Corporate results: KNM, CB Industrial, RHB Bank, Utusan Melayu and Scomi

KNM receives RM26m orders from SBM Offshore
KNM Group Bhd’s wholly-owned subsidiary, KNM Process System Sdn Bhd, has received a signed purchase orders from Single Buoy Moorings Inc (SBM Offshore) for the supply of PME-pressure vessels-separators for the Liza Unity-FPSO EPCI project in the Starbroek block in Guyana, South America worth US$6.487 million (RM26.38 million). The supply and delivery duration of the goods is for a period of 13 months commencing the date of the purchase orders. .
 
CB Industrial secures RM131m worth of contracts in Indonesia 
CB Industrial Product Holding Bhd’s wholly-owned subsidiary, PalmitEco Engineering Sdn Bhd, has secured several contracts with a combined value of RM131.7 million. The company has received contracts from PT Kodeco Agrojaya Mandiri worth RM86.96 million to build, commission, maintain and guarantee one conventional palm oil mill with processing capacity of 60 metric tonnes of fresh fruit bunches per hour and a kernel crushing plant with processing capacity of 200 tonnes per day. A third contract is to build and commission a 1,600 kilowatt biogas power generator plant. PalmitEco Engineering has also entered into a contract with PT Sanjung Makmur worth RM44.75 million to build and commission a continuous sterilisation palm oil mill with processing capacity of 45 metric tonnes of fresh fruit bunches per hour within 18 months from the date of contract.
 
RHB Bank issues US$300m in notes to raise capital
RHB Bank Bhd has raised US$300 million from a senior unsecured note issuance – the first US dollar-denominated public benchmark issuance by a Malaysian bank since April, 2017. The five-year tenure notes, the third issuance of the bank’s US$5 billion Euro Medium Term Note Programme, has a 3.766% per annum yield. The orderbook was six times oversubscribed. The proceeds from the issuance will be utilised for general working purposes, the bank’s statement yesterday noted. The notes will be listed on the Singapore Exchange Securities Trading Ltd and Labuan International Financial Exchange Inc.
 
Utusan to appeal court decision, UMNO sells stake  
Utusan Melayu (M) Bhd has instructed its solicitors to appeal the decision made by the High Court in favour of Redberry Sdn Bhd which is seeking the return of RM8.5 million paid to Utusan in April last year. In an exchange filing yesterday, Utusan noted its counterclaim against Redberry for RM48.4 million in general damages and exemplary damages under the main suit still subsists and the counterclaim will extinguish the summary judgment obtained by the plaintiff for the sum of RM8.5 million. In September, Redberry claimed Utusan has failed to refund the RM8.5 million deposit which was remitted to the defendant pursuant to the letter of ‘Advertising, Branding & Communication Exercise by Redberry Media Group through Utusan Malaysia & Mingguan Malaysia’ dated Apr 30, 2018. Meanwhile, Utusan noted its substantial securities holder, United Malays National Organisation (UMNO), has disposed of 35 million shares in the company on Feb 9, 2019. UMNO is now left with a 18.16% direct interest in the media company with 20.11 million shares, Utusan’s exchange filing yesterday noted.
 
Scomi unit gets payment demand from Maybank
Scomi Rail Bhd (SRB), an indirect wholly-owned unit of Scomi Group Bhd, has been  served notice of demands totalling RM315.87 million by Malayan Banking Bhd (Maybank) for defaulted in bank payments. The payments comprise a RM201.91 million due under the bank facilities granted as well a a demand for RM113.96 million for the company’s failure to pay the default. In an exchange filing yesterday, Scomi noted  Maybank reserves the right to dispose shares of a subsidiary that were acquired against the bank facilities in the event the demands go unpaid. Scomi said it and SRB are presently negotiating a resolution with Maybank. SRB is a wholly-owned unit of Scomi Engineering Bhd which in turn is wholly-owned by Scomi Group.

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Wednesday, August 14, 2019

Corporate results: Opcom Holdings, Uni Wall Aps, Ajinomoto, Sime Darby, Vertice and George Kent