Sunway, Heitech Padu, Sarawak Cable, MyEG and UMW-OG

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GEORGE TOWN (Sept 2): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Thursday, Sept 3) could include the following: Sunway Bhd, Heitech Padu Bhd, Sarawak Cable Bhd, MyEG Services Bhd and UMW Oil & Gas Corp Bhd.

Sunway Bhd has declared a special cash dividend of 26 sen to reward shareholders.

Sunway said the special cash dividend arose from the proceeds raised from the offer for sale of 398.71 million Sunway Construction Group Bhd (SunCon) shares offered by Sun Holdings, in conjunction with the listing on July 28 this year after setting aside for listing expenses and working capital.

Sun Holdings is a wholly-owned subsidiary of Sunway.

In a filing with Bursa Malaysia today, Sunway said the entitlement date for the special dividend is Oct 2 and payable on Oct 16, for the financial year ending Dec 31, 2015.

According to the filing, Sunway said it had mentioned the special cash dividend in Sunway's circular to shareholders dated Apr 3, in relation to the listing of SunCon on the Main Market of Bursa Malaysia.

"Unless otherwise stated, the terms used herein has the same meaning as those defined in Sunway's circular to shareholders," it added.

Heitech Padu Bhd has secured a maintenance services contract for the information communication and technology (ICT) system of National Registration Department (NRD) valued RM120.63 million.

In a filing with Bursa Malaysia today, Heitech Padu said it has accepted the letter of award from the government for the maintenance services on the main ICT business system of NRD.

It added the total contract value of the project is RM120.63 million, inclusive of the 6% goods and services tax.

The system integration services provider said the project is for a period of two years, commencing from July 1, 2015 to June 30, 2017.

"Any further renewal or extension of the duration is at the discretion of the government," it explained.

Heitech Padu expects the contract to contribute positively to its future earnings.

Sarawak Cable Bhd has clinched a RM19.12 million contract to supply 275kV power transmission lines for Samalaju Industrial Park Phase 1 and 2 in Sarawak.

In a filing with Bursa Malaysia today, the power cable and wire manufacturer said its wholly-owned subsidiary Sarwaja Timur Sdn Bhd has received a letter of acceptance from Sarawak Energy Bhd for the design, supply, delivery, erection and commissioning of the transmission line project.

"The project is expected to contribute positively to the earnings and net assets of Sarawak Cable Group for the financial years ending Dec 31, 2015 to 2017," it added.

Sarawak Energy holds a 16.53% stake in Sarawak Cable as at Apr 27, 2015.

MyEG Services Bhd’s tie-up with Celcom Axiata Bhd to facilitate exploration and collaboration in the areas of e-government services delivery has been extended for another year.

In a filing with Bursa Malaysia, MyEG said the parties have mutually agreed to extend the memorandum of understanding (MoU) signed between the companies on Sept 2, 2013 and Sept 3, 2014 by another year.

The MoU paves the way for both companies to jointly explore possible business opportunities and collaboration in the areas of e-government services delivery and joint go-to-market for specific target market segments.

MyEG had said the MoU will form the basis of consensus of both MyEG and Celcom to examine the feasibility of the project until such time as the definitive agreement is entered into, which will contribute positively to the future earnings of the group.

UMW Oil & Gas Corp Bhd (UMW-OG) has taken delivery of its latest jack-up rig, UMW Naga 8, from Keppel FELS Ltd, a subsidiary of Keppel Offshore & Marine Ltd.

In a statement today, UMW-OG said UMW NAGA 8 is designed to address higher requirement market, and it is the third KFELS B Class jack-up rig in UMW-OG’s fleet; the first two being UMW Naga 4 and UMW Naga 5, which were delivered in 2013 and 2014 respectively.

Similar to both its predecessors, UMW Naga 8 is a premium jack-up drilling rig capable of operating in water depths of up to 400ft (approximately 125 metres) and drilling to a total depth of 30,000ft (approximately 9,144 metres) sub-sea.

“Equipped with the newest and most technologically-advanced equipment, additional features include an advanced and fully-automated high capacity rack and pinion elevating system, self-positioning fixation system and facilities capable of accommodating 150 personnels,” UMW-OG added.

“At 400ft water depth, this latest rig will enable us to address a niche market, where there is lesser competition. The additional asset will also provide us with the capacity to cover a wider market, both regionally and globally, to continue our growth once the market recovers,” UMW-OG president Rohaizad Darus said.

UMW Naga 8 is currently being prepared to be mobilised for a potential client in Southeast Asia.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)