Sabah & Sarawak
S’wak to hold talks with Petronas over discovery of gas fields
Sarawak is expected to benefit from the discovery of two gas fields offshore of the state recently in line with its Commercial Settlement Agreement (CSA) with national oil corporation, Petroliam Nasional Bhd (Petronas). The Chief Minister’s Office said in a statement that the state government had been notified of the discoveries at the Lang Lebah-2 exploration appraisal well in Block SK410B in the Central Luconia Province two weeks ago, and at Dokong-1 in Block SK417.
SCB proposes 30 pct private placement to improve business growth
Sarawak Cable Bhd (SCB) has proposed to undertake a private placement (PP) of up to 30 per cent of the total number of issued shares in the company. In a filing with Bursa Malaysia, SCB said the exercise might raise gross proceeds of up to RM41.34 million, intended to be used by SCB and its subsidiaries for working capital based on an indicative issue price of RM0.43 per share.
Pansar one step closer to realising acquisition growth plans
Sarawak-based engineering solutions provider, Pansar Bhd (Pansar), is one step closer to realising its business diversification plans to include construction and civil engineering. Pansar announcedits price-fixing and implementation timeline for its rights issue exercise, which shall see the company raising approximately RM121 million to part-fund the Group’s acquisition of Perbena Emas Sdn Bhd (PESB).
Recovery expected for Dayang, orderbook healthy for next three years
Dayang Enterprise Holdings Bhd’s (Dayang) prospects have been viewed positively, with recovery expected to continue while its orderbook remains healthy, providing earnings visibility over the next three years.
HSL records RM538.32 million revenue for FY20
Hock Seng Lee Bhd (HSL) announced its revenue for the year was RM538.32 million with a net profit before tax of RM43.49 million for the year ended December 31, 2020 (FY20). Revenue in 2019 was RM683.61 million and net profit before tax was RM74.1 million. Construction activities continued to account for the vast majority of the group’s revenue at RM480.41 million.
Strong rebound for CMS in 4QFY20
Cahya Mata Sarawak Bhd’s (CMS) 4QFY20 normalised earnings for its fourth quarter of financial year 2020 (4QFY20) rebounded strongly by 131.8 per cent quarter on quarter (q-o-q) to RM96.5 million. This was mainly driven by the prompt resumption of its core business operations. Cumulatively, the group’s FY20 normalised earnings decreased by 37.5 per cent year on year (y-o-y) to RM99.7 million, excluding a remeasurement gain and gain on disposals totalling RM162.95 million from the sell-down of a two per cent stake in PPESW and SEDCR to SEDC.