Corporate results: Tadmax Resources, Icon Offshore, Hubline, Khee San and Metronic Global

Tadmax receives green light for Pulau Indah power plant
Tadmax Resources Bhd’s unit, Tadmax Indah Power Sdn Bhd, has received government approval to proceed with the development of a 1000-1200 MW combined cycle gas turbine power plant in Pulau Indah, Selangor. In an exchange filing yesterday, Tadmax stated it received a letter from the Energy Commission (EC) yesterday, notifying the government had agreed on Aug 29 for the development of the project to proceed.

Icon Offshore secures RM25.6m Carigali job
Icon Offshore Bhd’s unit, Icon Offshore Group Sdn Bhd, has bagged a RM25.6 million contract from Petronas Carigali Sdn Bhd for the supply of an anchor handling tug and supply vessel.The contract, effective Aug 16, shall run for 730 days, Icon Offshore noted in an exchange filing yesterday.

Hubline acquires 75% stake in Absolute Privilege for RM16m
Hubline Bhd is acquiring a 75% stake in Absolute Privilege Sdn Bhd for RM16.37 million to secure tenancy for its dry bulk operations. In an exchange filing yesterday, Hubline stated it has entered into a shares sale agreement with Absolute Priviledge’s director Pau Chiong Ching for the proposed acquisition of 1.5 million ordinary shares, representing 75% equity interest. Absolute Privilege’s principal assets are two pieces of land in Miri, Sarawak, occupying 8,218.2 sq m and 6,074 sq m, worth RM21.6 million and RM16.4 million respectively. Hubline said the purchase will be financed through internally generated funds and / or bank borrowings, while the breakdown of the source of funding will only be determined later. Barring any unforeseen circumstances, Hubline expects the proposed acquisition to be completed by March 2020.

Khee San considers acquiring companies in share swap deal
Khee San Bhd (KSB) has proposed to buy any of the four subsidiaries under Wah Kong Corporation Sdn Bhd (WKC) for new shares in Khee San issued at an indicative issue price of 33 sen per share. In an exchange filing yesterday, Khee San noted it has entered into a heads of agreement (HOA) with WKC to negotiate on the proposed acquisition of equity interest in any of the four subsidiary companies under WKC namely Momentum Strike Sdn Bhd, Yew Fatt Marketing Sdn Bhd, YFM Distributors Sdn Bhd and/or HC Hin Marketing Sdn Bhd. The target companies are principally involved in the sales, marketing and distribution of various brands of fast moving consumer goods, which are expected to be complementary and synergistic to the existing business of KSB group. The HOA will enable KSB and WKCto exclusively negotiate on the terms of the conditional share sale agreement (SSA) for the proposed acquisition, with the SSA will be executed between the parties within a month from the date of the HOA.

Metronic awarded RM7m subcontract
Metronic Global Bhd’s unit, Metronic Engineering Sdn Bhd, has been awarded a RM7.48 million subcontract works for a mixed development project in Kuala Lumpur. In an exchange filing yesterday, Metronic noted it had on Sept 5 received a letter of appointment (LOA) dated Aug 2 from China Construction Yangtze River (Malaysia) Sdn Bhd for the supply, d