CORP BRIEF: Vivocom, Prestar, Kerjaya Prospek, Puncak Niaga and YTL Cement

by TMR / pic credit: puncakniaga.com.my

Vivocom to buy 24.6% equity in EA Holdings

VIVOCOM International Bhd proposed to buy 24.6% equity interest in EA Holdings Bhd. In a filing to Bursa Malaysia yesterday, Vivocom said it will issue 50.89 million new shares priced at 56.74 sen per share as consideration for the 1.5 billion new shares in EA Holdings priced at 2.3 sen per share.

Prestar net profit leaps to RM18.3m in 1Q

PRESTAR Resources Bhd’s net profit for the first quarter ended March 31, 2021 (1Q21) jumped more than four-fold or 352.4% to RM18.34 million from RM4.06 million a year ago. In a statement yesterday, the company noted strong demand for its steel products from its various customers in different segments reflects the strong earnings for the company. The firm’s quarterly revenue increased by 49.6% to RM140.18 million from RM93.7 million a year ago due to stronger demand and improved performance by its subsidiaries. Its earnings per share rose to 9.45 sen from 2.09 sen previously.

Kerjaya Prospek unit bags RM28m deal

KERJAYA Prospek Group Bhd, through its wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd, secured a contract worth RM28.3 million from Persada Mentari Sdn Bhd, an indirect subsidiary company of Eastern & Oriental Bhd, for site and earthworks. In a filing yesterday, the company noted it also includes foundation piling system and pile caps construction, basement construction and all associated works for the proposed two blocks of 35-storey service apartments in Penang. The contract will commence on May 18, 2021, and to be completed within 12 months.

Puncak Niaga acquires 60% stake in PPKSB

PUNCAK Niaga Holdings Bhd has acquired a new subsidiary through the subscription of 60% equity interest in Puncak Patem Konsortium Sdn Bhd (PPKSB) for RM150,000. In a filing to Bursa Malaysia yesterday, it said the shares subscription was to facilitate the group’s business expansion plans in the water sector. In terms of funding, the company said it would be satisfied wholly by way of capitalisation of Puncak Niaga’s advances to PPKSB. — Bernama

YTL Cement disposes of 100% in Dama Cement

YTL Cement (Hong Kong) Ltd, an indirect wholly owned subsidiary of YTL Corp Bhd, has finalised the disposal of its 100% equity interest in Zhejiang Hangzhou Dama Cement Co Ltd. Having invested in Dama Cement in 2007, YTL Cement Group has seen aggregate returns of about 1.3 billion yuan (RM832 million) and profits of about RM250 million, YTL Corp said in a filing to Bursa Malaysia yesterday.