KUALA LUMPUR (March 21): Based on filings with Bursa Malaysia, the stocks that may stir interest on Friday (March 22) include Muhibbah Engineering, Favelle Favco, Brem, Tebrau, Ireka, Hibiscus and I-BHD [].
MUHIBBAH ENGINEERING (M) BHD [] announced that its wholly owned unit Muhibbah Marine Engineering Sdn Bhd has been awarded shipbuilding contracts by a subsidiary of Silk Holdings Bhd.
The contracts consist of the CONSTRUCTION [] of three Anchor Handling Tug Supply Vessels for a total consideration of about RM216 million.
The company said the contracts are expected to contribute positively to the earnings and net assets of Muhibbah group for the current and future financial years.
At market close, Muhibbah’s share rose 16 sen or 16% to RM1.17 on trades of 59 million shares.
FAVELLE FAVCO BHD [] said it has secured four orders for cranes with a combined value of RM78.8 million from global clients.
The above contracts are expected to contribute positively to the earnings and net assets of Favelle Favco for the financial year ending December 31, 2013 and beyond.
The cranes are due for delivery to the customers between the end of this year and the first quarter of 2014, according to Favelle Favco, which is a 62% subsidiary of Muhibbah Engineering (M) Bhd.
Brem Holding Bhd announced that PNG Water Ltd, a 51% owned unit of the company, today received a notice from Eda Ranu to end the water concession agreement and all other related contracts with immediate effect.
Eda Ranu is a state entity owned by the government of Papua New Guinea.
The agreement was entered in June 1997 for a water concession business in Port Moresby, Papua New Guinea, for a period of 22 years. The concession was originally expected to expire on 22 June 2019.
Brem said the termination was initiated unilaterally by Eda Ranu, which has not provided to PNG Water any indication or proposal on compensation for early termination.
As a result of the termination, the revenue of Brem will be affected. For the year ended 31 March 2012, contribution of this water business to the group’s revenue and profit after tax and minority interest were RM23.9 million and RM5.95 million respectively.
TEBRAU TEGUH BHD [] was slapped with a UMA querry from Bursa Malaysia Securities at market close today over the recent sharp rise in its share price.
In its unusual market activity (UMA) query, Bursa had ordered the firm to provide reasons for its share performance.
Tebrau share, seen as a cheap proxy to Iskandar Malaysia developments, has been charging this week. Since early January, its share price has increased by105% from 71 sen. The actively-traded counter closed at RM1.46, up 11 sen or 8%, on trades of 33.3 million shares today.
In response to the UMA querry, Tebrau said it is unaware of any corporate development that is affecting its share price.
But it said it is in the midst of discussion with various parties to form joint ventures to develop some parcels of land. But no decision has been arrived at as valuation and feasibility studies need to be conducted.
Ireka Corp Bhd said it has secured a RM163 million job from OSK PROPERTY HOLDINGS BHD [] to build high-rise residential units for the latter's project in Cyberjaya, Selangor.
Ireka said Phase 2 of the Pan’gaea Solstice project involves the construction of two serviced-apartment blocks of 39 and 35 storeys respectively.
"The above contract is expected to contribute positively to the earnings of Ireka for the financial years ending March 31, 2014 onwards," the firm said.
Hibiscus Petroleum Bhd and Rex International Holding Pte Ltd will jointly acquire oil and gas (O&G) assets across the Asia Pacific region under a 50-50 joint venture.
Hibiscus said it has signed a JV agreement with Rex International to form HiRex Petroleum Sdn Bhd.
HiRex will pursue O&G exploration assets in Malaysia, New Zealand, Philippines, Vietnam, Australia, Thailand, Brunei, Papua New Guinea, Indonesia, Myanmar and Cambodia.
I-Bhd will be closely watched as investors accumulate shares of the property developer so as to be entitled for the company's dividend.
The firm plans to pay a dividend of four sen a share for financial year ended December 31, 2012. The stock will trade ex-dividend this Tuesday (March 26) while the payment date falls on April 25.
Written by Ho Wah Foon of theedgemalaysia.com
No comments:
Post a Comment