CORP BRIEF: Felda, Hibiscus, Hua Yang and MAHB

Felda buys more FGV shares

The Federal Land Development Authority (Felda) has bought 10 million more shares in FGV Holdings Bhd from the open market for RM13 million. In a filing to Bursa Malaysia yesterday, FGV said the shares were purchased yesterday at RM1.30 per share. This raised the number of FGV shares acquired by Felda so far to 51 million shares. On Monday, the agency bought 41 million shares via the open market for RM53.3 million, or RM1.30 each. Last week, Felda announced in two filings that it bought a total of 27.15 million FGV shares from the open market for RM1.29 apiece, or RM35.02 million. This came after the agency issued its offer document last Tuesday in relation to its unconditional mandatory takeover offer for all the remaining shares in FGV which it does not own, except treasury shares. Its offer of RM1.30 per share will be open for acceptances until 5pm on Feb 2, unless extended or revised. — Bernama

Hibiscus’ 2 UK licence agreements executed

HIBISCUS Petroleum Bhd’s indirect, wholly-owned subsidiary, Anasuria Hibiscus UK Ltd, has executed two of the three licence agreements received from the UK Oil and Gas Authority (OGA) to allow the company to undertake field development plans for Block 21/19c and Block 21/20c, which are contiguous to the Cook field, Hibiscus’ exchange filing yesterday noted.

Hua Yang’s profit surges 825%

HUA Yang Bhd’s net profit increased by 852% year-on-year from RM1.53 million to RM14.42 million for its third quarter ended Dec 31, 2020, due to gain on impairment on investment in associate from reversal of fair value on its quoted price. For the same quarter under review, the group’s revenue fell by from RM72.53 million to RM33.9 million due to completion of Meritus Residence in the preceding year and lower contribution from Astetica Residence which is nearing completion, the company noted in a filing to Bursa Malaysia yesterday. The group’s total unbilled sales stood at RM161.13 million, as well as undeveloped landbank of 434 acres (175.63ha) across key regions with an estimated gross development value of RM5.1 billion.

MAHB allocates RM400m for 2021 capex

MALAYSIA Airports Holdings Bhd (MAHB) has set aside RM400 million of capital expenditure (capex) for 2021, slightly higher than the RM320 million allocated last year. A bulk of the capex would go into critical big-ticket projects such as upgrading ageing aerotrains, baggage handling system, facial recognition and adopting artificial intelligence, it said. MAHB said the upgrading and rehabilitation of the Kuala Lumpur International Airport Runway 1 is currently at 70% and is expected to be completed by March 2021, while the rehabilitation of Runway 2 is slated for 2026. The passengers load factor in 2021 is expected to improve by 60%-70% with the deployment of vaccines worldwide. — Bernama