KUALA LUMPUR (Nov 12): Based on corporate announcements and news flow on Friday, companies in focus on Monday (Nov 15) may include: Top Glove Corp Bhd, AirAsia X Bhd (AAX), Widad Group Bhd, Ipmuda Bhd, D&O Green Technologies Bhd, Carlsberg Brewery Malaysia Bhd, Haily Group Bhd, Inari Amertron Bhd, Samaiden Group Bhd, ATA IMS Bhd, Malaysia Smelting Corp Bhd (MSC) and Radiant Globaltech Bhd (RGTech).
Top Glove Corp Bhd said the maximum amount of funds to be allocated by the rubber glove manufacturer for its proposed renewal of share buy-back authority will be made wholly out of the company’s retained profit which stood at RM2.49 billion as of Aug 31, 2021. Its managing director Datuk Lee Kim Meow said in its share buy-back statement on Friday (Nov 12) that the renewal of share buy-back authority will be funded by Top Glove’s internally-generated funds and external borrowings.
AirAsia X Bhd (AAX) held three separate meetings with its scheme creditors on Friday (Nov 12) to vote on its plan to restructure RM33.65 billion of debts, receiving 99% support from creditors who voted in favour of the scheme. Upon completion of the exercise, AAX will be among the few airlines worldwide that have no gearing and a restructured cost base that is significantly below that of its competitors.
Widad Group Bhd said its unit Widad Builders Sdn Bhd (WBSB) has accepted a contract from the Public Works Department with a higher revised value of RM194.32 million for road upgrading works. The contract, previously valued at RM151.8 million, was to upgrade the Northport roadworks from Klang Container Terminal to Northport in Port Klang for 24 months from Oct 10, 2021.
Ipmuda Bhd has received its shareholders’ approval for all five proposed corporate exercises including a special cash dividend of 30 sen and the acquisition of the 100% equity in healthcare service provider Ultimate Forte Sdn Bhd. All five proposed corporate exercises were tabled and approved in a virtual extraordinary general meeting held on the same day, according to the group.
D&O Green Technologies Bhd plans to undertake a private placement to raise an estimated RM205.2 million for capital expenditure at an illustrative issue price of RM5.33, according to a bourse filing. The placement will involve the issuance of 38.5 million new shares, representing 3.2% of the company's total issued shares.
Carlsberg Brewery Malaysia Bhd said its third-quarter net profit fell 56.41% to RM25.98 million, from RM40.63 million a year ago, in line with lower sales and compounded by unabsorbed fixed costs from the shutdown of its brewery. Quarterly revenue slipped 24.63% to RM349.29 million from RM435.31 million, as both its Malaysian and Singapore operations registered lower sales, following the temporary suspension of brewery operations and the tightening of Covid-19 measures in both countries, the group said. No dividend was declared for the quarter ended Sept 30, 2021.
Haily Group Bhd accepted a letter of award from JYP Architects Sdn Bhd for the construction of community housing in Kulai, Johor, worth RM14.57 million. The project comprises 216 units of strata townhouses, one unit of management office and one unit of TNB substation. The contract period will be for a duration of 16 months from the date of commencement of the project.
Inari Amertron Bhd announced an all-time high quarterly revenue and profit on Friday (Nov 12). Net profit for its first quarter ended Sept 30, 2021 rose 52.6% to a record high of RM106.93 million, from RM70.07 million a year earlier, on revenue growth across all segments, led by the radio frequency business. An interim dividend of 2.8 sen per share, up from two sen previously, was proposed.
Samaiden Group Bhd said it has secured a RM60.05 million contract from Bakateam Services Sdn Bhd to undertake engineering, procurement, construction and commissioning (EPCC) works for a 15MWac large scale solar photovoltaic power plant in Simpang Ampat, Seberang Perai, Penang. The project is scheduled for completion on Dec 1, 2022, the company said. The defect liability for the project is 24 months from the date of commercial operations, it added.
ATA IMS Bhd, which sank into the red with a net loss of RM11.17 million in the second quarter ended Sept 30, 2021, has not been able to operate at optimal levels due to a manpower shortage. It also highlighted in its quarterly result release that it is currently facing a manpower shortage, as the government has stopped recruiting foreign workers since the start of the pandemic.
Malaysia Smelting Corp Bhd (MSC) announced that its net profit for the third quarter ended Sept 30, 2021 (3QFY21) more than doubled, by 130.8% to RM28.94 million from RM12.54 million, mainly benefitting from the higher average tin price during the quarter, which soared 92.5% to RM141,915 per tonne, compared with RM73,708 in the same period a year ago. Quarterly revenue, however, dipped 5.35% to RM218.48 million from RM230.83 million, as its refined tin production and tin concentrates production quantities were lower compared with a year ago, due to the gradual restart of smelting and mining operations during Phase 2 of the National Recovery Plan. Its quarterly earnings per share grew to seven sen, from 3.1 sen in the previous corresponding quarter.
Radiant Globaltech Bhd (RGTech) has a new substantial shareholder: 99 Speedmart retail chain founder Lee Thiam Wah. He has emerged as the third biggest shareholder in the company with a 15.77% stake, which was acquired in off market deals via his company Global Success Network Sdn Bhd from RGTech’s executive director for operations Yap Sin Sang (37.02 million shares), and managing director Yap Ban Foo (36.76 million shares), via their companies Practical Resources Sdn Bhd and Global Merits Sdn Bhd.