April 21-Public Bank, Amanahraya REIT, Maybank, Nexgram, E&O, TAS Offshore, GAB, Hume Industries, Crest Builder, PetDag and Mah Sing

by **Cals** Thu 21 Apr 2016, 02:49

Companies in the news

[size=28]Public Bank, Amanahraya REIT, Maybank, Nexgram, E&O, TAS Offshore, GAB, Hume Industries, Crest Builder, PetDag and Mah Sing

By Sangeetha Amarthalingam / theedgemarkets.com | April 20, 2016 : 10:42 PM MYT

KUALA LUMPUR (April 20): Based on corporate announcements and news flow today, companies that will be in focus tomorrow (Thursday, April 21) may include: Public Bank, Amanahraya REIT, Maybank, Nexgram, E&O, TAS Offshore, GAB, Hume Industries, Crest Builder, PetDag and Mah Sing.

Public Bank Bhd's first quarter net profit rose 5% to RM1.23 billion from a year earlier, on higher net interest and Islamic banking income.

Higher fee and commission income and lower bad allowance also supported the bottom line, according to Public Bank's Bursa Malaysia filing today.

Public Bank said net profit rose to RM1.23 billion in the first quarter ended March 31, 2016, from RM1.17 billion. Revenue was higher at RM5.04 billion versus RM4.6 billion.

"The growth in the group's profit was driven by continued healthy loans and customer deposits growth, coupled with sustained strong asset quality," Public Bank said.

AmanahRaya Real Estate Investment Trust (Amanahraya REIT) — though its trustee CIMB Islamic Trustee Bhd — plans to acquire a single story factory, annexed with a three storey office building in Johor for RM24 million.

It is buying the building, erected on a 1.2-hectare piece of freehold land in Nusajaya in the district of Johor Bahru, from Pipeline Distribution (M) Sdn Bhd.

In a filing with Bursa Malaysia, AmanahRaya REIT said with the addition of this property to its portfolio, it will continue to focus on increasing its fund size through strategic acquisitions.

Malayan Banking Bhd (Maybank) has fixed the issue price of its new shares to be issued pursuant to its 12th dividend reinvestment plan (DRP) at RM8.35 per new Maybank share.

The issue price is based on the five-day volume weighted average market price (VWAMP) of RM9.13 per Maybank share, up to and including April 19, 2016 — being the last trading day prior to the price-fixing date.

In a bourse filing, Maybank said the issue price was adjusted for a dividend adjustment of 30 sen to the five-day VWAMP and a discount of 48 sen or approximately 5.44% to the ex-dividend VWAMP of RM8.83.

The book closure date pursuant to the final cash dividend and the DRP has been fixed for May 6, 2016.

ACE-market listed Nexgram Holdings Bhd's wholly-owned subsidiary Nexgram Land Sdn Bhd is planning to acquire 70% of construction outfit, Blue Hill Development Sdn Bhd, for RM12.5 million.

In a bourse filing, Nexgram said Nexgram Land had on April 14, 2016, entered into a conditional share sale agreement with Spacious Glory Sdn Bhd to acquire 770,000 ordinary shares of Blue Hill, representing a 70% stake.

Blue Hill’s principal activities include rendering management services, housing development and building construction, as well as civil and electrical engineering works.

The remaining 30% stake in Blue Hill will be held by Spacious Glory directors and shareholders, Lau Tian Kit and Lim Kim Lee.

Eastern & Oriental Bhd (E&O) has aborted the planned admission of the securities of its indirect wholly-owned Eastern & Oriental Property (UK) Ltd (E&O UK) to trade on the London Stock Exchange (LSE), due to the unstable global market and exchange rate volatility.

In a filing, E&O said the termination of the proposed admission of E&O UK into AIM or Alternative Investment Market on the LSE, is not expected to have an impact on the consolidated earnings per share and net assets per share of the group for the financial year ended March 31, 2016.

"Save for approximately £1.35 million (RM8.31 million based on the average exchange rate of £1.00: RM6.1553 between April 2015 and March 2016) costs in relation to the Proposed Admission, which will be expensed off to the consolidated statements of comprehensive income for the financial year ended March 31, 2016," it said.

TAS Offshore Bhd suffered a net loss of RM13.4 million in its third quarter ended Feb 29, 2016 (3QFY16), compared with a net profit of RM676,000 last year, due to an impairment loss on trade receivable and provision for termination of contracts, which was still disputed by the company.

Revenue for 3QFY16 plunged 77.2% to RM16.98 million, from RM74.37 million a year ago, said TAS Offshore in a bourse filing.

For its nine-month period ended Feb 29, 2016 (9MFY16), the group reported a net loss of RM3.06 million as opposed to a net profit of RM10.3 million in the corresponding period last year.

For 9MFY16, revenue fell 36.2% year-on-year to RM128.8 million, from RM202 million.

Guinness Anchor Bhd (GAB), which has received shareholders' approval to change its name to Heineken Malaysia Bhd, expects to enjoy cost-savings from being a part of Heineken's global supply chain, in six to 12 months' time.

"If we can tap into the global procurement contracts that Heineken has, it will be much more efficient in terms of purchasing, than GAB can do as a stand-alone brewer," the brewer's managing director Hans Essaadi told theedgemarkets.com after the extraordinary general meeting (EGM) today.

He was referring to procurement of raw materials such as barley, glass and aluminium.

Hume Industries Bhd saw its net profit for the third quarter ended March 31, 2016 (3QFY16) drop 42% to RM11.18 million or 2.33 sen per share, from RM19.27 million or 4.02 sen per share in the previous year, due to higher production costs.

Revenue for the quarter fell 16% to RM145.5 million, from RM172.7 million in 3QFY15.

The group announced a dividend of three sen per share for the quarter, payable on May 25.

Crest Builder Holdings Bhd's 51%-owned unit, Landasan Bayu Sdn Bhd, has entered into a joint development agreement with the Malaysian Rubber Board (MRB) for the development of the latter's piece of land at Jalan Ampang, Kuala Lumpur.

According to its announcement to the exchange, the mixed commercial development will comprise retail, premium residences and offices, with a gross development value (GDV) of RM1.33 billion.

Under the agreement, MRB will be entitled to a 22.5% share of the total GDV, with a guaranteed amount of RM299.85 million.

Petronas Dagangan Bhd (PetDag) plans to open up to 15 new service stations this year amid challenging market conditions, as crude oil prices remain dampened.

Its managing director and chief executive officer Mohd Ibrahimnuddin Yunus said the company has allocated RM400 million in capital expenditure this year, to expand its operations.

"We will be adding stations, but not as many as before. We are looking at 10 to 15 new stations, depending on the demand of the area and the market. We have already opened a few in the first quarter of the year," he told reporters, after the company's annual general meeting today.

A two-year legal suit between Mah Sing Group Bhd and several vendors in Penang over the aborted acquisition of a RM42.6 million land in Jawi by Mah Sing's unit, has been resolved out of court, with Mah Sing getting back half of paid initial deposit for the deal.

“Pursuant to discussions at the High Court and on the advice of our lawyers conducting the case to reach a settlement, Nature Legend and the vendors have amicably agreed to settle the case,” said Mah Sing in a bourse filing today.

As such, Mah Sing said its wholly-owned unit, Nature Legend Development Sdn Bhd, have been refunded RM2.13 million, representing 50% of the deposit paid for the land deal.

“The balance of 50% shall be retained by the vendors. The retention will not have a material impact on the net assets or earnings of the Mah Sing group for the financial year ending Dec 31, 2016,” it said.
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