Trading ideas: Skyworld, Paramount, Able Global, Hong Seng, Favelle Favco, Vestland, Sentoria, Mieco Chipboard

KUALA LUMPUR: Stocks to watch today include Skyworld Development Bhd, Paramount Corp Bhd, Able Global Bhd, Hong Seng Consolidated Bhd, Favelle Favco Bhd, Vestland Bhd, Sentoria Group Bhd and Mieco Chipboard Bhd.

Skyworld inked a sales and purchase agreement to acquire four adjoining parcels of land in Seberang Perai Tengah, Penang for RM82.7mil cash.

Paramount is acquiring 295.55 acres in Kulim for RM128.74mil to develop a new township with an estimated RM946mil gross development value, supporting its landbank expansion and future earnings.

Able Global’s executive director and executive chairman Ng Keng Hoe, has been discharged and acquitted of all charges related to alleged corruption, the company announced.

The company considers the matter is now closed and Ng will resume his administrative and executive functions in the operations role.

Hong Seng Consolidated Bhd has sold its 32.61% stake in Classita Holdings Bhd to NexG Bhd for RM60.3mil or 15 sen a share via a direct business transaction.

Favelle Favco has secured six supply contracts worth a total of RM77.6mil through its subsidiaries, Shanghai Favco Engineering Machinery Manufacturing Co Ltd, Favelle Favco Cranes (M) Sdn Bhd, and Favelle Favco Cranes (USA), Inc.

Vestland’s wholly owned subsidiary, Vestland Resources Sdn Bhd, secured a subcontract from Euro Saga Sdn Bhd to undertake construction related works on the Kelantan Palace in Kota Bharu, Kelantan for RM56.38mil.

Sentoria Group Bhd’s 75%-owned subsidiary, Sentoria Langkawi Sdn Bhd, has received a termination notice from Affin Bank Bhd for term loan facilities originally amounting to RM33.3mil.

Mieco Chipboard’s wholly owned subsidiary Mieco Manufacturing Sdn Bhd has signed a memorandum of understanding (MoU) with K-One Corporation for the supply of 160,000 tonnes to 200,000 tonnes of wood pellets.