KUALA LUMPUR (March 29) : Based on corporate announcements and news flow today, companies in focus on Tuesday (March 30) may include: Poly Glass Fibre (M) Bhd, LKL International Bhd, PIE Industrial Bhd, FGV Holdings Bhd, Evergreen Fibreboard Bhd, Tan Chong Motor Holdings Bhd, Nestle (Malaysia) Bhd, AirAsia Group Bhd, Deleum Bhd, Top Glove Corp Bhd, Pos Malaysia Bhd, George Kent (Malaysia) Bhd and Ranhill Utilities Bhd.
Poly Glass Fibre (M) Bhd, which is involved in manufacturing, property development and property investment, has tied up with a Penang-based property developer for the construction of residential properties on a vacant land in Perak. The group said its wholly owned subsidiary, Golden Approach Sdn Bhd, has entered into a joint venture agreement with Malvest Properties Sdn Bhd to undertake the project
LKL International Bhd’s non-executive chairman Datuk Seri Dr Chen Chaw Min, who was appointed just less than a month ago, has resigned from his post, citing other personal commitments. The 60-year-old was appointed to the group's board on March 1. Meanwhile, LKL announced it would be appointing Zulkarnin Ariffin, 48, as its executive director. Zulkarnin is currently the CEO of Seacera Group Bhd.
PIE Industrial Bhd said today that its wholly-owned Pan-International Electronics (Malaysia) Sdn Bhd (PIESB) had temporarily closed its factories in Penang until April 2, after some of its employees were tested positive for Covid-19 during the planned screening test. The company said it had commended its planned precautionary Covid-19 testing on March 23 for PIESB’s foreign and local employees.
FGV Holdings Bhd has appointed Datuk Dzulkifli Abd Wahab, the former director general of the Federal Land Development Authority (Felda), as its new chairman effective April 1. Dzulkifli, 65, will be replacing Datuk Wira Azhar Abdul Hamid, who has resigned to pursue other interests, after helming the position in FGV for three and a half years.
Evergreen Fibreboard Bhd’s net loss for the fourth quarter ended Dec 31, 2020, widened to RM78.49 million, from RM14.36 million a year ago, mainly due to the impairments and write-offs on certain plant, machinery and inventories. The group’s quarterly revenue slipped 3.14% to RM233.24 million, from RM240.8 million a year ago. Evergreen did not declare any dividend for the latest quarter.
Tan Chong Motor Holdings Bhd said it will be settling its RM180 million Royal Malaysian Customs Department bill out of court, by way of reduced bills of demand and compound amounting to RM109 million. The car assembler said the settlement is subject to the finalisation of terms of the consent order.
Nestle (Malaysia) Bhd expects the Covid-19 pandemic to weigh significantly on the market throughout the first half of 2021, although the progressive rollout of vaccines will have a positive bearing on the health crisis. The company said it had projected a significant rebound in the prices of many key commodities that anticipates margin tensions, and will continue to do its best to manage the situation.
AirAsia Group Bhd posted a bigger-than-expected net loss of RM2.44 billion for the fourth quarter ended Dec 31, 2020 (4QFY20), after the low-cost carrier booked a series of impairments. Losses per share stood at 73.2 sen, versus 11.5 sen in the 4QFY19.
Deleum Bhd, which announced last week that its 60%-owned Deleum Primera Sdn Bhd has been suspended from participating in Petronas' tenders and contracts until further notice, reported today that its fourth quarter net profit fell 12.5% to RM7.5 million, from RM8.57 million a year ago, following a slowdown in activity levels across all its business segments. Quarterly revenue fell 32.3% to RM157.23 million, from RM232.13 million in 4QFY19.
The US Customs and Border Protection has found certain products by Top Glove Corp Bhd as having been manufactured with the use of convict, forced or indentured labour. The US regulator said certain disposable gloves had been “mined, produced or manufactured in Malaysia by Top Glove with the use of convict, forced or indentured labour, and are being, or are likely to be imported into the US”.
Pos Malaysia Bhd today announced that Datuk Yasmin Mahmood has resigned as the chairman of the group effective April 1, after serving the company for two years. The group indicated that she will be replaced by Datuk Seri Syed Faisal Albar. Syed Faisal, 55, is currently group managing director of DRB-Hicom Bhd and has served as group managing director of Pos Malaysia from 2008 to 2011.
George Kent (Malaysia) Bhd said it has been invited by Johan Holdings Bhd to buy a 40% stake in the latter's subsidiary, Dynacare Sdn Bhd, for RM40 million. George Kent and Johan share the same major shareholder – Tan Sri Tan Kay Hock. George Kent said Dynacare will work on constructing a manufacturing plant to make gloves for two years, with a global contract sum of RM624.1 million.
Ranhill Utilities Bhd booked its first quarterly net loss in two years at RM9.98 million in the quarter ended Dec 31, 2020, from a net profit of RM8.02 million a year ago, hit by lower earnings from its water supply segment, and changes in accounting treatment for its power purchase agreements. The weaker performance was despite quarterly revenue rising 13.4% to RM355.77 million, from RM313.74 million. For the full-year, Ranhill's net profit fell 44.45% to RM36.49 million, from RM65.69 million. Full-year revenue slid 4.7% to RM1.48 billion, from RM1.55 billion in the previous year.