CORP BRIEF: Senheng, Advancecon Sarawak, CIMB and AirAsia

by TMR / pic by TMR FILE

Senheng 9M21 profit up 21%

SENHENG New Retail Bhd reported a 21.2% jump in net profit to RM34.1 million for the nine months ended Sept 30, 2021 (9M21) compared to RM28.1 million previously (9M20), driven by higher sales generated from ongoing experiential retail store expansions and upgrades. The company in a statement yesterday said that although 58.2% and 21.9% of the group’s stores were shutdown in July and August 2021 respectively to comply with the Covid-19 lockdown, the group’s revenue rose 12.3% to RM987.7 million in 9M21 from RM879.6 million in 9M20, on the increased number of and higher average monthly sales in “Grand Senheng” stores.

Advancecon Sarawak bags earthworks contract

ADVANCECON Holdings Bhd’s associate, Advancecon (Sarawak) Sdn Bhd, bagged a RM32.4 million contract to undertake earthworks, site clearing and other related services in Lot 501 Salak Land District, Kuching, Sarawak. The contract awarded by Yayasan Sarawak is expected to be completed within 12 months, with works commencing after the possession of the site. This contract is expected to contribute positively to the future revenue and earnings of Advancecon. The contract enlarged its orderbook to more than RM770 million and sustain earnings for the next three years.

CIMB to hire BNP Paribas veteran as M&A head

CIMB Group Holdings Bhd has hired a BNP Paribas SA veteran as its head of mergers, acquisitions (M&A) and sponsors for South-East Asia, according to people with knowledge of the matter. Ng Cho Weng, BNP’s Singapore unit MD, will join Malaysia’s third-biggest bank by market value next month, the people said, asking not to be identified as the information is private. The executive worked at the French lender for more than 14 years, including as its South-East Asia head of general M&A and transactions, according to his LinkedIn profile. He’s also had stints at PwC and Ernst & Young. — Bloomberg

AirAsia to rename firm as Capital A Bhd

AIRASIA Group Bhd has proposed changing its company name to Capital A Bhd, the lowcost airline operator said in a Bursa filing yesterday. The airline group said the proposed name was approved by the Companies Commission of Malaysia and is now subject to shareholders’ approval at a general meeting to be convened at a date to be announced.