KUALA LUMPUR (Oct 1): Based on corporate news and announcements today, stocks that may be exciting to watch tomorrow include BHIC, HSL, FFB, Mah Sing, TNB, Protasco, Bina Puri and Felda.
BOUSTEAD HEAVY INDUSTRIES CORP []oration Bhd (BHIC) announced that its associate company has received confirmation from the Ministry of Defence on a 10-year contract worth RM9 billion to build six military patrol vessels.
The contract is to design, construct, equip, test and deliver six units of second-generation patrol vessels with combatant capabilities for the Royal Malaysian Navy, BHIC said in a filing with Bursa Malaysia.
Via an amended letter of award, the Ministry of Defence has confirmed that the value of the contract is RM9.0 billion and the contract is for 10 years, from December 29, 2011, to December 28, 2021.
In addition, the Ministry has also confirmed it will pay further advance payment of RM700 million in stages to BN Shipyard.
“The contract will have material effect on the earnings of the company for the financial year ending 31 December 2013, and will contribute positively to the future earnings of the BHIC Group,” said BHIC.
HOCK SENG LEE BHD [] (HSL) has secured a RM53.6 million project involving infrastructure work at the Demak Laut Industrial Park in Kuching, Sarawak.
The Sarawak-based builder said it has secured a letter of acceptance from Sarawak's Industrial Development Ministry.
"The contract period is 24 months and the project will be due for completion in the 3rd quarter of 2015. The contracts are expected to contribute positively to the earnings and net assets of HSL Group for the financial years ending 2013 to 2015," HSL said.
FAVELLE FAVCO BHD [] (FFB) announced it has secured RM109.3 million worth of offshore crane orders via wholly-owned subsidiaries Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pte Ltd.
Favelle Favco said that it has received the purchase orders from five customers in September this year.
“The approximate combined value of the substantial orders secured amount to RM109.3 million,” said Favelle Favco. The crane specialist said the cranes are due for delivery to the buyers in 2014 and 2015.
“The contracts are expected to contribute positively to the earnings and net assets of the group for the financial year ending Dec 31, 2013 and beyond,” said FFB.
MAH SING GROUP BHD [] today acquired 1,352 acres of freehold land in Pasir Gudang, Johor, for RM429.9 million to be developed into its biggest township todate.
The group said the mega township, with an estimated gross development value (GDV) of RM5 billion, is expected to be developed over seven years.
The proposed acquisition by Sanjung Tropika Development Sdn Bhd, a wholly-owned unit of Mah Sing, is for 31 pieces of adjoining freehold land in LKTP Cahaya Baru, Mukim Plentong in Johor Bahru district, from Bistari Land Sdn Bhd, it added.
“This is the biggest piece of township land Mah Sing has acquired thus far, and marks our 5th township in Johor since year 2000.”
Other than residential and commercial components, the group is also looking to explore retail, recreational and even industrial elements for the township.
TENAGA NASIONAL BHD [] (TNB) will build two high-TECHNOLOGY [] 1,000 MW coal-fired power plants in Manjung, Perak, to meet the increasing demand for electricity, Bernama reported today.
Its vice president Zainuddin Ibrahim said the two projects will start soon and will be completed within the next four years.
He said power consumption is expected to increase by five per cent annually.
"The two projects in Manjung are mainly for domestic usage and are expected to be completed in 2017," he told reporters after launching the 3rd Annual Asian Sub-Bituminous Coal User Group Conference.
Zainuddin said TNB's power generation ratio is 35-40 per cent from coal-fired power plants, 50% from natural gas and the remainder from renewable energy.
PROTASCO BHD [] has returned to Libya and is planning to resume its infrastructure work this month, after fleeing the revolution-torn country in 2011, said group managing director Datuk Chong Ket Pen.
Chong told the reporters after the company's EGM today that Libyan government has made its first payment to Protasco to restart the work there. "We lost about RM40 million in Libya previously."
Chong said that the Libyan government owes Protasco a couple of millions.
He pointed out that if the company pulled out from Libya, "we will have no chance to recover our loss."
"The only way for us to recover is to continue to operate there, but I'm not coming up with any dollar from Malaysia. We will use the money that we get from them as the capital to restart the work," he said.
He added that the company had 35% of work uncompleted with claims that have not been paid by the Libyan government.
BINA PURI HOLDINGS BHD []’s unit has secured a RM96.6 million project in Sabah for the CONSTRUCTION [] of a boarding school for Universiti Malaysia Sabah (UMS).
The construction firm said its wholly-owned subsidiary Bina Puri Sdn Bhd has accepted an award letter from Likas Bay Precinct Sdn Bhd on September 26, 2013, for the proposed boarding school in Kg. Numbok, Kuala Menggatal in Sabah.
“The contract is expected to contribute positively to the earnings of Bina Puri group for the financial year ending December 31, 2013,” said the company.
The project is expected to be completed in 24 months, it added. With the latest award, the group has secured RM871.85 million worth of projects in 2013, it said.
The management noted that it is still confident that they can further secure new projects by end of 2013.
Felda Global Ventures Holdings Bhd said CPO production of the group will increase by 80,000 MT per annum after it has acquired 100% equity in Pontian United PLANTATION []s Bhd.
The integrated and diversified agri-commodities company said it has successfully secured acceptances to acquire 100% equity in Pontian.
“With the acquisition of Pontian, we look to strengthen our pole position in the plantations sector specifically the oil palm plantation business,” said FGV chairman Tan Sri Mohd Isa Abdul Samad.
“The group will benefit from synergies derived from the operations of both Pontian and FGV estates in Sabah.”
The total cash consideration by FGV for the acquisition of 100% Pontian shares amounted to RM1.204 billion, the statement said.
Written by Ho Wah Foon of theedgemalaysia.com
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