BOUSTEAD HEAVY INDUSTRIES CORP [] Bhd (BHIC) has received a three-year contract with a ceiling value of RM65.47 million from the Malaysian government.
The company said its subsidiary BHIC AeroServices Sdn Bhd has received a contract for the works of integrated maintenance and logistic support services for three units of the Malaysian Maritime Enforcement Agency Dauphin AS365N3 helicopters.
While the job will not bring any material effect on the BHIC’s earnings for its financial year ending December 31, 2013 (FY13), the contract will contribute positively to the company’s future earnings, said BHIC.
ZELAN BHD [] announced that it had on 27 June 2013 disposed of 3,692,000 shares of IJM CORPORATION BHD [] through direct business transaction at an average price of RM5.56 per share for RM20,464,737.
The 3,692,000 ordinary shares represent 0.265% of the total issued and paid-up capital of IJM.
“The rationale of the disposal is to realise funds from the sale proceeds to pay bank borrowings,” said Zelan.
The gain on the disposal at group level was approximately RM5.1 million while at the company level was approximately RM7.6 million.
AIRASIA BHD [] plans to aggressively grow its Indian affiliate's fleet by adding 10 planes a year and will focus operations on the country's under-utilised airports, group chief executive Tony Fernandes said.
AirAsia India, a joint venture between the Malaysia-based low-cost airline, India's Tata Group and investment firm Telestra Tradeplace, is expected to begin a domestic service from Chennai in the fourth quarter of 2013, Reuters reported.
It will focus on connecting under-utilised airports within India instead of offering services to the country's main hubs Mumbai and New Delhi, Fernandes told a press conference in Mumbai.
To do this, it has an "aggressive" plan to add 10 Airbus A320 aircraft a year to its fleet, he added.
"Game plan is very simple. We want to have the lowest fares, we want to improve connectivity within India. We think there are a lot of routes that are just not done," he said.
"If you look at air travel, it's so concentrated on Delhi and Mumbai ... there is a huge amount of airports that are under-utilised."
The domestic tourism market will play a big part in the airline's success, said Fernandes. "India will become a very big hub for us eventually," he added.
ETI TECH CORPORATION BHD [] announced that it has not been able to issue its audited financial statements (AFS) for the financial period ended Feb 28 by June 30, 2013.
“The reason for failing to issue the AFS within the relevant timeframe is due to reclassification of assets in respect of the proposed disposal of an indirect wholly owned subsidiary,” the company said.
“In view of the above, the expected date of issuance the AFS is on or before 08 July 2013,” it added.
In the event that ETI Tech fails to issue the AFS within 5 market days from July 8, Bursa Securities shall suspend trading the company’s securities on July 9, added the filing.
If the company fails to issue the AFS within 6 months from the expiry of the relevant timeframe, de-listing shall be commenced against ETI Tech.
On June 29, Bursa publicly reprimanded the company for failing to make an immediate announcement in respect of a default in credit facilities by its subsidiary, ETI Tech (M) Sdn Bhd.
CB INDUSTRIAL PRODUCT HOLDING [] Bhd (CBIP) announced that its unit Modipalm Engineering Sdn Bhd has been awarded a RM15.8 million contract to build a “Continuous Sterilization” mill project for a palm oil mill in Pahang.
The project involves mechanical and electrical works for upgrading to “Continuous Sterilization system”.
“The letter of award (today) is expected to contribute positively to the earnings of our group for the financial year ending December 31, 2013,” said the company.
GLOBAL CARRIERS BHD [] (GCB) announced that it could not issue its annual report for the financial year ended 31 December 2012 by 30 June 2013 or on time.
It said this is due to the delay in receiving the annual audited financial statements from its auditor SJ Grant Thornton, which was received on 25 June 2013.
According to listing rules, Bursa Malaysia shall suspend trading in the securities of the company on July 8 if the company fails to issue the outstanding annual report by July 5, 2013.
In a separate filing, GCB put up a disclaimer by SJ Grant Thornton that stated it could not express an opinion on the financial statements.
SJ Grant Thornton claimed it was “unable to obtain sufficient appropriate audit evidence regarding the ability of the company” to achieve sustainable and viable operations and to generate adequate cash flows for its operating activities.
GCB group and the company incurred a net loss of RM50,829,117 and RM200,764,340 respectively during the financial year ended 31 December 2012, according to the second filing. And as December 2012, the group and the company have net current liabilities of RM115,187,505 and RM197,113,946 respectively, and shareholders’ deficit amounted to RM5,617,373 and RM191,658,266 respectively.
Malaysia Airports Holdings Bhd (MAHB) is on track to achieve a 7% increase in passenger movement this year to 43 million, Bernama reported.
Senior general manager of operations services, Datuk Azmi Murad said for the first six months of 2013, KLIA registered a 9% total growth in passenger movement to 21 million passengers.
He attributed the growth to higher flight frequencies, commencement of new routes by partners and the success of MAHB's airline incentive programmes.
MAHB is targeting to open the Klia2 for operations on May 2, 2014, after several missed completion dates.
Azmi said KLIA had welcomed five new airlines, namely, Thai Smile, Malindo Air, Air France, Turkish Airlines and Philippine Airlines.
Written by Ho Wah Foon of theedgemalaysia.com
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