Mar 10 - Companies in the news Berjaya Food, Scomi Engineering, Zelan, Hup Seng, Yong Tai, Hiap Huat, Luster and Bina Darulaman

by **Cals** Thu 10 Mar 2016, 00:48

Companies in the news

[size=28]Berjaya Food, Scomi Engineering, Zelan, Hup Seng, Yong Tai, Hiap Huat, Luster and Bina Darulaman

By Supriya Surendran / theedgemarkets.com | March 9, 2016 : 10:17 PM MYT

KUALA LUMPUR (March 9): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Thursday, March 10) could include the following: Berjaya Food, Scomi Engineering, Zelan, Hup Seng, Yong Tai, Hiap Huat, Luster and Bina Darulaman.

Berjaya Food Bhd, which operates the Kenny Rogers Roasters and Starbucks Coffee chains, saw net profit fall 14.3% to RM7.4 million or 1.97 sen per share in its third quarter ended Jan 31, 2016 (3QFY16) from RM8.6 million or 2.43 sen per share a year ago.

The lower profit was a result of lower contribution from Kenny Rogers Roasters outlets in Malaysia amid prudent consumer spending after the implementation of the goods and services tax and depreciation of the ringgit, explained the company.

Revenue for 3QFY16 grew 10% to RM147.2 million from RM133.48 million a year ago mainly due to higher sales recorded by existing cafes and additional cafes operating in the current quarter.

It recommended a third interim single-tier dividend of one sen per share for the financial year ending April 30, 2016. The ex-date and entitlement date are on April 6 and 8 while the payment date is on April 20.

Prasarana Malaysia Bhd issued a notice of remedy to Scomi Transit Projects Sdn Bhd after the latter failed to deliver trains on time for the KL Monorail system.

Scomi Transit Projects is a unit under Scomi Engineering Bhd. In a statement today, Prasarana said Scomi Transit Projects failed to deliver 10 sets of new four-car monorail trains by Dec 31, 2015.

Under the notice for the Kuala Lumpur Monorail fleet expansion project, Prasarana said it gave Scomi Transit Projects 60 days from yesterday (March 8) to comply with the contract terms.

If Scomi Transit Projects fails to do so, Prasarana said it would be at liberty to terminate the principal contract and supplemental agreements with Scomi Transit Projects.

Zelan Bhd has bagged a temporary sale office construction contract for Bukit Bintang City Centre worth RM37.78 million.

In a filing with Bursa Malaysia today, Zelan said the contract value is also subject to any price fluctuation.

Zelan's unit Zelan Construction Sdn Bhd has today accepted the letter of award from BBCC Development Sdn Bhd.

The contract, Zelan said, was for the main building works of the proposed development of a four-storey temporary sales office, show unit and one-storey sub-basement here.

Hup Seng Industries Bhd is acquiring two parcels of aggregate lands in Batu Pahat, together with buildings constructed on it, from Syarikat Koon Fuat Industries Sdn Bhd (SKFI) for RM17.49 million cash, including goods and services tax.

Hup Seng said its unit Hup Seng Perusahaan Makanan (M) Sdn Bhd has entered into two separate share purchase agreements (SPAs) with SKFI for the acquisitions.

In the first SPA, Hup Seng intends to acquire a piece of 60-year leasehold land, measuring in aggregate approximately 1.1875 acres, together with a three-storey factory building cum office erected thereon, for RM4.39 million cash.

The second SPA is for the acquisition of a freehold land measuring in aggregate approximately 15,428.62 sq m (166,072.23 sq ft), together with five units of buildings erected thereon, for RM13.09 million cash.

SKFI is wholly-owned by Yong Tai Bhd, with a principal activity of dyeing and finishing, and textile products.

Hiap Huat Holdings Bhd is aborting its private placement exercise due to the current market conditions.

The scheduled waste recycler said its decision was also prompted by its shares being traded below the par value of 10 sen each, as well as the low trading volume.

"After taking into consideration the above-mentioned factors, the board has decided not to proceed with the private placement," it said in a filing with Bursa Malaysia.

Luster Industries Bhd's unit Pembinaan LSP Jaya Sdn Bhd (PLSP) has entered into a tripartite agreement with Aznel Development Sdn Bhd and Koperasi Hartanah Malaysia Bhd (KOHAMA) today, to developed 106 units of terrace houses in Perak.

Luster said that the proposed development, named Taman Tasik 1 Malaysia, serves to procure the commitment from strategic partners, namely Aznel and KOHAMA, to jointly develop the land.

Under the agreement, PLSP, a wholly-owned subsidiary of the Luster Precision Engineering Sdn Bhd which in turn is a wholly-owned subsidiary of Luster Industries Bhd, would bear all construction costs with regards to the development project.

It added that PLSP will fund the proposed development, through internally-generated funds.

Bina Darulaman Bhd's wholly-owned unit BDB Infra Sdn Bhd (BISB) has proposed to acquire a five-acre industrial freehold land in Kulim, Kedah, for RM5.08 million to set up a new premix plant.

BISB, which currently operates quarry and premix business in Pendang, Kedah, plans to use the new plant to supply premix to its ongoing road and highway maintenance projects as well as expanding its market into southern Kedah and Penang.

The company is acquiring the land from Kilang Bihun Beras Indah Sdn Bhd. It said the purchase price was arrived at based on negotiations with the vendor and taking into consideration, among others, the readily available infrastructure and a reasonable price against market valuation.
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