership in the on-going development, subject to the completion of due diligence and execution of legal definitive agreements. 

The stake size in the Pavilion Bukit Jalil mall was not revealed.

The project comprises one block of retail mall with five levels of retail spaces and two levels of basement parking.

On Jan 17, 2019, MTrustee Bhd, as trustee for Pavilion Real Estate Investment Trust (REIT), had informed Malton’s wholly-owned subsidiary, Pioneer Haven Sdn Bhd, that Pavilion REIT has decided not to participate in the ownership of Pavilion Bukit Jalil.

Both Pavilion REIT and Malton are linked to property tycoon Tan Sri Desmond Lim, a substantial shareholder and chairman in both entities.

UOA Reit 4Q18 earnings rise 6%

UOA Real Estate Investment Trust’s (Reit) net profit for the fourth quarter ended Dec 31, 2018 (4Q18) increased 6.01% year-on-year (YoY) to RM9.52 million due to the RM105.62 million fair value adjustment on investment properties.

In an exchange filing yesterday, the company noted it did not recorded any fair value adjustment on investment properties during the same quarter last year.

UOA Reit registered a total income of RM19.21 million inclusive of interest income and other income of RM18,377 and RM134,151 respectively in 4Q18. Total expenditure amounted to RM9.61 million with RM4.66 million attributable to property operating expenses and RM4.95 million to non-property operating expenses.

Gross rental decreased by 4.7% YoY whereas total expenditure decreased by 2% YoY.

The decrease in total expenditure was mainly due to decrease in borrowing costs, but offset with higher valuation fee and administrative expenses incurred.

Bina Puri JV bags RM251m contract

Bina Puri Holdings Bhd’s indirect wholly-owned subsidiary, Bina Puri Builder Sdn Bhd, and Tim Sekata Sdn Bhd (Bina Puri–Tim Sekata JV) have won a RM251.53 million sub-contract work from Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd to undertake site clearance and embankment earthwork works for the electrified double tracking rail project from Gemas to Johor Bahru.

The scope of works include earthworks for track diversion, building platform and track embankment, ground treatment, surcharging, sand blanket, sub-ballast, retaining structure, trackside drainage, track culvert, and river protection, it exchange filing yesterday noted.

The award takes Bina Puri’s un-built book value to RM1.145 billion. The contract is targeted to be completed by Apr 30, 2020.

Heitech secures RM33m contract from MoH

HeiTech Padu Bhd has secured a RM33.18 million contract for the supply and commissioning of critical care information system (CCIS) in intensive care inits of 11 hospitals under the Health Ministry (MoH).

The contract is for a period of 36 months commencing from Feb 1, 2019 to Jan 31, 2022, Heitech’s exchange filing yesterday noted. 

Destini wins two-year contract in Thailand

Destini Bhd’s wholly-owned subsidiary, Destini Oil Services Sdn Bhd (DOS), has secured a contract from Carigali-PTTEPI Operating Company Sdn Bhd (CPOC) to provide tubular running services for exploration and appraisal and infill drilling campaign for Block B-17 & C-19 and Block B-17-01 in the Gulf of Thailand. In an exchange filing yesterday, Destini noted the tenure of the contract is two years commencing from Jan 14, 2019 with one year extension option. 

SCI unit buys shophouse in Kuching for RM1.3m

Sarawak Consolidated Industries Bhd’s (SCI) wholly-owned subsidiary, SCIB Concrete Manufacturing Sdn Bhd (SCM), has entered into a sale and purchase agreement with Zecon Land Sdn Bhd to buy a four-storey shophouse in Vista Tunku, Kuching, Sarawak for RM1.3 million.

In an exchange filing yesterday, SCI noted the purchase consideration will be satisfied by way of offsetting and settlement of outstanding amounts due and owing by Zecon Bhd to SCM.

Total outstanding debts as at Dec 31, 2018, due and owing by Zecon group to SCM was RM2.29 million.

K-One inks manufacturing deal with US dental flosser brand

K-One Technology Bhd’s wholly-owned subsidiary, K-One Resources Sdn Bhd, has ratified a manufacturing agreement with a undisclosed new customer to manufacture certain models of dental water flosser for consumer use. In an exchange filing yesterday, K-One noted the customer is part of a US based multinational with sales revenue of US$3.8 billion in 2017.

Tooling is expected to commence in the first quarter of 2019 and followed by manufacturing of the products at the end of the subsequent quarter, K-One stated. The manufacture of the said product is forecasted to generate sales averaging RM10 million annually commencing this year, for an initial period of three years K-One added. 

Sapura Energy successfully raises RM4b from rights issue

Sapura Energy Bhd has raised RM4 billion from its rights issue exercise which closed on Jan 16, 2019.

The resource based group noted its rights shares with warrants had received a subscription rate of 81.5%. Its Islamic redeemable convertible preference shares (RCPS-i), saw just above 100% of valid acceptances and excess applications.

The remaining portion of the rights shares of 1.85 billion will be fully taken up by underwriters Maybank Investment Bank Bhd, CIMB Investment Bank Bhd and RHB Investment Bank Bhd.

Permodalan Nasional Bhd and its associated funds (PNB) have emerged as the single largest shareholder with 40% stake in Sapura Energy followed by Sapura Technology Sdn Bhd at 16.3%. Minority shareholders comprising both local and foreign participation will hold a total of 42.2%.