Corporate results: Sunway, WZ Satu, SYF Resources and Integrated Logistics

Sunway’s unit sets up sukuk programme 
Sunway Bhd’s unit Sunway Treasury Sukuk Sdn Bhd has established an Islamic Commercial Papers/Islamic Medium Term Notes Programme with the nominal value of upto RM10 billion. The first issuance of sukuk mudharabah is expected by the first quarter of 2019, and shall have a tenure of seven years, the company noted in an exchange filing yesterday. The proceeds shall be utilised for investments, capital expenditure, working capital requirements, general corporate purposes and/or for repayment of existing or future borrowings.
 
WZ Satu posts RM11.79m net loss in 1Q
WZ Satu Bhd posted a net loss of RM11.79 million in the first quarter ended Nov 30, 2018 (1Q) versus a net profit of RM497,000 it made for the same period a year ago mainly due to losses at its construction and oil and gas segments. The loss registered by its civil engineering and construction segment was due to lower contributions from projects while the oil and gas segment’s loss was due to lower revenue generated in the quarter. Revenue for the three months fell 26.53% year-on-year (YoY) mainly due to lower revenue from the oil and gas segment. The group is looking into increasing its volume of onshore and downstream long term service contracts including maintenance works and intends to venturing into plant/facility improvement programmes
 
SYF buys Giat Armada for RM6.5m
SYF Resources Bhd’s wholly-owned subsidiary, SYF Development Sdn Bhd (SYFD), has entered into a conditional share sale agreement (SSA) with Kiara Susila Sdn Bhd to buy Giat Armada Sdn Bhd (GASB) for RM6.5 million. The deal will see settled against advances owed by GASB, amounting to RM64.54 million,  to SYF. In aggregate, the total outlay of SYFD for the proposed acquisition and the proposed settlement amounts to RM71.04 million to be fully satisfied in cash. The deal was done by SYF group to replenish its land bank in Semenyih. In an exchange filing yesterday, SYF noted the total purchase consideration shall be financed through a combination of bank borrowing and internally generated fund, the exact quantum of which has not been finalised at this juncture. 
 
ILB sells 50% stake in INL for RM50m
Integrated Logistics Bhd (ILB) is disposing a 50% equity interest in Integrated National Logistics DWC-LLC (INL) in Dubai to National Trading & Developing Est for 45 million dirham or RM50.4 million. In an exchange filing yesterday, ILB noted INL has incurred losses every year since it started operations in October 2012 and projected to incur losses in future years.  In addition, ILB has funded the annual cash flow deficits in INL over the last six years and projected to inject additional funding into INL to sustain its cash flow deficits in the future years.

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