KUALA LUMPUR (Oct 6): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Oct 7) include: AirAsia X Bhd (AAX), Top Glove Corp Bhd, SCGM Bhd, PUC Bhd, Tropicana Corp Bhd, Bintai Kinden Corp Bhd, Focus Dynamics Group Bhd and Oversea Enterprise Bhd.
Long-haul low-cost carrier AirAsia X Bhd (AAX) has unveiled a massive debt restructuring proposal in which the airline would reconstitute RM63.5 billion worth of debts, including future lease rentals, aircraft purchase commitments and advanced ticket sales, into a principal amount of up to RM200 million.
AAX also proposed a capital reduction of 90% of its issued share capital in order to offset its accumulated losses, which is equivalent to a reduction of RM1.38 billion from its share capital. It has also proposed a share consolidation to combine every 10 shares into one.
Top Glove Corp Bhd will be paying an estimated RM136 million over the next 10 months to compensate its migrant workers, as part of its efforts to resolve the US Customs and Border Protection's import ban over forced labour claims.
The remediation fee by the world's largest rubber glove maker, which was higher than the previous estimated compensation of RM53 million announced in August, is said to be in accordance with recommendations by the independent consultant.
Thermoformed food packaging products supplier SCGM Bhd, which diversified into personal protective equipment (PPE) manufacturing in March, hopes to export its face masks to the US.
SCGM said its Benxon brand face masks, produced by its wholly-owned subsidiary Lee Soon Seng Plastic Industries Sdn Bhd, have been registered with the US Food and Drug Administration for usage by the general public.
The group has beefed up its face mask production capacity to six million units per month from this month onwards, from 1.2 million units back in May.
PUC Bhd's wholly-owned subsidiary Presto Pay Sdn Bhd has inked a memorandum of understanding with licensed telephone betting channel provider Pan Malaysian Pools Sdn Bhd (PMPSB) for the possible introduction of an alternative payment solution to the latter's business.
PMPSB operates the dmcGO mobile betting application, while Presto Pay is involved in providing payment solutions, digital lifestyle services and loyalty points programme.
Tropicana Corp Bhd deputy chief executive officer Datuk Dickson Tan Yong Loong, who is the son of Tan Sri Danny Tan Chee Sing — the founder and major shareholder of Tropicana, has resigned from his post with immediate effect.
He has also resigned as a director of the group, citing “health related issue” as the reason.
Bintai Kinden Corp Bhd has entered into a distribution and licensing agreement with US-based firm Generex Biotechnology Corp and its subsidiary NuGenerex Immuno-Oncology Inc for their Covid-19 vaccine in Malaysia. This agreement is in relation to the memorandum of understanding and heads of agreement signed with the respective companies in August and September. Its subsidiary Bintai Healthcare Sdn Bhd had been granted the exclusive rights to distribute, sell and commercialise the Covid-19 vaccine.
Focus Dynamics Group Bhd has signed a heads of agreement with Oversea Enterprise Bhd to embark on an international expansion plan and brand enhancement strategy for the Oversea restaurant brand, which includes opening of eight new international restaurants in New York, Las Vegas, London, Paris, Sydney, Shanghai, Hong Kong and Singapore.
The agreement sees both parties collaborating resources, skillsets, investment and experience to execute an international network of new age Chinese restaurants, under the Oversea banner.