Corporate results: Handal Energy, SMTrack and TH Plantations

by TMR/ graphic by ANIS SHAMSUL

Handal bags offshore crane services contract from Shell
Handal Energy Bhd has secured a contract to provide offshore crane operations and maintenance services in Sabah and Sarawak. In a filing exchange yesterday, Handal noted the contract entailed the provision of operations, maintenance, repair and manpower services for 29 cranes under Sarawak Shell Bhd and Sabah Shell Petroleum Co Ltd located off the waters of Sarawak and Sabah. The contract is for a two-year period from Oct 15, with an extension option of one year.

SMTrack facing boardroom tussle as 4Q net loss narrows
SMTrack Bhd’s shareholders, Chung Kah Haur and Quek Han Tiong, who together hold 10.1% of the company’s equity, have requested for an extraordinary general meeting to be convened at the soonest possible to seek the appointment to the board of Chung, Kamil Abd Rahman and Lai Mee Hong. They also seek to remove Azmi Osman, Chaw Hung Keey and Tan Choo Hwa from the loss making company’s board, SMTrack exchange filing yesterday noted. In a separate filing, SMTrack’s net loss for the fourth quarter ended July 31, decreased to RM1.98 million from RM4.37 million recorded in the corresponding period last year attributable to lower impairment of others receivable. Revenue dropped 35.85% year-on-year to RM424,000, its exchange filing yesterday stated. SMTrack expects the financial performance of the group to improve by the gradual execution and focus on strategic businesses.

TH Plantations sack CFO
TH Plantations Bhd has sacked its chief financial officer (CFO) Mohamed Azman Shah Ishak, who has been on a two-month suspension after he was served a show-cause letter on Aug 9. The suspension was related to findings arising from a forensic audit. The loss-making plantation group noted his dismissal was made after due deliberation, upon evaluating the 53-year-old’s reply to a show-cause letter from the management, TH Plantations revealed in a filing to Bursa Malaysia yesterday. A letter to that effect had been sent to Mohamed Azman effective immediately, it added. Finance assistant general manager, Marliyana Omar, and finance senior manager, Hamidah Hassan, would carry out the responsibilities and functions of the CFO.