KUALA LUMPUR: Maxbiz Corp Bhd was yesterday’s third most active stock as investors chased the stock higher after it bagged infrastructure work contracts worth over RM510 million.
Maxbiz rose 12.9% or two sen to close at 17.5 sen yesterday, the highest since January last year, with over 52.7 million shares traded. The stock rose to as high as 19 sen intra-day after the company said it received a letter of intent from Fibre-N Sdn Bhd for a fibre-to-the-home and fibre-to-the-office contract for 100,000 high-rise buildings in Klang Valley, Penang and Johor Bahru worth RM510 million.
In a statement to Bursa Malaysia yesterday, Maxbiz also said its wholly-owned Dutamas SME Sdn Bhd had received a letter of award for an infrastructure works job worth RM4.94 million from Harta Mesra Development Sdn Bhd for a development in Ipoh, Perak. No other details were provided for the contracts that Maxbiz expect to positively boost earnings for FY ending Dec 31, 2012.
A Practice Note 17 (PN17) issuer, Maxbiz has two weeks to submit its regularisation plan for authorities’ approval, unless it is granted a three-month extension from the Jan 18, 2012 deadline. The request for extension was submitted yesterday.
Maxbiz, which took over the listing status of Geahin Engineering Bhd via a reverse takeover exercise, is still trying to recover what it alleged to be “missing” assets. In late June 2011, Maxbiz filed a suit against 18 defendants including accounting firm Ernst & Young, Public Investment Bank Bhd and Pacific Trustees Bhd. Maxbiz is claiming damages to the tune of RM163.48 million from the defendants along with general and exemplary damages, interest, legal costs and other relief deemed proper by the court.
Maxbiz, which is also categorised as a Practice Note 1 (PN1) issuer, is also in default on RM3 million of redeemable unsecured loan stocks (RULS) and RM22.62 million of redeemable convertible secured loan stocks (RCSLS).
In a separate filing yesterday, Maxbiz said the trial date for a suit involving its wholly-owned unit MKK Industries Sdn Bhd against Tenaga Nasional Bhd (TNB) has been fixed on Feb 24. On Dec 23, 2011, Maxbiz said MKK is claiming RM1.3 million (the amount overpaid to TNB due to TNB installing the wrong meter), damages, and costs and other relief.
For its 3QFY11 ended September, Maxbiz said its revenue decreased by almost 98% compared with the preceding quarter last year, as operations were suspended due to a dispute with TNB. Maxbiz posted a revenue of RM52,000 in 3QFY11 compared with RM2.83 million a year ago. It posted a net loss of RM1.33 million compared with a net loss of RM1.95 million last year.
This article appeared in The Edge Financial Daily, January 4, 2012.
Maxbiz rose 12.9% or two sen to close at 17.5 sen yesterday, the highest since January last year, with over 52.7 million shares traded. The stock rose to as high as 19 sen intra-day after the company said it received a letter of intent from Fibre-N Sdn Bhd for a fibre-to-the-home and fibre-to-the-office contract for 100,000 high-rise buildings in Klang Valley, Penang and Johor Bahru worth RM510 million.
In a statement to Bursa Malaysia yesterday, Maxbiz also said its wholly-owned Dutamas SME Sdn Bhd had received a letter of award for an infrastructure works job worth RM4.94 million from Harta Mesra Development Sdn Bhd for a development in Ipoh, Perak. No other details were provided for the contracts that Maxbiz expect to positively boost earnings for FY ending Dec 31, 2012.
A Practice Note 17 (PN17) issuer, Maxbiz has two weeks to submit its regularisation plan for authorities’ approval, unless it is granted a three-month extension from the Jan 18, 2012 deadline. The request for extension was submitted yesterday.
Maxbiz, which took over the listing status of Geahin Engineering Bhd via a reverse takeover exercise, is still trying to recover what it alleged to be “missing” assets. In late June 2011, Maxbiz filed a suit against 18 defendants including accounting firm Ernst & Young, Public Investment Bank Bhd and Pacific Trustees Bhd. Maxbiz is claiming damages to the tune of RM163.48 million from the defendants along with general and exemplary damages, interest, legal costs and other relief deemed proper by the court.
Maxbiz, which is also categorised as a Practice Note 1 (PN1) issuer, is also in default on RM3 million of redeemable unsecured loan stocks (RULS) and RM22.62 million of redeemable convertible secured loan stocks (RCSLS).
In a separate filing yesterday, Maxbiz said the trial date for a suit involving its wholly-owned unit MKK Industries Sdn Bhd against Tenaga Nasional Bhd (TNB) has been fixed on Feb 24. On Dec 23, 2011, Maxbiz said MKK is claiming RM1.3 million (the amount overpaid to TNB due to TNB installing the wrong meter), damages, and costs and other relief.
For its 3QFY11 ended September, Maxbiz said its revenue decreased by almost 98% compared with the preceding quarter last year, as operations were suspended due to a dispute with TNB. Maxbiz posted a revenue of RM52,000 in 3QFY11 compared with RM2.83 million a year ago. It posted a net loss of RM1.33 million compared with a net loss of RM1.95 million last year.
This article appeared in The Edge Financial Daily, January 4, 2012.
