Top Glove, UEM Sunrise, MSM, XOX, WZ Satu and MyNews

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KUALA LUMPUR (Oct 9): Based on corporate announcements and news flow today, companies in focus on Oct 12 (Monday) may include: Top Glove Corp Bhd, UEM Sunrise Bhd, MSM Malaysia Holdings Bhd, XOX Bhd, WZ Satu Bhd and MyNews Holdings Bhd.

Top Glove Corp Bhd is considering raising more than US$1 billion from a listing in Hong Kong, according to people with knowledge of the matter. Deliberations are ongoing and details of the offering, including size, could increase depending on investor feedback, the people said. A representative for Top Glove declined to comment ahead of an official announcement.

UEM Sunrise Bhd managing director (MD) Anwar Syarin Abdul Ajib, who is also the chief executive officer, tendered his resignation today after he had been at the helm for six years. Coincidently, his resignation is at the time when UEM Sunrise’s board is expected to deliberate the proposal made by its controlling shareholder, UEM Group Bhd, to merge with Eco World Development Bhd. UEM Group, a wholly-owned unit of Khazanah Nasional Bhd, holds a 66.1% stake in UEM Sunrise Bhd.

On a separate note, UEM Sunrise has entered into agreements to sell 169.8 acres of land in Johor to AME Elite Consortium Bhd for RM434.3 million.

MSM Malaysia Holdings Bhd said the sugar manufacturer yesterday appointed Fakhrunniam Othman as acting group chief executive officer (CEO), after axing its former group CEO Datuk Khairil Anuar Aziz earlier this week, when it found his clarification about some accounting adjustments "unacceptable".

XOX Bhd has proposed to undertake a bonus issue of up to 1.34 billion free warrants on the basis of three warrants for every eight shares held on an entitlement date to be announced later. Assuming full exercise of 1.34 billion warrants at an illustrative exercise price of 16 sen, the company will raise gross proceeds of RM213.8 million. The proceeds arising from the exercise will be utilised for working capital, including defrayment of operational and administrative expenses.  

WZ Satu Bhd has bagged an RM16.5 million contract from AsPac Lubricants (Malaysia) Sdn Bhd, a member of oil and gas BP Group, for the installation works at AsPac’s lubricant blending plant in Port Klang. The duration of the contract is eight months commencing from Oct 1.

The trading of convenience store operator MyNews Holdings Bhd's securities will be suspended next Monday, from 9am until 12.30pm, pending the release of a material announcement.

Tan Choe Choe