KUALA LUMPUR (June 10): Based on corporate announcements and news flow today, companies in focus tomorrow (Friday, June 11) may include: Serba Dinamik Holdings Bhd, IGB Commercial Real Estate Investment Trust, Kossan Rubber Industries Bhd, Southern Cable Group Bhd, CB Industrial Product Holdings Bhd, Prestar Resources Bhd and Microlink Solutions Bhd.
Serba Dinamik Holdings Bhd's co-founder Datuk Awang Daud Awang Putera has disposed of 8.5 million shares in the group, which has been in the limelight since May 25 over some audit issues. The oil and gas service provider said that Awang Daud, who is also the group's non-independent non-executive director, sold the shares in the open market yesterday, reducing his stake to 1.8% from 2.24%. Besides Awang Daud, the Employees Provident Fund (EPF) also disposed of the group’s shares in the open market. EPF sold 481,000 shares on June 4, after disposing of 681,300 shares on June 2 and another 273,900 shares on June 3. Following these disposals, the provident fund's shareholding in Serba Dinamik shrank to 367.41 million shares or a 9.9% stake.
IGB Commercial Real Estate Investment Trust (IGB Commercial REIT) said today that its initial public offering (IPO) will involve the listing of 2.31 billion units on Bursa Malaysia’s Main Market under a corporate exercise, which comprises a restricted offering of up to 945 million units and an institutional offering of at least 282 million units in the property trust. The property trust’s tentative listing date is on July 30, 2021.
Kossan Rubber Industries Bhd has finalised the remediation of recruitment fees to migrant workers, amounting to RM54 million. The rubber glove manufacturer said its remediation payment programme was earlier targeted to be completed within 18 months, with the final payment in March 22. As of today, it has paid a total remediation fee of RM29 million to its migrant workers.
Southern Cable Group Bhd said it secured shareholders' approval today for proposed amendments to the company's constitution, paving the way for its transfer from the ACE Market to the Main Market of Bursa Malaysia. The cable and wire manufacturer said in a statement today that it is aiming for the transfer listing to take place in the fourth quarter of 2021, pending approvals from the Securities Commission Malaysia and Bursa Malaysia Securities Bhd.
CB Industrial Product Holdings Bhd’s first quarter net profit rose 51.2% to RM18.58 million from RM12.29 million a year ago, mainly due to higher contribution from its palm oil equipment and engineering segment, and palm oil plantations segment, as well as on improved share of results of associates and joint ventures. Revenue for the quarter ended March 31, 2021 increased 45.63% to RM157.32 million, from RM108.03 million previously, thanks to higher revenue generated by the refinery and palm oil plantations segments.
Steel product and equipment maker Prestar Resources Bhd has proposed to undertake a bonus issue of up to 135.48 million shares on the basis of three bonus shares for five existing shares on an entitlement date to be determined later.
Microlink Solutions Bhd plans to undertake a bonus issue on the basis of three bonus shares for every one existing ordinary share on an entitlement date to be determined later. The proposed bonus issue will involve the issuance of up to 863.98 million bonus shares.