Maybank, Aeon Credit, Nestle Malaysia, Press Metal Aluminium, Alcom, Eonmetall, FGV and DBE Gurney

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KUALA LUMPUR (Oct 4):  Based on corporate announcements and news flow today, companies that may be in focus on Friday (Oct 5) may include the following: Malayan Banking Bhd, Aeon Credit Service (M) Bhd, Nestle (Malaysia) Bhd, Press Metal Aluminium Holdings Bhd, Alcom Group Bhd, Eonmetall Group Bhd, FGV Holdings Bhd and DBE Gurney Resources Bhd.

Malayan Banking Bhd (Maybank) has obtained approval from the Monetary Authority of Singapore (MAS) to locally incorporate its Community Financial Services (CFS) business in Singapore.

MAS, said Maybank in a statement today, has issued a full banking licence with Qualifying Full Bank privileges to its wholly-owned subsidiary, Maybank Singapore Ltd (MSL).

Aeon Credit Service (M) Bhd's net profit rose 13% to RM80.64 million in the second financial quarter ended Aug 31, 2018 (2QFY19), from RM71.39 million a year ago, as its total transactions and financing volume grew. Quarterly revenue grew 7% to RM332.09 million from RM311.32 million a year ago.

The company declared an interim single-tier dividend of 22.25 sen per share, with ex-date and entitlement date set on Oct 16 and Oct 18 respectively. The dividend will be paid on Nov 8.

For the cumulative six months (1HFY19), Aeon Credit's net profit jumped 22% to RM179.88 million from RM147.2 million a year ago, while revenue grew 7% to RM657.81 million from RM613.6 million in 1HFY18.

Alois Hofbauer will be stepping down as chief executive officer (CEO) of Nestle (Malaysia) Bhd on Nov 30, 2018, as he will be leaving the Nestle Group to pursue other interests outside the company, which a news report stated would be at a leading Arabian dairy manufacturer — Almarai, the Middle East’s largest food manufacturer with an annual turnover close to US$4 billion  and a market capitalisation of US$12 billion.

He will be replaced by Juan Aranols, who will take over the post on Dec 1, Nestle Malaysia said in a statement today. Aranols is currently the chief financial officer (CFO) for the Nestle Group’s Asia, Oceania and Sub-Saharan Africa zone (Zone AOA).

Aluminium-related counters such as Press Metal Aluminium Holdings Bhd and Alcom Group Bhd gained amid supply worries as the closure of the world's largest alumina refinery run by Norsk Hydro in Brazil pushed aluminium prices up to their highest in about three months.

It was reported that three-month aluminium on the London Metal Exchange was up 1% at US$2,228 a tonne by 0215 GMT, after earlier hitting US$2,246, the highest since June 15. The metal surged 4.2% overnight, its largest single-day gain since April.

Press Metal and Alcom both were on the top gainers list on the local bourse today, with Press Metal shares gaining 20 sen or 4.03% to close at RM5.16 on Thursday evening, valuing the company at RM19.56 billion and Alcom shares price jumped 41.38% or 24 sen to close at 82 sen, giving it a market capitalisation of RM77.91 million.

Eonmetall Group Bhd has secured the exclusive rights from a unit of FGV Holdings Bhd to build palm fibre oil extraction plants at six selected mill locations, then own and operate them for a concession period of 10 years, before transferring their ownership to the FGV unit.

The build, own, operate and transfer (BOOT) arrangement was entered into yesterday between Eonmetall's wholly-owned unit Eonmetall Carotene Oil Sdn Bhd (ECOSB) and FGV's indirect, wholly-owned Felda Palm Industries Sdn Bhd (FPISB).

Minority shareholders of DBE Gurney Resources Bhd have been advised to accept its largest shareholder Doh Properties Holdings Sdn Bhd's takeover offer for the rest of the shares in the Perak-based poultry firm for 3.5 sen per offer share and one sen per offer warrant.

In its independent advice circular to DBE shareholders on Bursa Malaysia today, Mercury Securities Sdn Bhd said it is of the view that Doh Properties’ offer to acquire DBE is “fair” and “reasonable”. As at Sept 28, Doh Properties held a 34.91% stake in DBE.