F&N, Majuperak, KLK, Cycle & Carriage, FGV, Berjaya Land and Maxis

KUALA LUMPUR (April 24): Based on corporate announcements and news flow today, companies that may be in focus on Monday could include Fraser & Neave Holdings Bhd, Majuperak Holdings Bhd, Kuala Lumpur Kepong Bhd, Cycle & Carriage Bintang Bhd, FGV Holdings Bhd, Berjaya Land Bhd and Maxis Bhd.

Fraser & Neave Holdings Bhd(F&N) said it has received the refund of a deposit paid in connection with its proposed acquisition of a piece of land in Perlis following the cancellation of the RM156 million deal.

The group said it will pursue and evaluate other opportunities for its proposed integrated crop and dairy farming project, when such opportunities arise.

Majuperak Holdings Bhdis proposing to venture into the supply of natural gas and liquefied natural gas (LNG) for power and utilities, cogeneration and district cooling plants.

The group said its subsidiary, Majuperak Energy Resources Sdn Bhd (MER), intends to set up a special purpose vehicle-e (SPV) with Petrolife Aero Sdn Bhd, an integrated energy company licensed by the Government to import and distribute LNG and natural gas.

MER will own a 51% stake in the SPV and Petrolife the remaining 49%, under an agreement signed by the two parties.

Kuala Lumpur Kepong Bhd(KLK) said it is buying a 60% stake in an Indonesian oil palm company for RM341.55 million to boost its plantation landbank.

The stake in PT Pinang Witmas Sejati is currently held by Ladang Lekir Sdn Bhd, an indirect wholly-owned subsidiary of the Perak State Agricultural Development Corporation. The remaining 40% equity interest is controlled by PT Trimitra Sumberbuana.

A significant fall in sales saw Mercedes-Benz dealerCycle & Carriage Bintang Bhd’s (CCB) first quarter net loss more than double to RM9.7 million from RM4.36 million a year earlier.

CCB said revenue for the quarter ended March 31, 2020 fell 26.35% to RM215.91 million from RM293.18 million previously, as sales in vehicle units dropped 29% while after sales volume declined 11%.

The group blamed the poor sales to softening demand in the premium luxury segment of the automotive industry.

FGV Holdings Bhd(FGV) has widened its scope in the local food industry by producing Bright Cow brand dairy products through its subsidiary, FGV Dairy Farm Sdn Bhd.

FGV Dairy Farm can process 800 tonnes of fresh milk per month including production from its 4.04-hectare farm located in Linggi, Port Dickson.

Berjaya Land Bhd(BLand), controlled by tycoon Tan Sri Vincent Tan, has been accumulating shares in convenience store chain operator 7-Eleven Malaysia Holdings Bhd lately.

BLand has so far bought a total of seven million shares or a 0.61% stake in 7-Eleven Malaysia in April alone.

This translates into Tan indirectly increasing his stake in 7-Eleven Malaysia. As of the latest count, Tan owns a total 47.12% stake in the convenience store chain operator through direct and indirect interests amounting to a total of 542.04 million shares.

In a rare move,Maxis Bhdsaid it considers it prudent to withdraw its previously advised guidance for financial year ending Dec 31, 2020 (FY20) until there is more clarity around the longevity and impact of the COVID-19 pandemic.

The group said it is closely monitoring and assessing the impact of COVID-19 and that when it becomes appropriate to disclose any material information, it will be made.

"At this stage, it is hard to reliably predict how long it will take to contain the virus, the impact it has on Malaysia and the global economy, the impact on the demand for the services and following the Movement Control Order,” it said.