BURSA BRIEF: Reservoir Link, Chuan Huat, Poh Huat Resources, Aeon, Hiap Teck, Datasonic, OpenSys

Reservoir Link bags 2-year contract from Petronas Carigali

RESERVOIR Link Energy Bhd, via its wholly owned subsidiary Reservoir Link Sdn Bhd (RLSB), has received a letter of award (LoA) from Petronas Carigali Sdn Bhd for the provision of light weight well test services for its Malaysian assets.

In a statement yesterday, it said RLSB previously received the letter of appointment as panel contractors for umbrella contract for the provision of well testing and tubing conveyed perforations for Petroleum Arrangement Contractors for Package II: Light Weight on March 24 this year.

The company added that the work order is for a period of 24 months effective from Aug 18, 2022, until Aug 17, 2024, and the total estimated contract value is approximately RM26 million.

Meanwhile, Reservoir Link said the work order will not have any effect on the share capital and shareholding structure, as well as the net assets per share and gearing of the company.  

Chuan Huat to acquire vacant land for RM24.75m

CHUAN Huat Resources Bhd, via its wholly owned subsidiary CHRB Land Sdn Bhd, has entered into a sale and purchase agreement with G&M Brilliant Corp Sdn Bhd for the proposed acquisition of a piece of vacant land for a cash consideration of RM24.75 million.

The leasehold land, expiring on July 24, 2118, located in Kuala Lumpur has a total land area measuring approximately 3,832 sq m.

According to the company, the purpose for the purchase is investment as the land is strategically located adjacent to Wisma Lim Kim Chuan, the company’s corporate office.

It noted that the proposed acquisition will be funded via internally generated funds and term loan.

Poh Huat Resources posts RM22m net profit

POH Huat Resources Holdings Bhd posted a net profit of RM22 million in the third quarter ended July 31, 2022 (3Q22), from RM13.43 million in 3Q21.

In a filing to Bursa Malaysia yesterday, the company said the revenue for the quarter boost to RM166.52 million from RM152.49 million previously mainly attributed to the production activities in both Malaysia and Vietnam operations that ran smoothly on the back of sustained orders from their customers in North America.

Despite recorded good net profit, Poh Huat Resources said they are cautious of the fluidity in the global economic condition and its impact on the operations and financial results of the group for the immediate future.

Aeon’s 2Q22 net profit rises to RM75.7m

AEON Credit Service (M) Bhd net profit for the second quarter ended Aug 31, 2022 (2Q22), rose 0.2% to RM75.65 million from RM75.48 million last year.

Gross financing receivables as at Aug 31 amounted to RM10.38 billion was higher by RM756 million compared to the previous year, the financing firm stated in its exchange filing yesterday.

Due to lower ratio of total operating expenses and funding cost for the current, the group recorded a lower profit before tax of 2.1% year-on-year to RM100.05 million.

However, the total revenue registered for the financial period-to-date of RM789.742 million was marginally higher by 0.5% compared to RM785.441 million recorded in the preceding year corresponding period.

Accordingly, the group said they will continue to closely monitor and assess the inherent credit risks in its financing portfolios, with proactive attention focused on enhancement of asset quality, prudent cost management and improvement on financial and operational efficiencies by leveraging on its positive business fundamentals.

Hiap Teck’s net profit drops 59% in 4Q22

HIAP Teck Venture Bhd’s net profit fell 59.53% to RM24.47 million for the fourth quarter ended July 31, 2022 (4Q22), from RM60.48 million recorded in 4Q21 due to higher production cost and inventories write-downs.

However, revenue rose 134% to RM386.49 million from RM164.83 million, helped by higher sales and improved average selling price.

On year-on-year basis, revenue grew 46% but earning per share fell to 1.41 sen compared to 4.27 sen previously.

Hiap Teck’s share prices was traded at 22 sen with a market capitalisation of RM393.2 million.

Datasonic appoints new independent, non-ED

DATASONIC Group Bhd has announced the appointment of Tan Sri Ahmad Zaki Ansore Mohd Yusof as the company’s independent and non-ED, according to a filing to Bursa Malaysia yesterday.

Ahmad Zaki has 37 years of service in the public sector in various capacities before retiring in December 2018.

He started his career in the Finance Ministry’s economics and international division in 1983 before moving to the Ministry of Primary Industry/Plantation Industry in the Public Service Department.

From there, he was transferred to the Prime Minister’s Department Implementation Coordination Unit before appointed as the department’s deputy DG in 2007 and subsequently the DG in 2016.

Ahmad Zaki was also a member of several government committees such as the National Development Council, Special Task Force to Facilitate Business, the Eastern Corridor Development Committee, the Northern Corridor Development Committee, a board member of Institute of Strategic and International Studies, and Penang Regional Development Authority.

OpenSys gets green light for Main Market transfer

OPENSYS (M) Bhd has secured shareholders’ approval for proposed amendments to the company’s constitution, paving the way for its transfer from the ACE Market to the Main Market of Bursa Malaysia.

The financial services, telecommunications and utilities solutions provider expects to complete the transfer listing by next month.

“The transfer listing to the Main Market will enhance the group’s reputation, as well as increase its recognition and acceptance among investors,” it said in a statement yesterday.

Meanwhile, the group is optimistic on its prospect as it has completed its first SmartCIT project rollout to more than 100 Tenaga Nasional Bhd’s outlets nationwide. 

“This project represents a breakthrough for our SmartCIT segment and we are confident it will serve as an excellent reference site for banks and other payment kiosk customers,” he added.

OpenSys is the market leader in Malaysia’s CRM rollout with more than 80% market share. – TMR