KUALA LUMPUR (Nov 11): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Nov 12) include: Tenaga Nasional Berhad (TNB), Top Glove Corp Bhd, Hong Leong Financial Group Bhd (HLFG), Hong Leong Capital Bhd (HLCAP), AT Systematization Bhd, Green Packet Bhd, MRCB-Quill REIT's (MQREIT), Sino Hua-An International Bhd, Brahim’s Holdings Bhd and Focus Dynamics Group Bhd.
Tenaga Nasional Berhad (TNB) has denied a media report saying it is planning to pursue an initial public offering for its power generation business next year. “The company is not working on any groundwork for a listing at the current moment, as its focus is to drive operational efficiency for the generation company,” TNB said. It added it will continue to explore opportunities to further enhance shareholder value.
Top Glove Corp Bhd today bought back another 8.91 million shares in the company, representing a 0.83% stake, for RM69.9 million. This is the second day running that the glove maker repurchased its own shares, spending close to RM140 million in the buyback exercise over the two days. The 8.91 million shares today were bought at between RM7.71 and RM7.90 per share.
Hong Leong Financial Group Bhd (HLFG) confirmed today that it has disposed of 27 million shares, equivalent to a 10.94% stake in Hong Leong Capital Bhd (HLCAP), in a bid to increase the latter's public shareholding spread. Following the disposal of the shares, HLFG's stake in HLCAP is reduced to 173.8 million shares or 70.396%. The shares were disposed of via a private placement but the party or parties involved in the placement exercise were not revealed.
AT Systematization Bhd, whose shares price surged 42.11% or eight sen to 27 sen today, said its RM22 million planned acquisition of industrial glove maker Pearl Glove Sdh Bhd has fallen through. Following the purchase cancellation, it said it will be focusing on building its own glove production capacity via the establishment of a new plant in Perak.
Green Packet Bhd, which reported today a third quarter net loss of RM6.81 million versus a net profit of RM5.6 million a year earlier, said the telecommunications company’s quarterly net loss, had however narrowed substantially from 11.98 million recorded in the immediate preceding quarter, mainly due to the interest saving as a result of the settlement of exchangeable medium-term notes. It attributed the quarterly loss to higher costs incurred for its solutions business and as the company registered higher expenses to strengthen the group's engineering centre of excellence in Chengdu, China. Third quarter revenue fell to RM162.67 million from RM185.61 million a year ago and RM144.99 million in the second quarter.
MRCB-Quill REIT's (MQREIT) third-quarter net property income rose 9% to RM32.4 million from RM29.74 million a year earlier, as the property trust registered higher revenue from its real estate assets here and in Penang and as group property operating expenses decreased. Its revenue grew to RM41.71 million, from RM39.46 million a year earlier. For the cumulative nine months ended Sept 30, MQREIT said net property income climbed to RM96.68 million from RM91.6 million a year earlier, while revenue increased to RM124.55 million from RM120.37 million.
Sino Hua-An International Bhd (SHIB) has proposed to dispose of PIPO Overseas Ltd for 88 million yuan (RM54.95 million), which will be used to partially settle an outstanding amount in relation to the group’s acquisition of Touchpoint International Sdn Bhd, as well as partially pay the purchase consideration to Wavetree PLT for intellectual property rights. PIPO owns China-based Yehua, which is involved in the manufacturing and sale of metallurgical coke and other related byproducts. SHIB had initially invested RM800 million in PIPO in May 2006.
Brahim's Holdings Bhd is collaborating with Focus Dynamics Group Bhd for the Digital Kitchen Project, a venture in the on-demand food and beverage industry, amid an expected increase in demand for e-commerce-based food delivery services due to the Covid-19 pandemic.