Aeon Co Malaysia, Econpile, GSB, London Biscuits, Malakoff Corp and Poh Kong

KUALA LUMPUR (Dec 23): Based on corporate announcements and news flow today stocks in focus on Tuesday (Dec 24) may be as follows: Aeon Co (M) Bhd, Econpile Holdings Bh, GSB Group Bhd, London Biscuits Bhd, Malakoff Corp Bhd and Poh Kong Holdings Bhd.

Aeon Co (M) Bhd will see managing director Shinobu Washiwaza retire come Dec 31, 2019. Replacing Washiwaza on Jan 1, 2020 will be Aeon Asia Sdn Bhd chief strategy officer Shafie Shamsuddin.

Upon Shafie’s appointment as Aeon Co MD, he will also assume the role of director at Aeon Bid (M) Sdn Bhd. Washizawa will retire after spending 40 years at AEON Group of Companies and was appointed as Aeon Co MD on Oct 25, 2016.

Econpile Holdings Bhd’s unit Econpile Sdn Bhd has been served a countersuit of RM346 million by Maju Holdings Sdn Bhd’s ASM Development (KL) Sdn Bhd (ASMDKL) for the failure to carry out work for at the latter’s Maju Kuala Lumpur project. ASMDKL is alleging that Econpile failed to carry out piling works for the project worth RM280 million and declared self-determination in early March this year — listing 13 claims and damages following Econpile’s failure to complete the project. Econpile initially claimed in March that ASMDKL failed to issue relevant interim certificates for progress claims amounting to RM80.1 million.

GSB Group Bhd is expecting to turn a profit for the financial year ending March 31, 2020 driven by the sales of its ongoing Bloomsvale, Straits Residence and Kaleidoscope projects. GSB executive chairman Datin Toh Siew Chuon told reporters the group will continue to focus on residential property development, but would explore other types of developments.

The three projects are all asset injections from main shareholders Toh, her husband Kerjaya Prospek Group Bhd chairman Datuk Tee Eng Ho and Tee’s brother and GSB executive director Tee Eng Seng.

Three London Biscuits Bhd shareholders who claim to hold a 10% stake are seeking to hold an EGM on Jan 31, 2020, to remove directors Mahadir Manap and Tan Meng Hui.

Lai Yee Voon, Mak Siew Wei and Koo Kien Yoon are calling for Mahadir and Tan’s ejection from the confectioner’s board and proposing the election of Mazlan Mohamad, Mak Siew Wei and Koo as directors at the EGM. Mahadir was only made director on July 26, while Tan was appointed on Sept 10.

Malakoff Corp Bhd’s 65-35 owned indirect special purpose vehicles with Touch Meccanica Sdn Bhd — Batu Bor Hidro Sdn Bhd (BBH) and Lubuk Paku Hidro Sdn Bhd (LPH) — have won the Feed-in Tariff small hydropower tender through the Sustainable Energy Development Authority of Malaysia (SEDA).

They will consequently enter a renewable energy power purchase agreement with Tenaga Nasional Bhd (TNB) for small hydropower projects located in peninsular Malaysia for 21 years. BBH would have an installed capacity of 30 megawatts (MW) while LPH is granted with 25MW.

Poh Kong Holdings Bhd’s net profit for the first quarter ended Oct 31, 2019 jumped 2.6 times to RM8.08 million or 1.97 sen per share from RM3.16 million or 0.77 sen per share a year ago, on the back of improved profit margins, attained amid higher gold prices. However, revenue declined 20.7% to RM205 million, from RM258.36 million last year as demand for gold jewellery declined.