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

by TMR/ graphic by ANIS SHAMSUL

Opcom’s deputy CEO goes on sabbatical leave 
Opcom Holdings Bhd announced its Deputy CEO, Chhoa Kwang Hua, will be on a one year sabbatical leave from Sept 7, 2019. Chhoa co-founded the company with Kedah Chief Minister, Datuk Mukhriz Mahathir, in 1994. According to the fibre optic cable manufacturer, its board is of the opinion that Chhoa’s sabbatical leave present an opportunity to put its decade long leadership succession plan into action, its exchange filing yesterday noted.

Uni Wall’s unit bags RM83m contract 
Uni Wall Aps Holding Bhd’s unit, Uni Wall Architectural Products & Services Sdn Bhd, has been appointed as subcontractor by Global Facade Sdn Bhd to design, supply, fabrication and installation of aluminium and glazing works for office towers in Pusat Bandar Damansara. The contract is worth RM83 million and time frame to complete stretches from May 16, 2019 to Nov 24, 2020, Uni Wall’s exchange filing yesterday stated. Uni Wall’s share price closed two sen higher yesterday at 75 sen, giving it a market capitalisation of RM274 million.  

Ajinomoto to build new plant in Bandar Enstek
Ajinomoto (Malaysia) Bhd intend’s to build a new plant and support facilities on its recently purchased land at [email protected], Bandar Baru Enstek near Seremban in Negeri Sembilan at a cost of RM355 million. The Japanese food and biotechnology corporation told Bursa Malaysia yesterday the construction will commence in October 2019 and is expected to be completed by March 2022. In line with the group’s aspiration to strengthen the development and production for halal-compliant products, the new plant is designed to be eco-friendly as well as provide a work-friendly and safe environment for the company’s staff. The building costs of the new plant will be funded with internally generated funds and external borrowings.

Sime Darby acquires NZ-based Gough Group for RM572m
Sime Darby Bhd’s unit, Sime Darby (NZ) Holdings Ltd, has entered into a share purchase agreement with Gough Holdings Ltd to acquire Gough Group Ltd for a gross consideration of NZ$211 million (RM572 million). Gough Group has the Caterpillar dealership with service territory in New Zealand and interests in the transport and materials handling business in New Zealand and Australia. In a release yesterday, Sime Darby noted the Gough Group transaction, which would be the largest for the group since the pure play restructuring exercise in 2017, is expected to be completed before Sept 30, 2019, and will be fully funded with bank borrowings on a cash-free and debt-free basis and is subject to New Zealand’s Overseas Investment Office approval and the typical completion conditions. Gough Group grew its revenue by more than 18% year-on-year in 2018 to NZ$540 million driven by improvements in sales for both its Caterpillar and transport and material handling businesses.

Vertice unit secures RM22m contract for MRT2 job
Vertice Bhd’s unit, Vertice Construction Sdn Bhd, has secured two contracts from Tri-Arch Sdn Bhd and TA Decke Sdn Bhd, worth a combined RM22 million, for subcontract works on the Mass Rapid Transit Line 2 (MRT2): Sungai Buloh-Serdang-Putrajaya (SSP) project. In an exchange filing yesterday, Vertice noted the RM12 million contract from Tri-Arch is for the supply and installation of a roofing system while the RM10 million contract from TA Decke is to the supply and installation of aluminium box fin and cladding works. The contracts shall commence on Aug 16, 2019, and are expected to complete within 12 months. 

George Kent launches arbitration against MRCB
George Kent (M) Bhd has served a notice of arbitration on joint venture (JV) partner, Malaysian Resources Corp Bhd (MRCB) over a dispute on financing requirements for their JV company, MRCB George Kent Sdn Bhd, which is undertaking the construction of the Light Rail Transit Line 3 (LRT 3) project. The two companies each hold an equal share in the JV which won the LRT3 project phase from Bandar Utama in Petaling Jaya to Johan Setia in Klang, George Kent’s exchange filing yesterday noted.