AAX, RHB Bank, Deleum, Hartalega, Top Glove, Luxchem, Ivory Properties, Ta Win and Bina Darulaman

AAX, RHB Bank, Deleum, Hartalega, Top Glove, Luxchem, Ivory Properties, Ta Win and Bina Darulaman
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KUALA LUMPUR (Dec 14): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Dec 15) include: AirAsia X Bhd, RHB Bank Bhd, Deleum Bhd, Hartalega Holdings Bhd, Top Glove Corp Bhd, Luxchem Corp Bhd, Ivory Properties Group Bhd, Ta Win Holdings Bhd and Bina Darulaman Bhd.

AirAsia X Bhd's (AAX) deputy chairman Datuk Lim Kian Onn is spearheading a special purpose vehicle (SPV) to pump in at least RM50 million fresh capital into the low-cost carrier, which is in the midst of negotiating with its creditors for debt and liabilities restructuring.

AAX announced its equity raising plan that entails a cash call to its existing shareholders to raise up to RM300 million plus issue of new shares to new investors to raise an additional RM200 million.

Aabar Investments PJS is offering 169.5 million shares in RHB Bank Bhd, according to terms of the deal obtained by Bloomberg News.

The deal represents about 4.23% in RHB Bank, which is the entire stake held by Aabar currently.

Bloomberg reported that the shares are being offered at between RM5.45 and RM5.62, which represents a discount of 3.9% to 6.8% to today's closing price of RM5.85.

Two senior executives of Deleum Bhd were called up by the Malaysian Anti-Corruption Commission (MACC) last week over an alleged illegal scheme involving the group’s 60%-owned subsidiary Deleum Primera Sdn Bhd (DPSB), and Petronas Carigali Sdn Bhd.

The alleged scheme was purportedly initiated to defraud Petronas Carigali in relation to multiple maintenance and services contracts between the Petronas unit and DPSB.

Hartalega Holdings Bhd said it has completed the mandatory precautionary Covid-19 tests for all of its foreign workers and has further expanded the tests to its local employees as well.

35 workers tested positive for the virus, representing 0.4% of its total 8,772 employees including local employees, as well as outsourced vendors such as security personnel and canteen operators.

With some production lines temporarily shut down, the capacity loss is estimated to be less than 0.5% of annual output.

Top Glove Corp Bhd has resumed its share buyback — spending RM3.63 million today. The group’s executive director Lim Cheong Guan and Employees Provident Fund (EPF) disposed of more shares on the open market.

Lim sold a total of 670,000 shares worth RM4.67 million between Dec 9 and Dec 11 and is now left with some 257,800 shares or a 0.003% stake in the world largest rubber glove manufacturer as at Dec 14.

EPF continued to trim its stake in Top Glove, disposing of 3.42 million more shares on Dec 9 after selling 12 million shares on Dec 8, which its shareholding in Top Glove now dropped to 430.24 million shares or a 5.37% stake.

Luxchem Corp Bhd is planning to buy 55% stakes in three firms — Lexis Chemical Sdn Bhd, Lexis Specialties Sdn Bhd and Lexis Corp Sdn Bhd — for a total of RM121 million, which would be partly in cash and partly via the issuance of new Luxchem shares at the issue price of 83 sen per share to the vendors, Chuah Kim Piew and Lee Juinn Yong.

Luxchem also announced a private placement to raise up to RM97.33 million, of which RM70.32 million will be used to finance any suitable business or investment.

Ivory Properties Group Bhd has acquired Copthorne Orchid Hotel & Resort in Penang for RM75 million cash. The hotel sits on a parcel of freehold land measuring at 2.5 acres and has ceased operations.  

Ivory Properties plans to develop a hotel and serviced apartments on the land with a gross development value of RM410 million, which is expected to commence in 2022 and be developed over a span of three to four years.

Ta Win Holdings Bhd will be acquiring a 32.5% stake in pharmaceutical company Royce Pharma Manufacturing Sdn Bhd for RM20.85 million. This deal represents an opportunity for the group to undertake its first investment in the pharmaceutical industry.

Bina Darulaman Bhd, which is controlled by the Kedah state government, is jointly developing an integrated project called Langkawi Premium Outlet in Kedah with the Menteri Besar Kedah Incorporated (MBI Kedah).

The project in Langkawi will have a premium outlet, an International Cultural and Tourism Village, a hotel, and food and beverage outlets.

Kathy Fong