CORP BRIEF: Widad, VS Industry, Cagamas and Safoca

Widad, Bin Zayed team up on [email protected]

WIDAD Business Group (WBG) has signed a collaboration agreement with Bin Zayed International LLC (BZI) to jointly develop a mixed development project known as [email protected] Langkasuka in Langkawi worth RM40 billion. In a signing ceremony yesterday, the company said the financing for [email protected] will come from both WBG and BZI on the agreement of 50:50 basis. The project will be developed on an 800ha development site near Langkawi International Airport. WBG is planning to erect a man-made island which will eventually span approximately 50% of the entire project. — Bernama

VS Industry 2Q net profit jumps 92%

VS INDUSTRY Bhd’s net profit for the second quarter (2Q) ended Jan 31, 2021, soared 92.17% to RM63.79 million from RM33.2 million a year ago, contributed by the higher sales orders and favourable product sales mix. In a filing to Bursa Malaysia yesterday, the group noted that its quarterly revenue rose 21.82% to RM999.31 million from RM820.33 million in the same period last year. Earnings per share for the quarter also surged 89% to 3.39 sen from 1.79 sen previously. For the first half ended Jan 31, 2021, the group posted a high net profit of RM130.47 million, an increase of 60.54% from RM81.27 million a year earlier.

Cagamas concludes aggregate issuances

CAGAMAS Bhd has announced its aggregate issuances of RM400 million, comprising RM150 million three-month conventional commercial papers (CCPs) and RM250 million three-month CCPs, with the proceeds to be used to fund the purchase of housing loans from the financial system. In a statement yesterday, it noted the recent uptick in US Treasury yields amid rising US inflation expectations, coupled with broad economic recovery across the region, pushed global and domestic bond yields higher. The spreads were 21 basis points above the corresponding Malaysia Treasury Bills. The new issuances bring the company’s aggregate issuance for the year to RM3.1 billion. — Bernama

Sacofa, MSA Resources tie-up in telecommunications

SACOFA Sdn Bhd has inked definitive agreements with MSA Resources Sdn Bhd (MSAR) to form a strategic alliance and jointly undertake key telecommunications infrastructure projects in Peninsular Malaysia. In a joint statement yesterday, both companies noted their focus on extending and enhancing broadband connectivity to neighbouring Asean countries such as Thailand, Singapore, Indonesia and Brunei. The definitive agreements are anticipated to further strengthen Malaysia’s digital telecommunications infrastructure and augur well for the overall growth of the telecommunications ecosystem in the country. — Bernama