KUALA LUMPUR (July 16): Based on corporate announcements and news flow today, companies that are in focus tomorrow (July 17) may include: Top Glove Corp Bhd, Paramount Corp Bhd, Ancom Logistics Bhd, MyEG Services Bhd, Astral Asia Bhd, Ni Hsin Resources Bhd and Ireka Corp Bhd.
Top Glove Corp Bhd confirmed today that the US Customs and Border Protection (CBP) had placed a detention order on disposable gloves manufactured by two of the rubber glove manufacturer's subsidiaries, namely Top Glove Sdn Bhd and TG Medical Sdn Bhd. The group said the two subsidiaries that have been placed under detention order by the US’s CBP accounted for 12.5% of its total sales in the US. When asked about the likelihood of CBP imposing detention orders on other Top Glove subsidiaries, the management did not rule out the possibility, noting that it is the decision of CBP.
Paramount Corp Bhd’s unit Property (Cityview) Sdn Bhd is acquiring two plots of land near Kuala Lumpur City Centre (KLCC) from two subsidiaries of Wing Tai Holdings Ltd for RM243.8 million in cash. The group said it intends to re-develop both sites into a premium high-rise residential development comprising about 650 units of condominiums, with an estimated gross development value of RM863 million.
S5 Holdings Inc, a company that provides integrated security IT solutions to governments, is seeking a back-door listing via Ancom Logistics Bhd. The group announced the proposed takeover of S5 Holdings from the latter's existing shareholders, namely S7 Holdings Sdn Bhd, Merrington Assets Ltd, MY EG Capital Sdn Bhd and Avocat Sdn Bhd, at a price to be determined later after an independent valuation is done.
Separately, MyEG Services Bhd confirmed that its unit MyEG Capital will be disposing of its 10% stake in S5 Holdings Inc to Ancom, a mere five weeks after announcing its plans to purchase equity in the national security solution provider.
Astral Asia Bhd said Tan Sri Lim Kang Yew has emerged as its substantial shareholder after acquiring 89.55 million shares, representing a 13.57% stake in the plantation group. Subsequent to the purchase, Kang Yew was appointed as executive director in Astral Asia. Currently, he is also the deputy executive chairman of TSR Capital Bhd and managing director of PLS Plantations Bhd.
Ni Hsin Resources Bhd plans to raise between RM3 million and RM9.6 million through a renounceable rights issue, to fund the cookware maker’s diversification into the food and beverage business.
Ireka Corp Bhd has signed definitive agreements with London Stock Exchange-listed Aseana Properties Ltd to undertake a demerger exercise which involves separating the interests of Ireka Group from Aseana, whereby the former holds a 23% stake in Aseana. This demerger from Aseana is part of Ireka’s corporate strategy of concentrating its management effort on its four core businesses — construction, real estate development, IT and urban transportation.