Corporate results: Aurora Italia, Reservoir Link Energy, Protasco, Can-One, VSTECS Pericomp and GHL

Aurora Italia gets nod for LEAP Market IPO 

Aurora Italia International Bhd has received Bursa Malaysia Securities Bhd’s approval to list on the Leading Entrepreneur Accelerator Platform (LEAP) Market, tentatively scheduled for end-July 2020. The homegrown premium jewellery brand’s proposed initial public offering (IPO) will involve a placement of 30.61 million shares or 10% of the enlarged share capital in Aurora Italia, at 10 sen per share. The group expects to raise RM3.1 million in gross proceeds via placement to selected sophisticated investors from the listing. Of this, RM1.86 million (60.8%) will be used to open three new retail concept stores in China, Hong Kong and Thailand and RM200,000 (6.5%) will go towards acquiring a new retail and point-of-sales management system. Based on its enlarged share capital of 306.05 million shares, the company is expected to have a market capitalisation of RM30.6 million, it noted in a statement yesterday.


ACE Market-bound Reservoir Link records 1Q earnings of RM2.9m

Reservoir Link Energy Bhd reported a net profit of RM2.88 million for the first quarter ended March 31, 2020 (1Q20) on the back of RM22.86 million in revenue. The ACE Market bound upstream oil and gas services provider will be listed on July 15, 2020. Its ED Thien Chiet Chai said the group secured four new call-out contracts and extensions for three call-out contracts for the first five months of this year. The group aims to raise RM23.42 million from its listing, of which RM10 million is for purchasing well testing equipment, RM5 million is to repay bank borrowings and RM4.92 million is for working capital. By investing in well testing equipment, Reservoir Link will be able to independently tender for well testing services jobs, it said in a statement yesterday. 


Protasco unit sells Johor land to NSK Property for RM16.72m

Protasco Bhd’s subsidiary, Sun Rock Development Sdn Bhd entered into a sale and purchase agreement yesterday with NSK Property Sdn Bhd to sell three pieces of commercial lands for RM16.72 million. In its Bursa filing yesterday, Protasco stated the lands were purchased for property development. It foresees developed property demand remaining weak in the coming years amid the current economic slowdown, hence the disposal will enable it to pare down on the existing term loan and generate additional cash flow. All three lands are located in Johor, with two parcels measuring 0.809ha each and the third spanning 10,588.816 sq m. The disposal is expected to result in a RM3.07 million one-off gain for Sun Rock Development, to be recognised in the financial year ending Dec 31, 2020. Protasco also expects to record RM1.5 million in interest savings resulting from the repayment of borrowings. 


Can-One buys agricultural lands in Klang for RM103.55m

Can-One Bhd’s wholly-owned subsidiary, Bintang Seribu Sdn Bhd, is acquiring two freehold agricultural lands in Klang, Selangor from Golden Valley Industries Sdn Bhd for RM103.55 million. Golden Valley Industries is a subsidiary of Klang Group Holdings Sdn Bhd. The metal can manufacturer said the 67.92 acres-combined lots are intended for its new manufacturing hub and warehousing facility, as the firm plans to relocate and consolidate some of its operations in the Klang Valley. 80% of the total payment will be funded through bank borrowings while the balance will be sourced from internally generated funds. The proposed acquisition is estimated to be completed within 12 months from July 13, 2020.


VSTECS Pericomp appointed as Commvault distributor in Malaysia

VSTECS Bhd’s unit, VSTECS Pericomp Sdn Bhd has signed a distribution agreement with US-based data protection and management firm Commvault. Under the agreement, VSTECS Pericomp will partner Commvault in providing local enterprises with data protection solutions, it said in a statement yesterday. The new partnership will leverage VSTECS’s network locally and in the region, Commvault regional VP partner and alliances, Asia Pacific and Japan Dino Soepono said.


GHL’s Philippine unit secures nod for lending operations

GHL Systems Bhd’s unit, GHL Philippines Financing Services Inc has obtained approval to commence its lending operations in the Philippines. The certificate of operations was granted by the Philippine Securities and Exchange Commission. The lending business will also be under the purview of the Anti-Money Laundering Council (AMLC). GHL’s Malaysia and Thai operations also launched their lending operations towards the end of 2019. The Philippine expansion is part of the group’s strategy to add value to its merchants in addition to payment services. Spending in its key markets of Malaysia, the Philippines, Thailand, Indonesia, Singapore, Cambodia and Australia has been adversely affected by the Covid-19 pandemic but consumption is recovering as economies progressively reopen.