APFT, SKP Resources, Top Glove, VS Industry, Bintai Kinden and Sentoria

APFT, SKP Resources, Top Glove, VS Industry, Bintai Kinden and Sentoria
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KUALA LUMPUR (Jan 8): Based on corporate announcements and news flow today, companies in focus on Monday (Jan 12) may include: APFT Bhd, SKP Resources Bhd, Top Glove Corp Bhd, VS Industry Bhd, Bintai Kinden Corp Bhd and Sentoria Group Bhd.

APFT Bhd will be delisted from Bursa Malaysia on Jan 13, after the bourse dismissed the company’s appeal for an extension of time to submit its regularisation plan for approval. Bursa Malaysia said today that upon APFT’s delisting, the Practice Note 17 company will continue to exist, but as an unlisted entity.

SKP Resources Bhd said five employees of its wholly-owned subsidiary, Syarikat Sin Kwang Plastic Industries Bhd, have tested positive for Covid-19. The group said it will continue to adhere to the standard operating procedures as directed by the MoH, in order to ensure the necessary safeguards are in place to prevent the spread of Covid-19 and to ensure its employees are provided with a safe and healthy working environment.

The Employees Provident Fund (EPF) has ceased to be a substantial shareholder of Top Glove Corp Bhd, after disposing of 40 million shares or a 0.5% direct interest in the group on Jan 5. After this sale, the EPF is left with 392.85 million shares or a 4.9% stake in the world’s largest glove maker, according to a filing with Bursa Malaysia today.

Separately, Top Glove defended its board after BlackRock Inc issued a scathing statement earlier this week, attacking the firm's handling of a coronavirus outbreak and saying it had voted against the re-election of six independent directors to Top Glove's board. Nevertheless, the six directors were re-elected at the company's annual general meeting on Wednesday, gaining between 86.5% and 72.3% of shareholder votes. In a statement, Top Glove said the directors have served an average of six years and that the board meets regularly to discuss the pandemic and other governance matters.

VS Industry Bhd, an electronics manufacturing service provider, has set aside RM200 million in capital expenditure (capex) for the financial year 2021 (FY21) to expand and enhance its capacity and capabilities. Managing director Datuk SY Gan said despite 2020 being an arduous year for the company in the face of unprecedented market challenges stemming from the Covid-19 pandemic and ongoing macroeconomic issues, it managed to secure two new customers from the United States.

A subsidiary of Bintai Kinden Corp Bhd has been appointed by South Korea’s SLAB Asia Co Ltd, as the exclusive distributor for the Greenie Medi Cold Chain Box designed for the storage and distribution of Covid-19 vaccines in Malaysia. The subsidiary, Bintai Healthcare Sdn Bhd, has also been appointed an authorised distributor for the product in Southeast Asian countries. The Greenie Medi Cold Chain Box was designed for the exclusive use in transporting and storing medical products at very low temperatures, as it keeps the inbox temperature at -70℃ for up to 120 hours.

Sentoria Group Bhd is selling two parcels of land measuring 747,069 sq m collectively in Kedah for RM27.9 million, to repay bank borrowings. In a bourse filing, the group announced that it's 75%-owned Sentoria Utara Sdn Bhd had inked a sale and purchase agreement (SPA) with Redvalley Development Sdn Bhd for the sale of the freehold parcels in Amanjaya, Kuala Muda. Sentoria will be using RM26.7 million of the sale proceeds to repay bank borrowings, which it noted will save it RM1.6 million worth of interest per year, based on the average interest rate of its borrowings of about 6% per annum. The balance RM1.2 million will be used for working capital.

Tan Choe Choe