KUALA LUMPUR (Dec 15): Based on corporate announcements and news flow today, companies in focus tomorrow (Dec 16) may include: TA Enterprise Bhd, Widad Group Bhd, Top Glove Corp Bhd, Guocoland (Malaysia) Bhd , Fraser & Neave Holdings Bhd (F&N), George Kent (Malaysia) Bhd, United Malacca Bhd, Econpile Holdings Bhd, Deleum Bhd, Uzma Bhd and Apollo Food Holdings Bhd.
TA Enterprise Bhd (TAE) said it has received a notice of an unconditional mandatory takeover offer from Datuk Tony Tiah Thee Kian to acquire all remaining ordinary shares in TAE not already owned by him at a cash offer price of 65.5 sen each, after Tiah and persons acting in concert with him triggered the creeping threshold, whereby their collective shareholdings in TAE will be increased from 42.36% to 59.78%.
Separately, the group announced that it has received valid acceptances of 5.02 billion offer shares or 94.38% of the total number of issued shares in TA Global Bhd (TAG) on its conditional voluntary offer for shares of the property developer.
Widad Group Bhd has inked a memorandum of collaboration with Rinani Dynamic Sdn Bhd in the distribution, marketing and selling of the Covid-19 vaccine known as Vxa-Cov2-1 and other products developed by US-based Vaxart Inc in Malaysia. Widad said Rinani on Nov 29 was appointed by Hong Kong-based Majoritas Global Ltd as its exclusive partner in Malaysia, to negotiate with relevant authorities and parties on the terms and conditions for testing, evaluating, placing on the market, contracting, financing and purchasing of the vaccine and other products in Malaysia.
Top Glove Corp Bhd's executive chairman Tan Sri Dr Lim Wee Chai bought a total of 3.1 million shares in two transactions in his own capacity on the open market yesterday. The block of shares cost him RM19.98 million. Some 1.56 million shares were bought at RM6.39 per share, while another 1.54 million shares were transacted at RM6.49 per share. In less than a week, Lim, who is also the controlling shareholder, has spent RM49.75 million on buying Top Glove shares. He bought 4.28 million Top Glove shares for RM29.77 million last Thursday. Lim's direct interest is at 26.17% and indirect stake is at 8.63%.
Besides Lim, two other parties also mopping up shares in the world's largest rubber glove maker on the open market were Tropicana Corp Bhd and Top Glove itself. Tropicana announced that it spent an additional RM20.05 million to buy 3.07 million Top Glove shares via its wholly-owned subsidiary Desiran Reality Sdn Bhd yesterday. Top Glove also bought back some 576,900 shares worth RM3.63 million at RM6.30 per share yesterday. The group has spent RM123.5 million on share buy-back so far this month.
In contrast, the Employees Provident Fund (EPF) continued to trim its stake in Top Glove. EPF disposed of a total of 846,400 shares last Thursday, after the provident fund sold 3.42 million shares on Dec 9 and another 12 million shares on Dec 8.
In response to an unusual market activity (UMA) query posed by Bursa Malaysia, Guocoland (Malaysia) Bhd said the group is not aware of any corporate development, rumour or report concerning its business, affairs and possible explanation that would have caused a spike in its share prices.
Fraser & Neave Holdings Bhd (F&N) announced it is buying three food and beverage (F&B) companies — Sri Nona Food Industries Sdn Bhd, Sri Nona Industries Sdn Bhd and Lee Shun Hing Sauce Industries Sdn Bhd — for RM60 million, from Siew Yun Sing and Tong Saw Man. The three companies mainly make and sell rice cakes (ketupat), condiments (oyster sauce and paste), beverages (ginger tea powder), desserts (pudding and jelly powder), and jams and spreads under the “NONA” and “Lee Shun Hing” brands.
George Kent (Malaysia) Bhd’s net profit for the third quarter ended Oct 31, 2020 (3QFY21) was kept steady at RM10.65 million, a marginal 4% higher than the RM10.26 million it made a year ago, underpinned by strong water meter sales. Meanwhile, revenue rose 8.22% to RM78.91 million from RM72.91 million.
United Malacca Bhd posted a net profit of RM7.43 million for the second quarter ended Oct 31, 2020 (2QFY21), down from RM36.89 million a year ago, as the previous year registered a gain of RM49.3 million from the disposal of non-current assets held for sale. Its revenue meanwhile, rose 27% to RM97.95 million from RM76.99 million previously, amid higher average crude palm oil (CPO) and palm kernel prices. The group declared a first interim dividend of three sen per share, to be paid on Feb 4, 2021.
Econpile Holdings Bhd wholly-owned subsidiary, Econpile (M) Sdn Bhd, has bagged an US$85.7 million (RM347.6 million) contract from MMC International Inc Ltd to undertake piling and substructure works for an integrated entertainment complex in Phnom Penh, Cambodia. The project will be completed within 30 months from the date of commencement.
Deleum Bhd has confirmed that two senior executives working for the company's subsidiary, Deleum Primera Sdn Bhd (DPSB), were interviewed by the Malaysian Anti-Corruption Commission (MACC), as reported by theedgemarkets yesterday. It said the relevant senior executives are currently assisting MACC with its investigation into an alleged illegal scheme. It revealed its internal investigations discovered that the scheme had caused loss to DPSB, as set out in its Statement of Claim filed on Nov 5, 2020.
Uzma Bhd, via its subsidiary Setegap Ventures Petroleum Sdn Bhd (SVP), has secured a two-year contract extension worth RM200 million from Petronas Carigali Sdn Bhd for the provision of coiled tubing and services (CTU). The contract was originally awarded to the company in 2015. The extension period is from Dec 1 this year until Nov 30, 2022.
Apollo Food Holdings Bhd hopes to resume operations on Dec 18 or earlier, once it has completed the disinfection of its factories to curb the spread of Covid-19, following the closure of two premises of its wholly-owned subsidiary Apollo Food Industries (M) Sdn Bhd, which is based in Larkin.
It said it had taken stringent precautionary measures including the temporary ceasing of operations from Dec 9, to test employees at its premises, as well as for disinfection purposes.