May4-Companies in the news Press Metal, Ho Hup, Hartalega, Kimlun, FGV, Malakoff, Nationwide, and LBS Bina

by **Cals** Wed 04 May 2016, 00:10

Companies in the news

[size=28]Press Metal, Ho Hup, Hartalega, Kimlun, FGV, Malakoff, Nationwide, and LBS Bina

By Meena Lakshana / theedgemarkets.com | May 3, 2016 : 10:54 PM MYT

KUALA LUMPUR (May 3): Based on corporate announcements and news flow today, companies that will be in focus tomorrow (Wednesday, May 4) may include: Press Metal, Ho Hup, Hartalega, Kimlun, FGV, Malakoff, Nationwide, and LBS Bina.

Press Metal Bhd's net profit more than doubled to RM94.56 million in the first quarter ended March 31, 2016 (1QFY16), from RM43.14 million a year ago, on higher production output, lower finance cost and insurance claims.

Revenue for 1QFY16 was up 21.7% at RM1.29 billion, from RM1.06 billion in 1QFY15, underpinned by additional output by its Samalaju new phase, which has been commissioned progressively.

Press Metal also declared a first interim dividend of three sen per share for the financial year ending Dec 31, 2016 (FY16), amounting to RM38.97 million, payable on May 31.

Ho Hup Construction Company Bhd has won a RM58 million subcontract to undertake structure and bridge works for part of the West Coast Expressway, in Perak.

Ho Hup said the job was awarded by Menuju Asas Sdn Bhd, the main contractor of the Malaysian Public Works Department. The 24-month contract will start from May 9.

The subcontract is expected to contribute positively to its earnings for the financial years ending Dec 31, 2016, 2017 and 2018.

Hartalega Holdings Bhd's net profit for the fourth quarter ended March 31, 2016 (4QFY16) gained 12.3% to RM61.72 million from RM54.97 million a year earlier, driven by its continued capacity expansion.

Quarterly revenue ballooned 31% at RM400.43 million, from RM305.11 million a year ago.

The company declared a third interim dividend of two sen per share, payable on June 23, bringing its full year dividend to eight sen per share.

For the full FY16, net profit rose 22.8% to RM257.6 million from RM209.73 million in FY15, as revenue jumped 36.4% to RM1.5 billion, from RM1.1 billion.

Kimlun Corp Bhd has won a construction contract worth RM165.82 million to build affordable apartments in Selangor.

Kimlun said its wholly-owned subsidiary, Kimlun Sdn Bhd, has accepted the letter of award from Hillcrest Gardens Sdn Bhd for the construction of five blocks of Rumah Selangorku affordable apartments in Mukim Petaling.

The work is expected to be completed by April 2019. The project should contribute positively to its earnings and net assets for the financial years during the contracted period.

Felda Global Ventures Holdings Bhd (FGV) has confirmed that it has decided to withdraw its Roundtable for Sustainable Palm Oil (RSPO) principles and criteria certificates at its 58 complexes or palm oil mills nationwide, beginning today.

FGV, however, did not provide reasons for withdrawing its certificates from its complexes.

The latest announcement confirms The Edge Financial Daily’s report today that FGV made a request for the withdrawal of the certificates from 58 palm oil mills, and it is currently addressing all sustainability issues along the supply chain.

In a filing with Bursa Malaysia, FGV said however, it remains a RSPO member and remains committed to the RSPO principles and criteria.

Malakoff Corp Bhd (Malakoff), a subsidiary of MMC Corp Bhd, announced today former Mass Rapid Transit Corp Sdn Bhd CEO Datuk Wira Azhar Abdul Hamid has been appointed its new group managing director (GMD), effective yesterday.

The appointment follows the resignation of Datuk Seri Syed Faisal Albar as chief executive in December 2015.

Azhar is now the chairman of Tradewinds Corp Bhd, after he relinquished his position as the president/group managing director, Malakoff said in a statement.

Nationwide Express Courier Services Bhd (NECSB) has proposed internal reorganisation involving the exchange of all its 60.1 million of RM1 shares with 120.2 million new shares of 50 sen apiece in a new investment holding company, Nationwide Express Holdings Sdn Bhd (NewCo).

Subsequently, the NewCo is expected to be listed on the Main Market of Bursa Malaysia Securities Bhd replacing NECSB, whose listing would be withdrawn.

To effect the proposed internal reorganisation, NECSB and NewCo will enter into a share exchange agreement, it said, following which NECSB would become a wholly-owned unit of NewCo.

Under the proposed share exchange, all shareholders of NECSB as at the entitlement date will exchange their NECSB shares with new NewCo shares on the basis of two new NewCo share for every one existing NECSB share held, the filing stated.

The proposed exercise is expected to be completed in the fourth quarter of calendar year 2016.

Hibiscus Petroleum Bhd has terminated its proposed acquisition of Australia-based Hydra Energy Holdings Pty Ltd (HEH) due to the non-fulfillment of certain conditions precedent in the deal before April 30.

Hibiscus said as neither party is bound by any future obligations under the term sheet that was inked to effect the deal, and that the breaking fee of US$3.5 million is not payable by Hibiscus, as the approval of HEH’s shareholders was not obtained.

LBS Bina Group Bhd is still confident of achieving its RM1.2 billion sales target set for 2016, despite the slower property market. Year-to-date, the group's total sales stood at RM270 million.

LBS Bina managing director Tan Sri Lim Hock San said the company is confident of remaining on track to achieve the next target of 20% increment in total sales this year.

LBS Bina had achieved total sales of RM1.029 billion last year, up 60% from 2014. The group's unbilled sales currently stands at RM1.16 billion.
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