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Bursa highlights on Feb 5
Penang-based poultry player Cab Cakaran Corp Bhd, which plans a partnership with tycoon Anthoni Salim in Indonesia, also wajts to strengthen its position in the home market. The biggest poultry farmer in the northern region is now considering to buy Farm’s Best Bhd’s poultry operation assets, which are located in Negri Sembilan, Malacca and Johor. Read more
Hong Kong-listed packaging product maker Sino Haijing Holdings Ltd will emerge as a substantial shareholder of property developer Yong Tai Bhd under a proposed corporate exercise related to Yong Tai’s diversification into cultural performance operations (i.e. Impression Melaka project, the first overseas venture for a cultural performance series founded in China). Yong Tai will issue ordinary and preference shares to a company ultimately owned by Sino Haijing, which will gain a 34.5% stake in Yong Tai but will seek a waiver from having to make a mandatory general offer. Read more
Digi.Com Bhd had a “relatively rough year” in 2015, with the fourth quarter (Q4) results being the biggest drag that led to a double-digit contraction (-15%) in the annual earnings. Q4 net profit was down by 31.7% due to strong competition, elevated cost from weak Malaysian currency and higher cost from high-speed data network expansion. However, Digi continues to deliver shareholder value, declaring a 4th and final net dividend of 4.9 sen per share or a total payout of RM381mil -- virtually a 100% payout ratio based on its unaudited earnings of RM382.36mil. Read more
MISC Bhd’s annual earnings still managed to rise 11.9% to RM2.46bil in the financial year ended Dec 31, 2015 although the final quarter saw earnings sink 21.5% against a year earlier. The annual growth was thanks to higher profit from the petroleum shipping business and full-year finance lease income from a floating storage and offloading vessel that began in September 2014. Read more
Malaysian Resources Corp Bhd’s (MRCB) 85%-owned indirect subsidiary Rukun Juang Sdn Bhd has fulfilled the conditions precedent under the RM1.63bil Kuala Lumpur Sports City deal signed in October last year. The Youth and Sports Ministry had given Rukun Juang two deadline extensions (totalling about six weeks in all) to meet the conditions precedent, with the latest deadline just around the corner, i.e. Wednesday next week. Read more
Apparel maker Prolexus Bhd plans to set up two joint-venture plants with Taiwanese fabric manufactuter Men-Chuen Fibre Industry Co Ltd -- one a fabric mill (an upstream expansion) and the other a garment plant in Vietnam, which will be a new base of operation (it currently has plants in Malaysia and China). Read more
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