CORP BRIEF: Felda, JCY, Dayang Enterprise and George kent

Felda acquires 22m FGV shares from open market

FEDERAL Land Development Authority (Felda) bought 22 million shares of FGV Holdings Bhd in the open market for RM28.38 million yesterday. In a statement yesterday, Maybank Investment Bank Bhd (Maybank IB), the principal advisor to Felda, on its takeover offer for FGV shares said the shares were purchased at RM1.29 apiece. On Jan 12, Felda issued an offer document in relation to its unconditional mandatory takeover for all remaining shares in FGV which it does not own, except treasury shares. Its offer of RM1.30 per share will be open for acceptance until 5pm on Feb 2, unless extended or revised with an announcement to be made by Maybank IB two days prior to the closing date. On Dec 8, Felda increased its stake in the company to 35.12% and proposed to take FGV private at RM1.30 a share. The 13.88% stake was bought from the Retirement Fund (Inc) (6.1%) and Urusharta Jamaah Sdn Bhd (7.78%). — Bernama

JCY’s major customer loss to impact results

JCY International Bhd’s major customers have said they intend to reduce and eventually end purchases for one of the group’s products. In a filing to Bursa Malaysia yesterday, the company noted that the move will have a negative impact on JCY’s results for the financial year ending Sept 30, 2021. The group has commenced a major re-alignment of its customer base, committing a significant amount of capital and resources for a new customer and are ramping up production for certain components, including a new range of products. The management said it is fully dedicated to achieving these targets, which will have a countervailing positive impact on JCY’s financial results for the current financial year and beyond.

Dayang Enterprise wins another O&G contract

DAYANG Enterprise Holdings Bhd has announced its wholly-owned subsidiary, Dayang Enterprise Sdn Bhd, has won a contract from Mubadala Petroleum LLC’s entity, MDC Oil & Gas (O&G) Ltd for the provision of Pan Malaysia maintenance, construction and modification. The offshore maintenance group said the contract took effect from Dec 9, 2020, and will expire on July 16, 2023, with an option to extend for a period of one year.

George Kent lodges Sukuk Wakalah programmes

GEORGE Kent Bhd has lodged its Sukuk Wakalah programmes with the Securities Commission Malaysia. The proceeds from the issuance will be used to finance investments, capital expenditure, working capital requirements and refinance existing borrowings and future Islamic financing, as well as defray fees and expenses related to the programmes, it said in Bursa filing yesterday. Its Sukuk Wakalah programmes, namely its Islamic Commercial papers of up to RM100 million and the Islamic medium-term notes of up to RM500 million, have the combined aggregate limit of up to RM500 million.


Thursday, November 28, 2019

‘Let’s make agriculture sexy’

Friday, December 6, 2019

Time for Felda to trim assets

Tuesday, December 31, 2019

Penny stocks that soared in 2019