Unless otherwise redefined, the definitions set out in the earlier announcements in relation to the Rights Issue with Warrants shall apply in this announcement.
On behalf of the Board, M&A Securities wishes to announce that an application has been submitted to Bursa Securities to seek an extension of time of 6 months up to 14 January 2022 to implement the Rights Issue with Warrants.
This announcement is dated 30 June 2021.
| The Company had on 28 April 2021 issued the notice of its Forty-Ninth Annual General Meeting (“49th AGM”) of the Company to be conducted through live streaming from the Broadcast Venue via Remote Participation and Voting Facilities at Masteel Meeting Room, Unit B-05-3A, 5th Floor, Block B (West Wing) PJ8 Office Suite, No. 23, Jalan Barat Seksyen 8, 46050 Petaling Jaya, Selangor Darul Ehsan Malaysia on Thursday, 17 June 2021. On 28 May 2021, the Government of Malaysia announced the implementation of “total lockdown” from 1 June 2021 to 14 June 2021 and is now further extended to 28 June 2021 to combat the spread of the COVID-19 virus in Malaysia. Due to the increasing number of COVID-19 cases especially in Klang Valley (Selangor & Wilayah Persekutuan) and the safety of our Board Members and Senior Management is of great concern, the Board of Directors would like to postpone the 49th AGM which was originally scheduled to be held on Thursday, 17 June 2021 to a later date in accordance with the Company’s Constitution. The decision also was made after taking into account the provision and facilitation of a better and meaningful engagement with shareholders at the 49th AGM of the Company where the Chairman and the Principal Board Members can be present at the Broadcast Venue to ensure seamless experience for shareholders. The Company will submit an application to the Companies Commission of Malaysia for an extension of time to hold its 49th AGM pursuant to Section 340(4) of the Companies Act 2016. Meanwhile, the Company will closely monitor the development of COVID-19 and announce the date of convening the 49th AGM in due course. This announcement is dated 15 June 2021. |
| Date of shares sold from | 04 May 2021 to 05 May 2021 |
| Currency | Malaysian Ringgit (MYR) |
| Number of treasury shares sold/transferred/distributed (units) | 1,222,600 |
| The minimum price at which the treasury shares were sold ($$) | 0.790 |
| The maximum price at which the treasury shares were sold ($$) | 0.895 |
| Total consideration received for the treasury shares sold ($$) | 1,042,362.18 |
| The name of the Stock Exchange through which the treasury shares were sold | BURSA MALAYSIA SECURITIES BERHAD |
| Total number of shares still in treasury (units) | 0 |
| Number of treasury shares cancelled (units) | 0 |
| Total issued capital as diminished | 0 |
| Date of Notice | 18 May 2021 |
| Date lodged with registrar of companies | 18 May 2021 |
| Lodged by | BOARDROOM CORPORATE SERVICES SDN BHD |
| Date of shares sold from | 23 Apr 2021 to 27 Apr 2021 |
| Currency | Malaysian Ringgit (MYR) |
| Number of treasury shares sold/transferred/distributed (units) | 788,000 |
| The minimum price at which the treasury shares were sold ($$) | 0.635 |
| The maximum price at which the treasury shares were sold ($$) | 0.670 |
| Total consideration received for the treasury shares sold ($$) | 506,460.92 |
| The name of the Stock Exchange through which the treasury shares were sold | BURSA MALAYSIA SECURITIES BERHAD |
| Total number of shares still in treasury (units) | 1,222,600 |
| Number of treasury shares cancelled (units) | 0 |
| Total issued capital as diminished | 0 |
| Date of Notice | 07 May 2021 |
| Date lodged with registrar of companies | 07 May 2021 |
| Lodged by | BOARDROOM CORPORATE SERVICES SDN BHD |
| Unless otherwise redefined, the definitions set out in the earlier announcements in relation to the Rights Issue with Warrants shall apply in this announcement. M&A Securities Sdn Bhd on behalf of the Board is pleased to announce that the Board has resolved to fix the issue price for the Rights Shares at RM0.586 per Rights Share, and the exercise price of the Warrants at RM0.586 per Warrant. The issue price of the Rights Shares and the exercise price of the Warrants were determined by the Board after taking into consideration, amongst others, the following: (i) the historical share price movement of Masteel Shares;(ii) the 5D-VWAMP of Masteel Shares up to and including 5 May 2021 of RM0.7810, being the market day immediately preceding the date of this announcement; and(iii) the theoretical ex-all price of Masteel Shares of RM0.6835, calculated based on the 5D-VWAMP of Masteel Shares in (ii). The issue price of the Rights Shares and the exercise price of the Warrants represent a discount of 25.0% and 14.3% to the 5D-VWAMP of Masteel Shares up to and including 5 May 2021 (being the market day immediately preceding the date of this announcement) of RM0.7810 and the theoretical ex-all price of Masteel Shares of RM0.6835, respectively. Premised on the above, the Board is of the view that the issue price of the Rights Shares and the exercise price of the Warrants are fair. This announcement is dated 6 May 2021. |
| Date of transaction | 05 May 2021 |
| Currency | Malaysian Ringgit (MYR) |
| Type of changes | Resale |
| Total number of treasury shares changed (units) | 910,000 |
| Minimum price paid for each share sold ($$) | 0.850 |
| Maximum price paid for each share sold ($$) | 0.895 |
| Total consideration received ($$) | 792916.33 |
| Total number of treasury shares held after the resale or transfer | 0 |
| Adjusted issued capital after cancellation (no. of shares) (units) | 452,739,831 |
| Date of transaction | 04 May 2021 |
| Currency | Malaysian Ringgit (MYR) |
| Type of changes | Resale |
| Total number of treasury shares changed (units) | 312,600 |
| Minimum price paid for each share sold ($$) | 0.790 |
| Maximum price paid for each share sold ($$) | 0.840 |
| Total consideration received ($$) | 249445.85 |
| Total number of treasury shares held after the resale or transfer | 910,000 |
| Adjusted issued capital after cancellation (no. of shares) (units) | 452,739,831 |
| Date of transaction | 27 Apr 2021 |
| Currency | Malaysian Ringgit (MYR) |
| Type of changes | Resale |
| Total number of treasury shares changed (units) | 306,000 |
| Minimum price paid for each share sold ($$) | 0.640 |
| Maximum price paid for each share sold ($$) | 0.665 |
| Total consideration received ($$) | 197886.86 |
| Total number of treasury shares held after the resale or transfer | 1,222,600 |
| Adjusted issued capital after cancellation (no. of shares) (units) | 452,739,831 |
| Date of transaction | 26 Apr 2021 |
| Currency | Malaysian Ringgit (MYR) |
| Type of changes | Resale |
| Total number of treasury shares changed (units) | 382,000 |
| Minimum price paid for each share sold ($$) | 0.635 |
| Maximum price paid for each share sold ($$) | 0.670 |
| Total consideration received ($$) | 245560.97 |
| Total number of treasury shares held after the resale or transfer | 1,528,600 |
| Adjusted issued capital after cancellation (no. of shares) (units) | 452,739,831 |
| Date of transaction | 23 Apr 2021 |
| Currency | Malaysian Ringgit (MYR) |
| Type of changes | Resale |
| Total number of treasury shares changed (units) | 100,000 |
| Minimum price paid for each share sold ($$) | 0.635 |
| Maximum price paid for each share sold ($$) | 0.635 |
| Total consideration received ($$) | 63013.09 |
| Total number of treasury shares held after the resale or transfer | 1,910,600 |
| Adjusted issued capital after cancellation (no. of shares) (units) | 452,739,831 |
| Date of shares sold from | 09 Apr 2021 to 12 Apr 2021 |
| Currency | Malaysian Ringgit (MYR) |
| Number of treasury shares sold/transferred/distributed (units) | 350,000 |
| The minimum price at which the treasury shares were sold ($$) | 0.636 |
| The maximum price at which the treasury shares were sold ($$) | 0.650 |
| Total consideration received for the treasury shares sold ($$) | 222,697.77 |
| The name of the Stock Exchange through which the treasury shares were sold | BURSA MALAYSIA SECURITIES BERHAD |
| Total number of shares still in treasury (units) | 2,010,600 |
| Number of treasury shares cancelled (units) | 0 |
| Total issued capital as diminished | 0 |
| Date of Notice | 23 Apr 2021 |
| Date lodged with registrar of companies | 23 Apr 2021 |
| Lodged by | BOARDROOM CORPORATE SERVICES SDN BHD |
| Name | DATO’ SRI TAI HEAN LENG @ TEK HEAN LENG |
| Nationality/Country of incorporation | Malaysia |
| Descriptions (Class) | Ordinary Shares |
| No | Date of change | No of securities | Type of Transaction | Nature of Interest |
| 1 | 12 Apr 2021 | 950,000 | Acquired | Direct Interest |
| Name of registered holder | DATO’ SRI TAI HEAN LENG @ TEK HEAN LENG | |||
| Description of “Others” Type of Transaction |
| Circumstances by reason of which change has occurred | Acquisition of shares via Direct Business Transaction. |
| Nature of interest | Direct Interest |
| Direct (units) | 950,000 |
| Direct (%) | 0.211 |
| Indirect/deemed interest (units) | 140,692,616 |
| Indirect/deemed interest (%) | 31.214 |
| Total no of securities after change | 141,642,616 |
| Date of notice | 14 Apr 2021 |
| Date notice received by Listed Issuer | 14 Apr 2021 |
| Remarks : |
| The indirect interest is registered in the name of TYY Resources Sdn. Bhd. Deemed interest pursuant to Section 8(4) of the Companies Act 2016 by virtue of his interest in TYY Resources Sdn. Bhd. The percentage of direct and indirect interest are based on the total amount of issued shares excluding 2,010,600 shares bought back by the Company and retained as treasury shares. |
| Name | DATO’ SRI TAI HEAN LENG @ TEK HEAN LENG |
| Descriptions(Class) | Ordinary Shares |
| No | Date of change | No of securities | Type of transaction | Nature of Interest |
| 1 | 12/04/2021 | 950,000 | Acquired | Direct Interest |
| Name of registered holder | DATO’ SRI TAI HEAN LENG @ TEK HEAN LENG | |||
| Description of “Others” Type of Transaction | ||||
| Consideration (if any) | 0.59 |
| Circumstances by reason of which change has occurred | Acquisition of shares via Direct Business Transaction. |
| Nature of interest | Direct Interest |
| Total no of securities after change | |
| Direct (units) | 950,000 |
| Direct (%) | 0.211 |
| Indirect/deemed interest (units) | 140,692,616 |
| Indirect/deemed interest (%) | 31.214 |
| Date of notice | 14/04/2021 |
| Date notice received by Listed Issuer | 14/04/2021 |
| Remarks : |
| The indirect interest is registered in the name of TYY Resources Sdn. Bhd. Deemed interest pursuant to Section 8(4) of the Companies Act 2016 by virtue of his interest in TYY Resources Sdn. Bhd. The percentage of direct and indirect interest are based on the total amount of issued shares excluding 2,010,600 shares bought back by the Company and retained as treasury shares. This announcement is also made to comply with Paragraph 14.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. |
| Date of transaction | 12 Apr 2021 |
| Currency | Malaysian Ringgit (MYR) |
| Type of changes | Resale |
| Total number of treasury shares changed (units) | 150,000 |
| Minimum price paid for each share sold ($$) | 0.640 |
| Maximum price paid for each share sold ($$) | 0.650 |
| Total consideration received ($$) | 96008.64 |
| Total number of treasury shares held after the resale or transfer | 2,010,600 |
| Adjusted issued capital after cancellation (no. of shares) (units) | 452,739,831 |
| Date of transaction | 09 Apr 2021 |
| Currency | Malaysian Ringgit (MYR) |
| Type of changes | Resale |
| Total number of treasury shares changed (units) | 200,000 |
| Minimum price paid for each share sold ($$) | 0.636 |
| Maximum price paid for each share sold ($$) | 0.636 |
| Total consideration received ($$) | 126689.13 |
| Total number of treasury shares held after the resale or transfer | 2,160,600 |
| Adjusted issued capital after cancellation (no. of shares) (units) | 452,739,831 |
The Board of Directors of Masteel wishes to announce that the Company proposes to seek shareholders’ approval for the proposed renewal of authority for the Company to purchase its own ordinary shares (“Proposed Renewal of Share Buy Back”) at the forthcoming Forty-Ninth (“49th”) Annual General Meeting (“AGM”) of the Company.
A Statement to Shareholders containing details in relation to the Proposed Renewal of Share Buy Back and the Annual Report of the Company for the financial year ended 31 December 2020 will be available in due course.
This announcement is dated 6 April 2021.
| Name | ESTATE OF TAI CHET SIANG, DECEASED |
| Nationality/Country of incorporation | Malaysia |
| Descriptions (Class) | Ordinary Shares |
| No | Date of change | No of securities | Type of Transaction | Nature of Interest |
| 1 | 19 Mar 2021 | 1,200,000 | Acquired | Indirect Interest |
| Name of registered holder | TYY Resources Sdn Bhd | |||
| Description of “Others” Type of Transaction |
| Circumstances by reason of which change has occurred | Acquisition of shares via Direct Business Transaction. |
| Nature of interest | Indirect Interest |
| Direct (units) | |
| Direct (%) | |
| Indirect/deemed interest (units) | 140,692,616 |
| Indirect/deemed interest (%) | 31.239 |
| Total no of securities after change | 140,692,616 |
| Date of notice | 24 Mar 2021 |
| Date notice received by Listed Issuer | 26 Mar 2021 |
| Remarks : |
| The indirect interest is registered in the name of TYY Resources Sdn. Bhd. Deemed interest pursuant to Section 8(4) of Companies Act 2016 by virtue of his interest in TYY Resources Sdn. Bhd. The percentage of indirect interest is based on the total amount of issued shares excluding 2,360,600 shares bought back by the Company and retained as treasury shares. |
| Type of Meeting | Extraordinary |
| Indicator | Outcome of Meeting |
| Date of Meeting | 23 Mar 2021 |
| Time | 03:00 PM |
| Venue(s) | Broadcast Venue Masteel Meeting Room, Unit B-05-3A, 5th Floor, Block B (West Wing) PJ8 Office Suite, No. 23, Jalan Barat Seksyen 8, 46050 Petaling Jaya, Selangor Darul Ehsan Malaysia |
| Outcome of Meeting | The Board of Directors of Malaysia Steel Works (KL) Bhd (“the Company”) is pleased to announce that all the resolutions set out in the Notice of the Extraordinary General Meeting (“EGM”) of the Company dated 8 February 2021 were duly passed by the shareholders at the EGM of the Company held earlier today. All the resolutions were voted on by poll and the results of the poll were validated by Commercial Quest Sdn. Bhd., the Independent Scrutineer appointed by the Company. Details of the poll results are set out below. This announcement is dated 23 March 2021. |
| Voting Results | ||
| 1. Special Resolution 1 | ||
| Description | Proposed Rights Issue with Warrants | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 141 | 13 |
| No. of Shares | 169,249,037 | 16,502 |
| % of Voted Shares | 99.9903 | 0.0097 |
| Result | Accepted | |
| 2. Special Resolution 2 | ||
| Description | Proposed Amendments | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 133 | 17 |
| No. of Shares | 169,245,179 | 17,544 |
| % of Voted Shares | 99.9896 | 0.0104 |
| Result | Accepted | |
| Name | DATO’ SRI TAI HEAN LENG @ TEK HEAN LENG |
| Descriptions(Class) | Ordinary Shares |
| No | Date of change | No of securities | Type of transaction | Nature of Interest |
| 1 | 19/03/2021 | 1,200,000 | Acquired | Indirect Interest |
| Name of registered holder | TYY RESOURCES SDN. BHD. | |||
| Description of “Others” Type of Transaction | ||||
| Consideration (if any) | 0.52 |
| Circumstances by reason of which change has occurred | Acquisition of shares via Direct Business Transaction. |
| Nature of interest | Indirect Interest |
| Total no of securities after change | |
| Direct (units) | |
| Direct (%) | |
| Indirect/deemed interest (units) | 140,692,616 |
| Indirect/deemed interest (%) | 31.239 |
| Date of notice | 23/03/2021 |
| Date notice received by Listed Issuer | 23/03/2021 |
| Remarks : |
| The indirect interest is registered in the name of TYY Resources Sdn. Bhd. Deemed interest pursuant to Section 8(4) of the Companies Act 2016 by virtue of his interest in TYY Resources Sdn. Bhd. The percentage of indirect interest is based on the total amount of issued shares excluding 2,360,600 shares bought back by the Company and retained as treasury shares. This announcement is also made to comply with Paragraph 14.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. |
| Name | DATO’ SRI TAI HEAN LENG @ TEK HEAN LENG |
| Nationality/Country of incorporation | Malaysia |
| Descriptions (Class) | Ordinary Shares |
| No | Date of change | No of securities | Type of Transaction | Nature of Interest |
| 1 | 19 Mar 2021 | 1,200,000 | Acquired | Indirect Interest |
| Name of registered holder | TYY RESOURCES SDN. BHD. | |||
| Description of “Others” Type of Transaction |
| Circumstances by reason of which change has occurred | Acquisition of shares via Direct Business Transaction. |
| Nature of interest | Indirect Interest |
| Direct (units) | |
| Direct (%) | |
| Indirect/deemed interest (units) | 140,692,616 |
| Indirect/deemed interest (%) | 31.239 |
| Total no of securities after change | |
| Date of notice | 23 Mar 2021 |
| Date notice received by Listed Issuer | 23 Mar 2021 |
| Remarks : |
| The indirect interest is registered in the name of TYY Resources Sdn. Bhd. Deemed interest pursuant to Section 8(4) of the Companies Act 2016 by virtue of his interest in TYY Resources Sdn. Bhd. The percentage of indirect interest is based on the total amount of issued shares excluding 2,360,600 shares bought back by the Company and retained as treasury shares. |
| Name | TYY RESOURCES SDN BHD |
| Address | Unit B-05-03, 5th Floor, Block B (West Wing) PJ8 Office Suite No. 23 Jalan Barat, Seksyen 8 Petaling Jaya 46050 Selangor Malaysia. |
| Company No. | 196501000688 (6479-X) |
| Nationality/Country of incorporation | Malaysia |
| Descriptions (Class) | Ordinary Shares |
| No | Date of change | No of securities | Type of Transaction | Nature of Interest |
| 1 | 19 Mar 2021 | 1,200,000 | Acquired | Direct Interest |
| Name of registered holder | TYY RESOURCES SDN. BHD. | |||
| Address of registered holder | Unit B-05-03, 5th Floor, Block B (West Wing), PJ8 Office Suite, No. 23 Jalan Barat, Seksyen 8, 46050 Petaling Jaya, Selangor. | |||
| Description of “Others” Type of Transaction |
| Circumstances by reason of which change has occurred | Acquisition of shares via Direct Business Transaction. |
| Nature of interest | Direct Interest |
| Direct (units) | 140,692,616 |
| Direct (%) | 31.239 |
| Indirect/deemed interest (units) | |
| Indirect/deemed interest (%) | |
| Total no of securities after change | |
| Date of notice | 23 Mar 2021 |
| Date notice received by Listed Issuer | 23 Mar 2021 |
| Remarks : |
| The percentage of direct interest is based on the total amount of issued shares excluding 2,360,600 shares bought back by the Company and retained as treasury shares. |
| Name | DATIN NG PIK LIAN |
| Nationality/Country of incorporation | Malaysia |
| Descriptions (Class) | Ordinary Shares |
| No | Date of change | No of securities | Type of Transaction | Nature of Interest |
| 1 | 19 Mar 2021 | 1,200,000 | Acquired | Indirect Interest |
| Name of registered holder | TYY RESOURCES SDN. BHD. | |||
| Description of “Others” Type of Transaction |
| Circumstances by reason of which change has occurred | Acquisition of shares via Direct Business Transaction. |
| Nature of interest | Indirect Interest |
| Direct (units) | |
| Direct (%) | |
| Indirect/deemed interest (units) | 151,188,081 |
| Indirect/deemed interest (%) | 33.569 |
| Total no of securities after change | |
| Date of notice | 23 Mar 2021 |
| Date notice received by Listed Issuer | 23 Mar 2021 |
| Remarks : |
| After the change, the indirect interest are registered as follows:- (i) TYY Resources Sdn. Bhd. (140,692,616 shares) – Deemed interest by virtue of her substantial shareholdings in TYY Resources Sdn. Bhd. (ii) Kemajuan Rekacekap Sdn. Bhd. (10,495,465 shares) – Deemed interest by virtue of her substantial shareholdings in Kemajuan Rekacekap Sdn. Bhd. The percentage of indirect interest is based on the total amount of issued shares excluding 2,360,600 shares bought back by the Company and retained as treasury shares. |
The Board of Directors of Masteel wishes to announce that the Company proposes to obtain shareholders’ approval for the proposed amendments to the existing Constitution of the Company (“Proposed Amendments”) at the forthcoming Extraordinary General Meeting to be convened on a date to be announced later.
The purpose of the Proposed Amendments is to enhance administrative efficiency and provide clarity to the Company’s Constitution.
A circular to the shareholders containing details in relation to the Proposed Amendments will be circulated to shareholders in due course.
This announcement is dated 18 January 2021.
| On behalf of the Board, M&A Securities is pleased to announce that Bursa Securities had, vide its letter dated 15 January 2021, resolved to approve the following: (a) admission to the Official List and listing of up to 226,369,915 Warrants to be issued pursuant to the Proposed Rights Issue with Warrants; (b) listing of up to 226,369,915 new Masteel shares to be issued pursuant to the Proposed Rights Issue with Warrants; and (c) listing of up to 226,339,915 new Masteel shares to be issued pursuant to the exercise of Warrants. The approval granted by Bursa Securities for the Proposed Rights Issue with Warrants is subject to the following conditions: (i) Masteel and M&A Securities must fully comply with the relevant provisions under the Main Market Listing Requirements of Bursa Securities (“Main LR”) at all times pertaining to the implementation of the Proposed Rights Issue with Warrants; (ii) Masteel and M&A Securities to inform Bursa Securities upon the completion of the Proposed Rights Issue with Warrants; (iii) Masteel to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities’ approval once the Proposed Rights Issue with Warrants is completed; (iv) Masteel to furnish Bursa Securities with a certified true copy of the resolution passed by shareholders at EGM for the Proposed Rights Issue with Warrants; and (v) Masteel to furnish Bursa Securities on a quarterly basis, a summary of the total number of shares listed pursuant to the exercise of Warrants as at the end of each quarter together with a detailed computation of the listing fees payable. Masteel is required to ensure full compliance of all the requirements as provided under the Main LR at all times. This announcement is dated 18 January 2021. |
On behalf of the Board, M&A Securities wishes to announce that the listing application in relation to the Proposed Rights Issue with Warrants has been submitted to Bursa Securities.
This announcement is dated 29 December 2020.
By Shahirah Syed Jaafar
KUALA LUMPUR (Dec 7): Integrated steel manufacturer Malaysia Steel Works (KL) Bhd (Masteel) has proposed a rights issue with free detachable five-year warrants to raise up to RM81.5 million.
In a statement today, Masteel said the rights shares would be issued on the basis of one rights share for every two existing Masteel shares held, on an entitlement date to be determined later. Subsequently, one free detachable warrant would be issued for each rights share subscribed by shareholders.
From the RM81.5 million expected to be raised, up to RM69 million would be utilised for working capital requirements, while RM10 million would be used to repay bank borrowings, and the balance RM2.5 million to defray the estimated exercise expenses, the group said.
“We are witnessing an upcycle in steel demand within both the local and regional markets, as governments prioritise high-multiplier infrastructure developments and construction projects to stimulate economic growth. This is clearly advantageous for established steel manufacturers like us, who have both capacity and competitiveness to reap the benefits of this recovery.
“To this end, our recent capital expenditure investments in employing the latest steel melting technology will optimize our cost-efficiency,” Masteel managing director and CEO Datuk Sri Tai Hean Leng said in the statement.
Assuming all treasury shares are sold as at the date of the announcement, the rights issue with warrants will entail the issuance of up to 226.4 million rights shares, together with up to 226.4 million warrants,the group said.
The rights issue with warrants would expand Masteel’s share capital from RM239.9 million comprising 450.4 million shares, to RM402.9 million comprising 905.5 million shares.
Masteel said the exercise, which is expected to be completed in the second quarter of 2021, is not expected to have any material effect on the earnings of the group for the financial year ending Dec 31, 2020.
Shares of Masteel closed one sen or 2.13% higher at 48 sen today, for a market capitalisation of RM217.32 million.
Edited by S Kanagaraju
Regarding its prospects, Masteel said the group expects a steady improvement in its financial performance in the ensuing quarters, due to improved demand for its steel products and operating margins
PETALING JAYA: Malaysia Steel Works (KL) Bhd or Masteel posted a 95.7% year-on-year drop in net profit to RM3.8mil for its third quarter ended September 30,2020.
However, it should be noted the RM86.7mil net profit a year earlier was mainly due to a RM76.6mil land revaluation surplus recognised a year earlier.
Revenue for the quarter under review was 54.3% higher year-on-year to RM417.5mil mainly due to higher sales volume and selling price as a consequence in the recovery of global steel demand.
For the nine months under review, Masteel posted a net loss of RM22.9mil compared with a net profit of RM67.6 mil a year ago, while revenue grew 19.6% year-on-year to RM1.01bil.
It also pointed out that the expansionary 2021 Budget has highlighted the projected growth of the Malaysian construction sector of 13.9% in 2021 valued at RM61.34bil.
By Justin Lim
KUALA LUMPUR (Nov 20): Integrated steel maker Malaysia Steel Works (KL) Bhd (Masteel) returned to black with a net profit of RM3.77 million in its third quarter ended Sept 30, 2020 (3QFY20), from a net loss of RM22.53 million in the previous quarter, as it saw better margin and a rebound in demand for its steel products, amid a strong recovery in the international and local steel market.
Revenue more than doubled quarter-on-quarter to RM417.49 million from RM195.63 million, thanks to higher selling price and volume, its stock exchange filing today showed.
Year-on-year, however, its net profit was down 96% from RM86.73 million in 3QFY19, mainly because the previous year had recorded a land revaluation gain of RM76.65 million.
Profit before tax, meanwhile, tripled y-o-y to RM6 million from RM2.1 million, while revenue jumped 54% from RM270.6 million previously, in line with global recovery of demand for steel and lower operating expenses.
For the cumulative nine months period ended Sept 30, it recorded a net loss of RM22.94 million versus a net profit of RM67.66 million a year ago, though revenue rose 20% to RM1.01 billion from RM845.45 million.
On prospects, the company expects to see a steady improvement in its financial performance in the coming quarters, driven by improved demand for its steel products and operating margins.
The group believes it would be able to ride on the recovery wave in the construction sector, which it expects will be a catalyst to drive demand for steel products.
Masteel’s share price closed up half a sen or 1.56% to 32.5 sen today, giving it a market capitalisation of RM146.37 million.
Edited by Tan Choe Choe
By Azanis Shahila Aman
KUALA LUMPUR: Malaysia Steel Works (KL) Bhd’s net profit fell 62.4 per cent to RM3.8 million in third quarter (Q3) ended September 2020 from RM10.1 million last year due to larger deferred tax recognised in the previous year’s corresponding quarter.
Masteel, an integrated steel manufacturer, tripled its pre-tax profit to RM6.0 million in Q3 from RM2.1 million a year ago, buoyed by a 54.3 per cent jump in revenue to RM417.5 million from RM270.6 million previously.
“The vast improvement in financial performance was mainly attributed to higher sales volume and selling prices in line with the recovery of global demand for steel, as well as lower operating expenses,” it said.
Masteel posted a convincing turnaround after incurring a net loss of RM22.5 million in the preceding quarter.
The return to profitability was due to improved margins from the better utilisation of the new plant and equipment and lower operating expenses in Q3, as well as the preceding quarter’s operational disruptions caused by the implementation of the Movement Control Order (MCO).
Stronger demand for steel products on a quarter-on-quarter basis resulted in Q3 revenue more than doubling from RM195.6 million last year.
For the cumulative nine-month period, Masteel posted 19.6 per cent higher revenue of RM1.0 billion versus RM845.5 million last year.
Managing director and chief executive officer Datuk Sri Tai Hean Leng said the company’s commendable Q3 outperformance had underscored two primary points.
Tai said firstly, the company was able to rapidly return its operations to normalcy after the disruptive period of the MCO.
“More than just demonstrating the management’s extensive experience, it is also testament to the superior technology of our integrated plant that facilitated the quick rebound.
“Secondly, with our operations now running full speed ahead, Masteel is therefore well-poised to meet the anticipated demand for steel products in the construction sector, particularly as Malaysia gears up to carry out various infrastructure megaprojects as indicated in the expansionary 2021 Budget,” he said.
Tai said Masteel’s two manufacturing facilities were ideally based in Petaling Jaya and Bukit Raja in Selangor, hence enabling the company to support the requirements of projects from Klang Valley to Johor and across the East Coast of Peninsular Malaysia in a timely manner.
“We look forward to reprising our role in supporting this key industry, and even more so as Malaysia’s development aspirations gather momentum in the years to come,” he added.
We refer to the announcements dated 13 September 2019, 17 September 2019, 19 September 2019 and 5 March 2020 in relation to the Private Placement. Unless otherwise defined, the definitions set out in the previous announcements shall apply herein.
On behalf of the Board, UOBKH wishes to announce that the extension of time until 18 September 2020 previously granted by Bursa Securities to Masteel to complete the implementation of the Private Placement has lapsed today.
The Company has, to date, placed out and listed 25,500,000 Placement Shares to the Investor pursuant to the Private Placement and has resolved not to place out all remaining Placement Shares pursuant to the lapsing of the approval from Bursa Securities. Accordingly, the Private Placement is deemed completed today.
This announcement is dated 18 September 2020.
KUALA LUMPUR, Aug 28 ― Malaysia Steel Works (KL) Bhd’s (Masteel) net loss widened to RM22.53 million in the second quarter ended June 30, 2020 (2Q20), from RM10.39 million registered in the same quarter last year.
In a filing to Bursa Malaysia, the steel bars and steel billets manufacturer said its revenue fell to RM195.63 million during the reviewed quarter versus RM294.48 million
“The decrease in revenue in the current quarter was mainly attributed to lower sales volume and selling price due to the negative impact of economic disruptions resulting from the country’s implementation of the movement control order (MCO) in order to curb the spread of the Covid-19 pandemic,” it said.
Moving forward, Masteel said demand for the group’s steel products are expected to continue to improve from the lows of 2Q20.
The unit selling prices are expected to gradually increase to offset the surge of raw material prices resulting from the broad global recovery of demand for steel, it said.
“The company is focused on improving its costs of production, and barring any unforeseen circumstances expects to see improvement of its business results towards the later part of the year,” it added.
No dividend was declared by Masteel during 2Q20.
| Type of Meeting | General |
| Indicator | Outcome of Meeting |
| Date of Meeting | 16 Jul 2020 |
| Time | 02:00 PM |
| Venue(s) | Broadcast Venue: Masteel Meeting Room, Unit B-05-3A, 5th Floor, Block B (West Wing) PJ8 Office Suite, No. 23, Jalan Barat Seksyen 8, 46050 Petaling Jaya, Selangor Darul Ehsan Malaysia |
| Outcome of Meeting | The Board of Directors of Malaysia Steel Works (KL) Berhad (“the Company”) is pleased to announce that all the resolutions set out in the Notice of Forty-Eighth Annual General Meeting (“48th AGM”) of the Company dated 16 June 2020 were duly passed by the shareholders at the 48th AGM of the Company held earlier today. All the resolutions were voted on by poll and the results of the poll were validated by Commercial Quest Sdn. Bhd., the independent Scrutineer appointed by the Company. Details of the poll results are set out below. This announcement is dated 16 July 2020. |
| Voting Results | ||
| 1. Ordinary Resolution 1 | ||
| Description | To approve the Directors’ fees up to an aggregate amount of RM159,600.00 for the financial year ending 31 December 2020 and benefit payable to the Directors up to an aggregate amount of RM384,470.00 from 16 July 2020 until the next AGM of the Company and the payment thereof. | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 84 | 17 |
| No. of Shares | 19,824,556 | 17,836 |
| % of Voted Shares | 99.9101 | 0.0899 |
| Result | Accepted | |
| 2. Ordinary Resolution 2 | ||
| Description | To re-elect Dato’ Ikhwan Salim Bin Dato’ Haji Sujak who is retiring pursuant to Clause 96 of the Constitution of the Company. | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 88 | 15 |
| No. of Shares | 169,943,171 | 15,142 |
| % of Voted Shares | 99.9911 | 0.0089 |
| Result | Accepted | |
| 3. Ordinary Resolution 3 | ||
| Description | To re-elect Encik Muhammad Hanizam Bin Hj. Borhan who is retiring pursuant to Clause 96 of the Constitution of the Company. | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 87 | 15 |
| No. of Shares | 169,922,171 | 15,142 |
| % of Voted Shares | 99.9911 | 0.0089 |
| Result | Accepted | |
| 4. Ordinary Resolution 4 | ||
| Description | To re-elect Mr Lau Yoke Leong who is retiring pursuant to Clause 96 of the Constitution of the Company. | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 89 | 12 |
| No. of Shares | 169,897,998 | 15,090 |
| % of Voted Shares | 99.9911 | 0.0089 |
| Result | Accepted | |
| 5. Ordinary Resolution 5 | ||
| Description | To re-appoint Messrs RSM Malaysia as Auditors of the Company and to authorise the Directors to fix their remuneration. | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 90 | 11 |
| No. of Shares | 169,898,878 | 14,210 |
| % of Voted Shares | 99.9916 | 0.0084 |
| Result | Accepted | |
| 6. Ordinary Resolution 6 | ||
| Description | Authority for Mr Ng Wah Lok to continue in office as Senior Independent Non-Executive Director. | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 87 | 14 |
| No. of Shares | 169,898,446 | 14,642 |
| % of Voted Shares | 99.9914 | 0.0086 |
| Result | Accepted | |
| 7. Ordinary Resolution 7 | ||
| Description | Authority for Encik Muhammad Hanizam Bin Hj. Borhan to continue in office as Independent Non-Executive Director. | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 83 | 14 |
| No. of Shares | 169,870,016 | 14,966 |
| % of Voted Shares | 99.9912 | 0.0088 |
| Result | Accepted | |
| 8. Ordinary Resolution 8 | ||
| Description | Proposed Renewal of Authority for the Company to Purchase its own Ordinary Shares. | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 82 | 13 |
| No. of Shares | 169,885,085 | 14,494 |
| % of Voted Shares | 99.9915 | 0.0085 |
| Result | Accepted | |
| 9. Special Resolution | ||
| Description | Proposed Renewal of Authority under Sections 75 and 76 of the Companies Act 2016 and the Constitution of the Company for the Directors to allot and issue shares. | |
| Shareholder’s Action | For Voting | |
| Voted | For | Against |
| No. of Shareholders | 83 | 13 |
| No. of Shares | 169,891,485 | 14,494 |
| % of Voted Shares | 99.9915 | 0.0085 |
| Result | Accepted | |
The Board of Directors of Masteel wishes to announce that the Company proposes to seek shareholders’ approval for the proposed renewal of authority for the Company to purchase its own ordinary shares (“Proposed Renewal of Share Buy Back”) at the forthcoming Forty-Eighth (“48th”) Annual General Meeting (“AGM”) of the Company.
A Statement to Shareholders containing details in relation to the Proposed Renewal of Share Buy Back will be issued and despatched to shareholders of the Company in due course.
This announcement is dated 19 May 2020.
