KUALA LUMPUR (March 22): Based on corporate announcements and news flow today, companies in focus tomorrow (March 23) may include: Ekovest Bhd, Maxis Bhd, Top Glove Bhd, Comfort Gloves Bhd, Boustead Holdings Bhd, AirAsia Group Bhd (AAGB), MMC Corp Bhd, Pimpinan Ehsan Bhd (PEB), Lay Hong Bhd, Pharmaniaga Bhd, GHL Systems Bhd, Ann Joo Resources Bhd, George Kent (M) Bhd, CB Industrial Product Holding Bhd and Harn Len Corporation Bhd.
Ekovest Bhd said its proposed acquisition of 96.28 acres of freehold land in Pulai, Johor from Iskandar Waterfront Holdings Sdn Bhd for RM1.11 billion has fallen through. Although the parties have continued to reassess and renegotiate the terms of the proposed acquisitions after the lapse of the conditional period on Feb 20, 2021, the parties were unable to reach an agreement to-date and have therefore decided to allow the sale and purchase agreements to lapse,” the group said.
Tan Sri Mokhzani Mahathir has been appointed as the new chairman of Maxis Bhd effective April 22. The appointment comes as its current chairman Raja Tan Sri Arshad Raja Tun Uda decides to step down after 11 years of chairing the company since its listing in 2009.
Top Glove Corp Bhd executive chairman Tan Sri Dr Lim Wee Chai has bought another 1.74 million shares of the group at RM5.27 a share, raising his shareholding in the glovemaker to 2.13 billion shares or 26.59%. Lim also has an indirect stake of 692.19 million shares or 8.651% in the group.
Comfort Gloves Bhd managing director Cheang Phoy Ken has ceased to be a substantial shareholder in the company, after selling 32 million shares or a 5.49% stake in the glovemaker, off-market. The disposal was carried out on March 18 at RM2.40 per share, for a total of RM76.8 million. This represents a premium of 23 sen or 10.6% to the counter's closing price of RM2.17 on that day.
Boustead Holdings Bhd said it is seeking consent from the holders of its RM2.5 billion sukuk to allow the submission of financial statements by May 31. The move is in tandem with the one-month extension granted to all listed issuers by the Securities Commission and Bursa Malaysia, for the issuance of quarterly and annual reports which are due on Feb 28 and April 30 respectively, the group said.
AirAsia Group Bhd (AAGB), which is in the midst of raising fresh capital to ease tight cash flow, announced it has entered into a memorandum of understanding with Aimia Holdings UK II Ltd, to buy the remaining 20% equity interest in BigLife Sdn Bhd held by the latter for RM103.04 million. The low cost carrier said the acquisition will be settled by issuing 85.86 million new AirAsia Group shares, which is equivalent to a 2.2% stake, to Aimia at RM1.20 per share.
MMC Corp Bhd is acquiring Tradewinds Corp Bhd's 50% stake in developer Retro Highland Sdn Bhd for RM250 million cash, in a related-party transaction. The acquisition price is inclusive of RM55 million in shareholder's loans advanced by Tradewinds to Retro Highland, including interest, according to the group. Retro Highland is a 50:50 joint venture between Tradewinds and S P Setia Bhd. Tradewinds is controlled by tycoon Tan Sri Syed Mokhtar Albukhary, who also owns a controlling stake in MMC.
The takeover offer of Pimpinan Ehsan Bhd (PEB) at a cash offer price of RM1.07 a share by Pitahaya (M) Sdn Bhd is deemed not fair and not reasonable, according to independent adviser TA Securities Holdings Bhd. PEB’s four non-interested directors Shamsiah Hashim @ Abu Bakar, Ibrahim Topaiwah, Jumsi Batri and Mohammad Emir Taufiq Ahmad @ Ahmad Mustapha concurred with the adviser’s evaluation and recommendation to reject the takeover offer.
The suspension of Lay Hong Bhd's production from its Jeram 1 farm in Selangor was lifted today, as all of the group's farms are declared free of Salmonella Enteritidis (SE).
The group said the test conducted by the Department of Veterinary Services (DVS) at all farms returned with negative results for the disease.
Pharmaniaga Bhd has inked an agreement with the government to supply and distribute 200,000 doses of imported Sinovac Covid-19 vaccine as finished products. Under the deal, the Ministry of Health will purchase the imported finished products from PLS, while PLS will distribute 200,000 doses to all facilities specified by the MoH.
Payment solutions provider GHL Systems Bhd is partnering with fintech company Split to offer a buy now, pay later (BNPL) service for its merchant base in Malaysia. This new service will allow businesses to offer their customers instalment payments with a choice of up to three monthly instalments sale, said the group.
Steelmaker Ann Joo Resources Bhd's net profit fell 68% to RM6.21 million in the fourth quarter ended Dec 31, 2020 from RM19.52 million reported in the previous year, on the back of lower revenue due to lower sales tonnage and higher overhead cost, amid plant shutdowns as a result of restrictions within the Movement Control Order. Quarterly revenue fell 10.65% to RM539.42 million from RM603.71 million. Compared with the immediate preceding quarter, however, the steelmaker returned to the black from a net loss of RM18.92 million, though revenue dropped from RM560.21 million on lower export tonnage.
George Kent (M) Bhd's net profit in its fourth quarter ended Jan 31, 2021 more than doubled to RM14.29 million or 2.7 sen per share, from RM6.76 million or 1.3 sen per share a year ago, boosted by higher share of results of joint venture in its engineering division. Quarterly revenue grew 6.6% to RM87.83 million, from RM82.4 million the year before. The group declared a dividend of 1.5 sen per share, payable on April 28. For the 12-month period ended Jan 31, 2021, George Kent's net profit slid 10% to RM37.41 million from RM41.58 million a year ago, mainly due to weaker margin and revenue from the engineering segment.
Palm oil equipment maker CB Industrial Product Holding Bhd saw its net profit for the fourth quarter ended Dec 31, 2020 surge 178% to RM29.79 million from RM10.71 million in the immediate preceding quarter, thanks to its oil palm plantations segment. Its revenue climbed 10.92% to RM173.5 million from RM156.42 million in 3QFY20, on higher prices of palm products. On a yearly basis, net profit grew 32.42% from RM22.5 million in 4QFY19, due to higher project margin at its engineering division resulting from lower production costs. The group also declared a second single tier interim dividend of two sen per share.
Harn Len Corporation Bhd saw its net loss narrowed to RM80,000 in the fourth quarter ended Dec 31, 2020 from RM31.38 million in the previous year, due to higher average selling prices of crude palm oil and palm kernel. Its quarterly revenue, however, fell 9.17% to RM39.11 million, from RM43.06 million a year ago.
For the full year, the group returned to the black with a net profit of RM98.76 million, from a net loss of RM58.29 million in FY19, while revenue rose 4.29% to RM121.92 million against RM116.9 million, due to gain from disposal of an estate and oil palm mill in Pahang, as well as favourable palm product prices.