Top Glove, UMW, MESB, MyNews, Tiong Nam

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KUALA LUMPUR (Oct 12): Based on corporate announcements and news flow today, companies that may be in focus tomorrow include Top Glove Corp Bhd, UMW Holdings Bhd, MESB Bhd, MyNews Holdings Bhd and Tiong Nam Logistics Holdings Bhd.

The world's largest rubber glove maker, Top Glove Corp Bhd, is evaluating a dual primary listing on the Hong Kong Stock Exchange (HKEX). The proposed HKEX listing is still at a preliminary stage and the structure has not been finalised. Top Glove is said to be considering raising more than US$1 billion from the listing.

UMW Holdings Bhd said its automotive market share in Malaysia achieved a new record high of 53.7% in August, and that the group registered a higher automotive sales volume in the third quarter of 2020 (3Q20) following stronger sales performance of Toyota and Perodua cars. The sales tax exemption, in force from June 15 to Dec 31, 2020, helped lift car sales in 3Q20.

MESB Bhd has received a takeover offer from Lotus KFM Bhd's directors Wong Sak Kuan and Yau Ming Teck, after the two acquired a total of 29.49 million shares in MESB for RM8.85 million or 30 sen per share. This raised Wong and Yau's stake in the leather products maker to 44.14%, triggering the threshold for a mandatory general offer from the two. The offerors intend to maintain the listing status of MESB on the Main Market of Bursa Securities.

Home-grown convenience store operator MyNews Holdings Bhd, which operates some 570 stores, is bringing popular South Korean brand CU to Malaysia's shores. It signed a licensing agreement with BGF Retail Co Ltd, which runs the CU line of convenience stores. There are some 15,000 CU stores in South Korea. MyNews plans to open 500 CU outlets in Malaysia within five years, with the first set of stores set to open in 2021.

Tiong Nam Logistics Holdings Bhd has proposed the issuance of 67.05 million shares, representing 15% of its current share base, to raise RM29.2 million for capital expenditure to expand its business. Of the total proceeds to be raised, RM28.8 million will go towards the acquisition and/or construction of additional warehouses to meet the increased demand for storage surfaces.

S Kanagaraju