oct13-Glomac, Coastal Contracts, TIME Dotcom, Sino Hua-An, Teck Guan Perdana, Bright Packaging, Icon Offshore, MClean Technologies and PUC Founder

by **Cals** Tue 13 Oct 2015, 01:35

Companies in the news

[size=28]Glomac, Coastal Contracts, TIME Dotcom, Sino Hua-An, Teck Guan Perdana, Bright Packaging, Icon Offshore, MClean Technologies and PUC Founder

By Supriya Surendran / theedgemarkets.com | October 12, 2015 : 11:06 PM MYT

KUALA LUMPUR (Oct 12): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Tues, Oct 13) include: Glomac ([You must be registered and logged in to see this image.] Valuation: 2.40, Fundamental: 1.20), Coastal Contracts, TIME Dotcom, Sino Hua-An, Teck Guan Perdana, Bright Packaging, Icon Offshore, MClean Technologies ( Valuation: 0.30, Fundamental: 1.15) and PUC Founder.

Glomac Bhd plans to dispose of a piece of freehold land measuring about 16.9ha in Ulu Langat, Selangor, to Perbadanan PR1MA Malaysia for RM145.59 million cash.

The disposal is expected to bring Glomac an estimated net gain of about RM83.6 million or 12 sen per share.

Glomac's wholly-owned subsidiary Glomac Maju Sdn Bhd (GMSB) entered into a sale and purchase agreement with PR1MA, for the disposal last Friday (Oct 9).

The disposal of the said land will generate income and increase opportunity for GMSB's immediate and/or future acquisition of more strategic land bank, said Glomac.

The Employees Provident Fund (EPF) has ceased to be a substantial shareholder in Coastal Contracts Bhd ([You must be registered and logged in to see this image.]Valuation: 3.00, Fundamental: 3.00), after disposing of 2.177 million shares in the company on Thursday (Oct 8).

Coastal Contracts revealed that EPF, which had a 5.378% stake in the company on Sept 30, is now only left with 26.358 million shares.

The pension fund had ceased to be a substantial shareholder in Coastal Contracts on Sept 18 last year, but made a comeback on April 14 this year.

It then upped its stake in the company, from 28.26 million shares, representing a 5.33% stake, on Sept 29, to 28.5 million shares on Sept 30, before paring off its shareholding again.

The Employees Provident Fund (EPF) has sold some 5.77 million shares, which is equivalent to a 1% equity stake, in telecommunications group TIME dotCom Bhd ([You must be registered and logged in to see this image.] Valuation: 2.40, Fundamental: 3.00).

The fund disposed of the shares on the open market last Thursday (Oct 8). However, the transaction price for the shares was not disclosed.

Based on a back of envelope calculations, EPF’s remainder stake in TIME dotCom is approximately 25.30 million, equivalent to a 4.4% equity interest, following the share disposal.

It is noted that the fund has been slowly trimming its stake in TIME dotCom, since last month.

Sino Hua-An International Bhd ([You must be registered and logged in to see this image.] Valuation: 0.90, Fundamental: 2.25) said the repair work on the coking ovens of its China-based subsidiary, Linyi Yehua Coking Co Ltd, has been progressing smoothly, with Oven number One fully restored and due to commence operation on Oct 4.

The unit's coking ovens have been temporarily shut down, in line with the Ministry of Environmental Protection of China (MoEP)'s effort to compel all industries that are perceived to be polluting to meet newly-revised environmental protection standards.

The group said that Oven number Two, Three and Four are expected to commence commercial production by Oct 17, Nov 1 and Dec 31 respectively. It added that repair work on Oven number Five is expected to be deferred, until industry prospects improve.

Teck Guan Perdana Bhd ([You must be registered and logged in to see this image.] Valuation: 0.90, Fundamental: 1.15), which saw its share price surge by 29.52% to hit its one year high today, was slapped with an Unusual Market Activity (UMA) by Bursa Malaysia.

The regulator has requested the palm oil player to discount any rumours or news that could contribute to the sharp rise in its share price.

Bright Packaging Industry Bhd ([You must be registered and logged in to see this image.] Valuation: 0.90, Fundamental: 0.80)’s net loss narrowed by more than half to RM1.54 million in 4QFY15, compared with RM3.84 million in the previous corresponding quarter, thanks to higher order from its tobacco customers.

Quarterly revenue had doubled to RM15.59 million, against RM7.79 million a year ago. The net loss dragged its full-year profit further to a mere RM764,000 or 0.5 sen a share, a 54.28% plunge from FY14’s net profit of RM1.67 million or RM1.73 a share. This came despite reporting a 30.93% rise in revenue to RM44.71 million.

However, Bright Packaging’s net loss in 4QFY15 was the biggest for the financial year.

In comparison to the preceding quarter (3QFY15), the aluminium foil and metallised film packaging manufacturer attributed the losses to increase in depreciation charges and deferred tax liabilities charged in 4QFY15. Bright Packaging’s 3QFY15’s net loss was RM145,000, on revenue of RM11.19 million.

Icon Offshore Bhd ([You must be registered and logged in to see this image.] Valuation: N/A, Fundamental: N/A) said its joint venture (JV) with FOB Swath Malaysia AS has terminated a contract with Danish Yachts AS to build a fast crew boat, due to the latter's failure to construct the vessel in accordance with the technical specification.

Icon Offshore said Icon-FOB Holdings (L) Inc (Icon-FOB)and Danish Yachts had on Oct 6, signed a letter of agreement to mutually terminate the contract and make full refund of the payment made to date.

Icon Offshore holds a 51% stake in Icon-FOB, while the remainder is held by FOB Swath Malaysia.

ACE Market-listed MClean Technologies Bhd has appointed Lim Han Kiau as its group chief executive officer and executive director, following the completion of its acquisition of a 55% stake in DWZ Industries Sdn Bhd, a subsidiary of Singapore-based Décor Industries Pte Ltd (Décor Group).

Lim, a Singaporean, 55, is the chairman of Décor Group — which holds the remaining 45% equity in DWZ — and has 30 years experience in both precision cleaning, as well as surface finishing.

ACE-market listed PUC Founder (MSC) Bhd (PUCF) is proposing a revised scheme of renouncable rights issue of Irredeemable Convertible Unsecured Loan Stocks (ICULS) to raise funds for the capital expenditure of its 9.5 MW power solar photovoltaic(PV) power project.

In a filing to Bursa Malaysia today, the group said the revision would entail the proposed renounceable rights issue of up to RM83.9 million nominal value of three-year, 4%, ICULS at 100% of the nominal value of 5 sen each on the basis of 28 nominal value of the rights ICULS for every 20 existing PUCF shares held.

This would be together with up to 419.51 million Warrants-B, on the basis of 7 Warrant B for every 28 Rights ICULS subscribed.

In its initial announcement on Aug 4, the group had said then that it is proposing to issue two five-sen rights ICULS for every one share held, as well as one-for-eight free warrants with an exercise price of 10 sen.

Based on the revision, the proposed rights Issue of ICULS with Warrants is expected to raise gross proceeds of up to RM83.90 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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