KUALA LUMPUR (Oct 24): Based on corporate announcements and news flow today, stocks in focus on Wednesday (Oct 25) may include: Top Glove, Tropicana, Supermax, Sunway, Pantech, Serba Dinamik, Vizione, Luxchem, Brem, Pintaras Jaya and Edaran.
Top Glove Corp Bhd said it is currently in negotiations to acquire a glove manufacturer, the terms and conditions of which have not been finalised at this juncture
However, it said it is “not acquiring nor buying Adventa Bhd or Supermax Corp Bhd”.
The Edge Financial Daily today reported that speculation has been rife on the potential acquisition target for Top Glove after its executive chairman Tan Sri Lim Wee Chai told pressmen last week that the group is set to announce a major acquisition soon that could cost more than a billion ringgit.
Lim said the acquisition target would be a Malaysian company that produces both surgical and examination gloves.
Additionally Lim has emerged as a substantial shareholder in Tropicana Corp Bhd after he bought a 10.24% stake.
Lim bought the stake from Tropicana’s founder Tan Sri Danny Tan and his related companies. He was appointed to the board of Tropicana as deputy chairman effective immediately, according to the filing with Bursa Malaysia.
Supermax Corp Bhd said reports that it may dispose of its assets at a premium to Top Glove Corp Bhd is not true and misleading.
"No discussion was held between the company and Top Glove on this matter,” it said.
Sunway Bhd plans to buy the remaining 20% stake held by the Employees Provident Fund (EPF) in Sunway South Quay Sdn Bhd (SSQ) for RM136.64 million cash plus payment of RM73.35 million for the settlement of the Musyarakah Capital invested by EPF in SSQ.
Sunway said its subsidiary, Sunway Lagoon Sdn Bhd (SLSB) signed a share sale agreement (SSA) with EPF today for the stake purchase that would enable the group to have full ownership of the mixed development project and its landbank.
Pantech Group Holdings Bhd's net profit for the second financial quarter ended Aug 31, 2017 (2QFY18) more than doubled to RM11.75 million or 1.59 sen per share, from RM5.14 million or 0.7 sen per share a year ago.
Revenue for 2QFY18 increased by 51.3% to RM157.1 million from RM103.81 million a year ago.
For the first half of its financial year ended Aug 31, 2017 (1HFY18) Pantech’s net profit surged 94.4% to RM25.72 million or 3.48 sen per share, from RM13.23 million or 1.8 sen per share a year ago.
Revenue for 1HFY18 increased by 35.5% to RM308.6 million from RM227.75 million a year ago.
Serba Dinamik Holdings Bhd is proposing to acquire Bangunan Affin Bank, a 16-storey office building with a four-storey basement carpark in Shah Alam, from Affin Bank Bhd for RM43.5 million.
It said it intends to use the building to house its head office and operational staff within Selangor and that it would relocate all of its existing employees from the integrated engineering, contracting and maintenance services group from its existing head office in Shah Alam to the new corporate office.
Vizione Holdings Bhd’s net profit leapt to RM529,000 for its first quarter ended August 31, 2017 (1QFY18) from RM121,000 in the previous corresponding period on higher revenue from its construction segment.
It said revenue more than doubled to RM21.34 million from RM8.61 million on higher contributions from the construction of its four Sabah-based housing development projects.
Luxchem Corporation Bhd's third quarter net profit fell 10% to RM8.99 million, from RM9.96 million a year earlier, mainly due to higher expenses.
Quarterly revenue rose 5% to RM188.23 million from RM179.36 million, thanks to higher contribution from the trading segment.
Luxchem said cumulative net profit for the first three quarters increased 4% to RM31.26 million, from RM30 million in the previous corresponding period. Cumulative revenue rose 18% to RM609.48 million from RM515.18 million.
Brem Holding Bhd’s 48.33%-owned subsidiary Titi Kaya Sdn Bhd has obtained 48.37 million shares, or a 9.25% stake, in Titijaya Land Bhd as share consideration from the sale of its 1.04 million shares in NPO Builders Sdn Bhd to the latter.
The sale shares agreement was signed on Sept 30 last year.
To recap, Titijaya wanted to buy out NPO Builders last year for RM115.6 million by issuing 79.73 million new shares at an issue price of RM1.45 apiece. NPO Builders owns two tracts of land totalling 46.2 acres in Bukit Raja, Selangor, which Titijaya intends to develop into a mixed project with a gross development value of RM2.4 billion.
Construction firm Pintaras Jaya Bhd has bagged a RM20.4 million contract for piling and construction work for a proposed commercial block in Shah Alam, Selangor.
It said its unit Pintaras Geotechnics Sdn Bhd had received the letter of award yesterday from Top Value Hotel Sdn Bhd to undertake piling, pilecaps, earthworks and substructure works for a proposed 29-level commercial block situated at Setia Alam, Shah Alam.
Edaran Bhd has bagged an RM149.97 million contract from the Royal Malaysian Customs Department, for the enhancement of the department’s information systems.
It said that Customs has accepted the proposal by its subsidiary Edaran IT Services Sdn Bhd to undertake the service continuity project of “Sistem Maklumat Kastam” for two years with effect from September 2017.