CORP BRIEF: Handal Cranes, LBI Capital, KIP REIT and Hong Seng

by TMR / pic credit:

Handal Cranes bags job from Mubadala Petroleum

HANDAL Energy Bhd’s wholly owned subsidiary, Handal Cranes Sdn Bhd, has secured a new contract from Mubadala Petroleum LLC’s entity, MDC Oil & Gas (SK320) Ltd. In a bourse filing yesterday, Handal Energy said the contract is for four years for the provision of offshore pedestal cranes maintenance services and spare parts. The contract is awarded on a call-out basis whereby the work orders are issued at the discretion of the client based on their activity schedules and rates throughout the contract. The contract is expected to contribute positively to the earnings of Handal group for the financial year ending June 30, 2021, until the expiry of the contract. Handal Energy is an oil and gas (O&G) company specialising in the manufacturing, maintenance and servicing of offshore cranes. It is the leading provider of API 2C rental cranes in SouthEast Asia. Its rental cranes are represented on almost every O&G producer in the region.

LBI Capital to acquire land from Utuh Aspirasi

LBI Capital Bhd’s wholly owned unit, Goldmount Resources Sdn Bhd, Indamont Development Sdn Bhd and Triple Equity Sdn Bhd entered into 12 separate sales and purchase agreement with Utuh Aspirasi Sdn Bhd for a total cash consideration of RM10.14 million. In a filing to Bursa Malaysia yesterday, the property developer said the acquisition of all 12 parcels of land measuring approximately 5.24ha in Kuala Langat, Selangor. The acquisition will increase the landbank and contribute to the group’s earnings.

KIP REIT 1Q NPI up 3.7%

KIP Real Estate Investment Trust’s (KIP REIT) net property income (NPI) grew 3.7% to RM14 million for the first quarter ended June 30, 2021 (1QFY21), from RM13.5 million a year ago. The improvement in NPI was mainly attributed to a 15.2% decline in property operating expenses to RM4.2 million, arising from a discount given by Tenaga Nasional Bhd and overall better cost management. In a statement yesterday KIP said the realised profit before tax was 65.2% higher at RM8.8 million versus 1QFY20’s RM5.3 million, despite the amortisation of rental rebates of RM700,000 during the quarter. KIP REIT is a retail focused property trust with a portfolio of community centric malls strategically located across the Peninsular Malaysia.

Hong Seng to procure virus test kits for Sabah

HONG Seng Consolidated Bhd, formerly known as MSCM Holdings Bhd, announced that the group through its wholly owned subsidiary, HS Bio Supplies Sdn Bhd, has acquired a 51% stake in Pantasniaga Sdn Bhd which has been supplying polymerase chain reaction (PCR) test kits for Covid-19. In a statement yesterday, the company said HS Bio will be involved in PCR test kits procurement for Sabah’s Covid-19 outbreak through the acquisition of Pantasniaga.