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KUALA LUMPUR (July 20): Based on corporate announcements and news flow today, stocks in focus tomorrow may include: IGB Real Estate Investment Trust, Kenanga Investment Bank Bhd, TA Enterprise Bhd, TA Global Bhd, Widad Group Bhd, Supermax Corp Bhd, Top Glove Corp Bhd, Genting Malaysia Bhd and Ikhmas Jaya Group Bhd.

IGB Real Estate Investment Trust's (REIT) net property income plunged 62% to RM37.36 million, against RM98.52 million a year ago, while gross revenue fell 54% to RM61.98 million compared with RM134.98 million a year ago. The REIT announced an income distribution of 92.5% of some RM22.3 million for the second quarter of financial year 2020, or a distribution per unit of 0.62 sen (0.59 sen taxable and 0.03 sen non-taxable), to be paid on Aug 28.

Kenanga Investment Bank Bhd has terminated the memorandum of understanding (MoU) it signed with Petroliam Nasional Bhd aimed at expediting the listing of oil and gas services and equipment vendors on Bursa Malaysia, due to minimal development on the progress of the MoU.

TA Enterprise Bhd (TAE) said due to a delay in implementing its takeover offer for an additional stake in its 60.17%-owned unit TA Global Bhd, the circular in relation to the offer and the proposed subscription to shareholders of TAE is now scheduled to be released in mid-November due to the need for a revaluation on material properties held by the TA Group. Consequently, TAE said the extraordinary general meeting to seek approval from the non-interested shareholders of TAE in relation to the offer is now expected to be held at the end of November.

Widad Group Bhd's founder and group executive chairman Tan Sri Muhammad Ikmal Opat Abdullah has further increased his shareholding in the group to 71.99%, after acquiring a 7.58% stake via several open-market and off-market transactions recently.

Supermax Corp Bhd has proposed a bonus share issue of one share for every existing share, involving up to 1.36 billion new shares. The bonus issue is expected to double the number of issued shares to 2.72 billion.

Top Glove Corp Bhd, meanwhile, has proposed a bonus issue of up to 5.48 billion new shares on the basis of two bonus shares for one existing unit held.

S&P Global Ratings has assigned Genting Malaysia Bhd's 49%-owned New York-based casino operator Empire Resorts Inc a "B+" long-term issuer credit rating, "B+" issue-level rating and "3" recovery rating to the company's proposed senior secured notes. The credit ratings were assigned following Empire's plan to issue US$475 million senior secured notes due 2025 with the proceeds to be used to repay existing bridge loans, fund its debt service reserve account and boost liquidity.

Ikhmas Jaya Group Bhd has appointed Datuk Abdul Majit Ahmad Khan, 74, a former Malaysian diplomat with 34 years of service including roles in the Prime Minister's Department, as well as several Malaysian missions abroad and senior positions in the foreign ministry, as its new independent and non-executive chairman, effective immediately.

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