MMC, Serba Dinamik, Mah Sing, Yong Tai, Johore Tin, SKP Resources, Pintaras Jaya, Progressive Impact, Sedania, Cahya Mata Sarawak, Pimpinan Ehsan and Perak Transit

KUALA LUMPUR (June 3): Based on corporate announcements and news flow today, companies in focus tomorrow (June 4) may include: MMC Corp Bhd, Serba Dinamik Holdings Bhd, Mah Sing Group Bhd, Yong Tai Bhd, Johore Tin Bhd, SKP Resources Bhd, Pintaras Jaya Bhd, Progressive Impact Corp Bhd, Sedania Innovator Bhd, Cahya Mata Sarawak Bhd, Pimpinan Ehsan Bhd and Perak Transit Bhd.

Tycoon Tan Sri Syed Mokhtar Albukhary is looking to take MMC Corp Bhd private via a selective capital reduction (SCR) for RM2 per share. Syed Mokhtar’s vehicle Seaport Terminal (Johore) Sdn Bhd (STJSB), which owns 51.76% or 1.58 billion shares in MMC, announced that it would be conducting the exercise for the 1.47 billion shares or 48.24% stake it does not own in the company. The announcement confirms The Edge’s earlier report that MMC would be privatised via an SCR at RM1.80 to RM2 apiece.

Serba Dinamik Holdings Bhd’s second-largest shareholder and non-independent non-executive director Datuk Abdul Kadier Sahib has upped his stake in the company again. The group revealed that Abdul Kadier purchased three million shares on the open market. The largest acquisition has raised his shareholding to 599.9 million shares, which is equivalent to a 16.17% stake.

Mah Sing Group Bhd’s wholly-owned subsidiary Mah Sing Healthcare Sdn Bhd has received approval from European Conformity (CE) for its powder-free nitrile examination gloves and powder-free latex examination gloves, which would facilitate the company to tap into the export market to the European region.

Yong Tai Bhd said its healthcare unit is set to undertake the Covid-19 vaccine phase three clinical trial in Malaysia after the National Pharmaceutical Regulatory Agency (NPRA) granted its approval for the clinical trial import licence.

Tin can manufacturer Johore Tin Bhd is buying a piece of freehold land measuring 297.51 acres for RM169.8 million cash in Banting, Selangor to expand its manufacturing operations as well as to undertake property development activities.

SKP Resources Bhd saw an eight-fold jump in net profit to RM30.69 million or 2.46 sen per share in the fourth quarter ended March 31, 2021, from RM4.51 million or 0.36 sen per share a year earlier, driven by strong demand from key customers, as well as improvement in operational efficiencies and effective cost control measures. The electronics manufacturing service (EMS) group said revenue was up by 4.44% to RM444.92 million from RM426.01 million previously on lower cost of sales.

Piling and foundation specialist Pintaras Jaya Bhd has secured four new piling contracts worth S$34.5 million or approximately RM108 million in Singapore. They were secured via its indirect wholly-owned subsidiary, Pintary Foundations Pte Ltd.

Progressive Impact Corp Bhd (PICORP) has bagged a contract worth 25.32 million riyal (RM27.88 million) from the Makkah Municipality in Saudi Arabia for the provision of pest control monitoring services in Makkah. PICORP said its wholly-owned subsidiary Saudi ASMA Environmental Solutions LLC had accepted a letter of award on June 1 for the said contract.

ACE Market-listed Sedania Innovator Bhd’s subsidiary Sedania Technologies Sdn Bhd has secured awards from Telekom Malaysia Bhd (TM) to expand its GreenTech solutions to 34 sites from the present 10 sites. In a press release, the group said the 24 new sites will expand its current energy performance contract, which aims to improve energy efficiency for its client’s facilities to reduce energy cost.

Cahya Mata Sarawak Bhd (CMS), which suspended its group chief financial officer Syed Hizam Alsagoff for 30 days last month, has now appointed KPMG Management & Risk Consulting Sdn Bhd (KPMG MRC) as the independent consultant to review the financial management of certain investments and contracts. CMS said its board has resolved to extend Syed Hizam’s suspension by 60 days to accommodate the duration required for KPMG MRC to carry out its work and report its findings to the board.

Pimpinan Ehsan Bhd said its auditor, Messrs BDO PLT has voluntarily resigned and the group has recommended the appointment of Messrs Crowe Malaysia PLT as its new auditor. The group said the auditor’s recommendation will be tabled during the forthcoming AGM on June 24.

Integrated bus operator Perak Transit Bhd is planning a bonus issue of free warrants on the basis of one warrant for every four existing ordinary shares held, to reward its shareholders. The company said the entitlement date will be announced later. TheEdge