Vertice, GPA, N2N, RHB and Rex Industry

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KUALA LUMPUR (March 6): Based on corporate announcements and news flow today, stocks in focus on Thursday (March 7) may include: Vertice Bhd, GPA Holdings Bhd, N2N Connect Bhd, RHB Bank Bhd and Rex Industry Bhd. 

Vertice Bhd has secured a RM100 million sub-contract to supply labour and equipment for the precast viaduct (u-trough girder) of the Light Rail Transit Line 3 (LRT3).

The group's wholly-owned unit Vertice Construction Sdn Bhd (VCSB) accepted the subcontract offer from Reaptile Industry Sdn Bhd today. The two-year construction period ends on March 5, 2021.

Reaptile is the main contractor for the precast viaduct for the construction of the LRT3 line from Bandar Utama in Petaling Jaya to Johan Setia in Klang via Shah Alam. 

GPA Holdings Bhd has ceased trading and distribution of personal care products under its subsidiary Kenola Sdn Bhd in order to mitigate the negative impact and losses the sector has had on the group.

The automotive batteries manufacturer said the business had sustained losses and was anticipated to continue incurring losses, if operations were allowed to continue.

“The exceptional items relating to the cessation for FY19 (year ending March 31, 2019) financial statements are expected to be about RM1.35 million,” it said. 

Software company N2N Connect Bhd has inked a partnership with its substantial shareholder as part of its plan to venture into the digital asset exchange business across the Asia Pacific region.

The group signed a Memorandum of Understanding (MoU) with 20.36%-owned SBI Holdings Inc today. 

The parties will jointly operate a company that will become a holding company of operators of digital asset exchange for clients in the Asia Pacific region. 

RHB Bank Bhd saw 189 million shares or a 4.73% stake traded off market today for RM592.63 million at RM5.45 per share, a nine sen or 1.62% discount to RHB’s closing price of RM5.54 yesterday. 

The block of shares changed hands in 20 separate blocks between 12.16pm and 12.27pm yesterday, according to Bloomberg data.

At the time of writing, there is no filing by the banking group to Bursa Malaysia on the share transactions.

The Edge Financial Daily reported yesterday that RHB Bank’s substantial shareholder Aabar Investments PJS wanted to place out a sizable block of shares to foreign and local funds.

Canned food and drinks manufacturer Rex Industry Bhd has acquired a piece of land together with existing industrial buildings in Batu Pahat, Johor for RM13 million in cash, for the purposes of extending its production line.

Its wholly-owned unit Rex Canning Co Sdn Bhd had entered into a sale and purchase agreement with Pentas Prisma Sdn Bhd (PRSB) for the proposed acquisition.

The industrial land comes together with three existing industrial buildings with an annexed two storey office and ancillary buildings, it said. Rex Canning currently occupies a block on the land which is used as a Distribution Centre.