CORP BRIEF: TCS, Daya Materials, HSS Engineers and Axiata

by TMR / pic by TMR FILE

TCS to acquire 25% stake in Southern Score

TCS Group Holdings Bhd entered into a conditional share sale agreement with Super Advantage Property Sdn Bhd for the proposed acquisition of 25% equity interest in Southern Score Sdn Bhd for a consideration of RM30 million, which will be fully satisfied via issuance of 60 million new shares in TCS at RM0.50 per ordinary share. Upon completion of the proposed acquisition, Southern Score will be an associate company of TCS. Southern Score is principally engaged in the business of construction, contractors, subcontractors and property development, and a Grade 7 contractor registered with the Construction Industry Development Board.

Daya Materials secures contract from PCSB

DAYA Materials Bhd announced that its subsidiary, Daya Maxflo Sdn Bhd, was awarded a contract by Petronas Carigali Sdn Bhd (PCSB) for the provision of “downhole tools and services”. In a filing to Bursa Malaysia yesterday, the company said the contract will involve downhole imaging services which will be deployed on memory, real-time or drill pipe conveyance system in both cases, or open hole well for PCSB’s assets in both East and West Malaysia. The contract will be for a duration of five years until Oct 22, 2025, and will not have any effect on the earnings for Daya Materials.

HSS Engineers records strong 3Q performance

HSS Engineers Bhd recorded an increase of 218.9% in its net profit from RM874,000 to RM2.8 million for the current quarter ended Sept 30, 2020 (3Q20). In a filing to Bursa Malaysia yesterday, the group said the increase was due to its engineering services segment that grew 16.2% to RM34.9 million in 3Q20 from RM30 million because of its contributions from major projects — namely the East Coast Rail Link scheme and preliminary design, as well as the Iskandar Malaysia bus rapid transit detailed design works. The group’s orderbook currently stood at RM487.9 million as at Sept 30, 2020, and will be recognised progressively for the next two to five years.

Axiata deputy group CEO appointed to GSMA board

AXIATA Group Bhd’s deputy group CEO and group CEO designate Datuk Izzaddin Idris has been appointed to the board of GSM Association (GSMA) for a two-year period, beginning January 2021 to December 2022. The GSMA is a global organisation representing the interests of mobile operators worldwide, uniting more than 750 operators and nearly 400 companies in the broader mobile ecosystem. In a statement from Axiata yesterday, Izzaddin said the appointment reflected GSMA’s continued confidence and recognition of Axiata’s achievements in 11 countries across South-East Asia and Asean, where the company operated digital telecommunication companies. — Bernama