News in brief: Nov 22, 2021

ADVANCECON HOLDINGS BHD’s wholly-owned subsidiary Advancecon Infra Sdn Bhd (AISB) has secured a RM23.47 million contract from Sime Darby Property (Bukit Raja) Sdn Bhd.

Advancecon said the contract was for the proposed construction and completion of earthworks and other related works for the development of Phase 1 at Bandar Bukit Raja 2, Klang, Selangor.

It said the overall contract period is from Dec 6, 2021 until Aug 5, 2023.         

“The contract is expected to contribute positively towards the future earnings of Advancecon group for the contract duration,” it told Bursa Malaysia.

-- BERNAMA

LAY HONG BHD turned in a net loss of RM8.65 million in the second quarter ended Sept 30, 2021 (Q2) from a net profit of RM1.16 million posted in the same quarter last year.

Revenue, however, rose to RM242.05 million from RM228.60 million previously, it said in a filing with Bursa Malaysia today.

On its prospects, the group said it will take appropriate mitigative measures and ensure that the group will be able to “strive through this difficult time.”

-- BERNAMA

GUAN CHONG BHD’s net profit for the third quarter ended Sept 30, 2021, fell to RM34.46 million RM46.78 million recorded in the same quarter last year.

Revenue improved 18.6 per cent to RM998.10 million from RM841.59 million previously, mainly due to an increase in the sales volume of cocoa products, the company said in a filing with Bursa Malaysia today.

The group declared a second interim single tier dividend of one sen per ordinary share for the financial year ending Dec 31, 2021.

-- BERNAMA

KHEE SAN BHD, which has slipped into Practice Note 17 (PN17) status, announced that its wholly-owned subsidiary Khee San Marketing Sdn Bhd has entered into a memorandum of understanding (MoU) with Jannafarm Sdn Bhd to collaborate, on a joint-venture (JV) basis, on the research and development, manufacture, market and sale of black ginger-based candy.

In a filing with Bursa Malaysia today, Khee San said the MoU will provide the foundation and structure for the proposed binding agreement which will be accomplished by the execution of a JV agreement to be undertaken by both parties.

It said the MoU duration was for six months effective from the date of signing and may be modified and extended for a further period as may be agreed in writing by the parties.

-- BERNAMA

BCM ALLIANCE BHD’s (BCM) wholly-owned subsidiary BC Medicare and MTPS Innotech (Thailand) Co. Ltd (MTPS) have mutually agreed to terminate the supply agreement of 10 million units of SARS-CoV-2 Antigen rapid test kits to MTPS, worth RM320 million.

This was due to MTPS not being able to obtain a licence from the Thai Food and Drug Administration to distribute the rapid test kits.

BCM said the termination is not expected to have any material effect on the company for the financial year ending Dec 31, 2021.

-- BERNAMA