CORP BRIEF: Pan Malaysia, DNeX, ARB and HSL

by TMR / pic by TMR FILE

Pan Malaysia acquires 51% in A&W 

PAN Malaysia Corp Bhd has entered into a sale and purchase agreement with Inter Mark Resources Sdn Bhd to acquire 51% or a total of 31.62 million shares in A&W (M) Sdn Bhd for RM21.04 million. In a filing to Bursa Malaysia yesterday, the company said the acquisition will be satisfied by cash amounting to RM11.57 million and share transfer of 63.11 million amounting to RM9.47 million, or 15 sen per share. The deal is expected to be completed within six months.

DNeX completes acquisition of Avalon Oil 

DAGANG NeXchange Bhd via its 90% owned subsidiary Ping Petroleum Ltd has completed the acquisition of the remaining 50% interest in UK North Sea Block 21/6b, License P 2006, containing the Avalon Oil Development. The acquisition is from Summit Exploration and Production Ltd, a wholly-owned subsidiary of Sumitomo Corp for an initial cash consideration of US$5 million (RM20.9 million) with further contingent payments, giving a total purchase consideration of US$17 million.

ARB launches cloud-based revenue services 

ARB Bhd launched its self-developed cloud company secretary platform — ARB Cloud Cosec — to fully automate the existing company secretary services. In a statement yesterday, the platform features an integration of all companies in Malaysia that enable the services to be targeted at company secretary firms, public listed companies (PLCs), and small and medium enterprises (SMEs). The rollout of ARB Cloud Cosec will also help to create a sustainable recurring income of approximately RM100 million per year for the company. In the near term, the company aims to capture 10% of the PLCs market and another 20% of the SMEs market.

HSL net profit increases to RM8.8m 

HOCK Seng Lee Bhd (HSL) posted a higher net profit of RM8.75 million in the second quarter ended June 30, 2021 (2Q21), compared to RM3.97 million posted in 2Q20. The company’s revenue for the current quarter also increased to RM142.8 million from RM83.05 million a year ago, mainly driven by construction and property development activities. In a filing to Bursa Malaysia yesterday, the group stated that its net profit was contributed by the construction segment RM114.81 million (80%), the property development segment RM19.50 million (14%) while the general trading segment contributed RM8.48 million (6%) to the group’s revenue during the quarter.