CORP BRIEF: ExxonMobil, George Kent, Serba Dinamik, Focus Dynamics and Petra Energy-Uzma JV


ExxonMobil appoints new head for EEPM

EXXON Mobil Corp appointed Shane Harris as president and chairman of ExxonMobil Exploration and Production Malaysia Inc (EEPM). Harris succeeded Edward E Graham, who has been appointed VP of ventures for ExxonMobil Low Carbon Solutions in Houston, Texas, US. Prior to his appointment, Harris was the asset manager for the Kearl (Imperial Oil) oil sands mining asset in northern Alberta, Canada.

George Kent posts RM11.3m net profit

GEORGE Kent (M) Bhd posted a net profit of RM11.34 million for the two months ended on March 31, 2021, and revenue of RM34.62 million. The group also recorded a net profit of RM48.75 million and revenue of RM310.83 million for the 14-month period. The board earlier changed its financial year-end from Jan 31 to March 31. George Kent declared a third dividend of one sen per share for financial year 2021, payable on July 28.

Serba Dinamik denies Abu Dhabi contract an RPT

SERBA Dinamik Holdings Bhd denied there was any element of related-party transaction (RPT) in the undertaking of Block 7 Investments LLC when the group secured the Abu Dhabi project in April last year. In a filing to the stock exchange yesterday, Serba Dinamik said the Block 7 was incorporated in Abu Dhabi, the United Arab Emirates (UAE), and not in the US as reported in The Edge Weekly on June 17. The group also reiterated there was no element of related party interest as purported.

Focus Dynamics buys 19.4% of Saudee

FOCUS Dynamics Group Bhd acquired a 19.37% stake in Saudee Group Bhd, representing 138.05 million rights issue shares. This investment is pursuant to the previous memorandum of understanding signed in October 2020 between the companies to roll out a robotics based manufacturing facility and developing robotic burger kiosks.

Petra Energy-Uzma JV receives conditional LoA

PETRA Energy Bhd through its wholly owned subsidiary, Petra Energy Development Sdn Bhd (PEDSB) and Uzma Bhd received a conditional letter of award (LoA) from Petroleum Sarawak Bhd for the petroleum contract relating to exploration, development and production in Block SK433, onshore Sarawak. PEDSB will be the operator under the contract for and on behalf of its joint venture (JV) partnership, PEDSB-Uzma Engineering Sdn Bhd.