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Axiata, Digi, LBS Bina, MSM, Top Glove, KUB, MMC Corp and Aeon Credit

KUALA LUMPUR (April 8): Based on corporate announcements and news flow today, companies in focus tomorrow (April 9) may include: Axiata Group Bhd, Digi.Com Bhd, LBS Bina Group Bhd, MSM Malaysia Holdings Bhd, Top Glove Corp Bhd, KUB Malaysia Bhd, MMC Corp Bhd and Aeon Credit Service (M) Bhd.

Axiata Group Bhd announced that it is in “advanced discussions” with Telenor Asia to merge the telco operations of Celcom Axiata Bhd and Digi.Com Bhd in which the parties will have equal ownership estimated at 33.1% each. Axiata, together with Malaysian institutional funds, will own over 51% of the merged company to be named Celcom Digi Bhd. The group said the merger only involves the Malaysian operations of both companies. Axiata president and group chief executive officer Datuk Izzaddin Idris, in a media briefing today, said that there are "no consideration for future merger" of their respective regional operations.

LBS Bina Group Bhd's unit has signed an agreement with the Melaka government to reclaim and develop land spanning 1,200 acres in Tanjung Bruas. The group announced that its indirect subsidiary Leaptec Engineering Sdn Bhd has signed a reclamation and development agreement (RDA) with the Melaka government to reclaim and develop the land into an industrial hub with port facilities. This is part of the Melaka Waterfront Economic Zone, which spans 25,000 acres along Melaka's coastline.

MSM Malaysia Holdings Bhd has temporarily shut down its refinery at the Tanjung Langsat Industrial Complex in Pasir Gudang. The group said the plant operated by its unit, MSM Sugar Refinery (Johor) Sdn Bhd (MSM Johor) will be shuttered for two months from March 31. It explained that the temporary production shutdown is to allow for the plant’s boiler rectification after a breakdown.

Top Glove Corp Bhd, which has been prohibited from exporting its goods from Malaysia to the US following allegations of forced labour, said today that its gloves produced from factories outside Malaysia can still be shipped to the US. Top Glove executive chairman Tan Sri Lim Wee Chai said the gloves manufactured from its factories located in China, Vietnam and Thailand can continue to be shipped to the US, adding that only production in Malaysia is somehow temporarily affected by a certain percentage.

KUB Malaysia Bhd will be selling its loss-making plantation unit, KUB Malua Plantation Sdn Bhd, to Tradewinds Plantation Bhd, the plantation arm of Tan Sri Syed Mokhtar's business empire for RM10 million cash. KUB said it would utilise part of the sale proceeds to settle an RM75 million Islamic business facility granted by Bank Islam between Oct 1, 2020 to the completion date of the sale. The repayment is estimated to be RM1.7 million.

MMC Corp Bhd has benefited from higher demand for cargo storage space at its Port of Tanjung Pelepas in Johor, which is operated by its unit Pelabuhan Tanjung Pelepas Sdn Bhd, due to the recent blockage at the Suez Canal caused by a trapped container ship. Speaking at a media briefing today, group managing director Datuk Seri Che Khalib Mohamad Noh said the port was able to accommodate requests for temporary cargo storage.

Aeon Credit Service (M) Bhd’s net profit for the fourth quarter ended Feb 28, 2021, rose 28.7% to RM113.72 million from RM88.39 million a year ago despite lower revenue, as it recorded lower operating expenses. Quarterly revenue slipped 1.68% to RM406.35 million from RM413.28 million, due to lower transactions and financing volume amid the Movement Control Order (MCO). The group proposed a final dividend of 20 sen, which will be paid on July 15. For the financial year ended Feb 28, 2021 (FY21), however, the group’s net profit was down 19.89% to RM223.96 million from RM292.05 million a year earlier, mainly due to lower annual revenue and a higher allowance of RM58.11 million for impairment losses, occasioned by the effects of the Covid-19 pandemic. Annual revenue slid 2.32% to RM1.56 billion from RM1.6 billion as its fee income came in RM36.51 million lower in line with weaker transaction and financing volume.

https://www.theedgemarkets.com/article/axiata-digi-lbs-bina-msm-top-glove-kub-mmc-corp-and-aeon-credit

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