Type something and hit enter


 KUALA LUMPUR (Nov 13): Based on corporate announcements and news flow today, companies in focus next Monday (Nov 16) may include: Top Glove Corp Bhd, Tune Protect Group Bhd, Gets Global Bhd, S P Setia Bhd, Kumpulan Fima Bhd, Kumpulan Powernet Bhd and Chemical Company of Malaysia Bhd.

Top Glove Corp Bhd today bought back an additional 9.01 million shares worth RM69.9 million in the open market, marking the fourth consecutive day the rubber glove maker has bought back its own shares. It spent RM279.44 million this week to buy 35.82 million of its own shares, which represents a 3.52% stake in the company.

The Inland Revenue Board has withdrawn its appeal against a High Court's decision to allow a judicial review sought by Tune Protect Group Bhd’s subsidiary Tune Insurance Malaysia Bhd (TIMB), relating to a tax dispute concerning RM10.7 million. The matter involves the deductibility of the provision of risk margin for adverse deviation (PRAD) expenses borne by TIMB that amounted to RM7.3 million. Following the withdrawal, a consent order — a form of settlement between the two parties to settle the dispute — was entered at the Court of Appeal. Among its terms was that the PRAD expenses borne by TIMB for the years of assessment 2013, 2014 and 2015 are allowed for deduction for income tax purposes.

Gets Global Bhd, whose share price rocketed to RM3.17 from barely nine sen at end-July, said its subsidiaries have been served with a summons and claims of RM385,570 from Sinotek Autoparts Sdn Bhd (SASB). The claims are in respect of alleged outstanding payments for the supply of bus spare tyres by SASB to Gets Global’s wholly-owned Super Coach Assembly Plant Sdn Bhd (SCAP) and its 79.99%-owned Pengangkutan Awam Putrajaya Travel & Tours Sdn Bhd (PAPTT).

S P Setia Bhd reported a wider net loss of RM263.4 million for the third quarter ended Sept 30, 2020 (3QFY20) compared with a net loss of RM131.5 million in 2QFY20, due to its share of impairment of RM336.3 million from the group's 40%-owned joint venture company, Battersea Project Holding Company Ltd (BPHC), in the UK. Quarterly revenue, however, surged 226% to RM1.08 billion from RM331.3 million in the preceding quarter, as the property developer saw overall better sales in Malaysia after the Movement Control Order, and higher take-up at its Daintree Residence project in Singapore. The latest quarterly revenue is also up 16% from the RM932.07 million it recorded a year ago, when net profit came in at RM84.55 million.

Excluding the aforesaid impairment, it would have made a profit before tax of RM117.2 million for 3QFY20. It would also have reported a PBT of RM201.3 million for the nine months ended Sept 30 (9MFY20) — instead of a loss before tax of RM277.38 million now, which led to a net loss of RM376.51 million for the period, compared to a net profit of RM273.59 million last year. Revenue for 9MFY20 came in at RM2.11 billion, down 33% from RM3.13 billion previously.

Kumpulan Fima Bhd’s net profit for the second quarter ended September 30, 2020 (2QFY21) surged 81.12% to RM18.31 million from RM10.11 million a year ago, underpinned by higher profits from its plantation and bulking segments. Quarterly revenue grew 1.49% to RM130.56 million from RM128.64 million a year ago. For the first half ended Sept 30, 2020 (1HFY21), its net profit rose 32.33% to RM26.76 million from RM20.22 million a year earlier. Revenue, however, slipped 4.14% to RM233.32 million from RM243.39 million.

Kumpulan Powernet Bhd (KPower) has proposed a new share split plan to increase the trading liquidity of its shares, on the basis of one KPower share held being divided into four shares, which will come with the issuance of free warrants. The warrants will be distributed to eligible shareholders on the basis of one warrant for every three shares held after the stock split. At the same time, it said its earlier planned 1-to-2 share split exercise, anno

unced on June 5, has been cancelled after taking into consideration the recent increase in the share price of the group.

No proceeds will be raised from the share split, but the free warrants, which will have a five-year tenure, can be converted into KPower shares at the exercise price of RM2.50. If they are fully exercised, KPower expects to raise up to RM376.94 million from them, which are expected to be used for future working capital.

Chemical Company of Malaysia Bhd (CCM) will be financing its combined heat and power (cogen) plant project in Pasir Gudang, Johor, via an Islamic financing facility amounting to RM28 million from OCBC Al-Amin Bank. On Nov 29 last year, CCM announced it had awarded Sime Darby Bhd a RM27.9 million contract to construct the cogen plant.
Tan Choe Choe


Click to comment
Back to Top
Back to Top