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GIIB, Sunsuria, PetDag, CTOS, Brahim’s, Fitters Diversified and Can-One

KUALA LUMPUR (April 22): Here is a brief look at some corporate announcements and news flow on Friday (April 22), which involve GIIB Holdings Bhd, Sunsuria Bhd, Petronas Dagangan Bhd (PetDag), CTOS Digital Bhd, Brahim’s Holdings Bhd, Fitters Diversified Bhd and Can-One Bhd.

GIIB Holdings Bhd said on Friday it has engaged independent consulting firm PKF Covenant Sdn Bhd to help GIIB's investigative committee in its probe into GIIB's suspended executive director Wong Weng Yew's management and handling of the group's glove business and accounts. GIIB said PKF will examine the relevant evidence and information pertaining to the charges against Wong.

Property developer Sunsuria Bhd is buying a 60.81-acre piece of land in Ijok, Selangor for RM74.17 million as part of its plan to accumulate strategic industrial land for property investment and/or development. Sunsuria is buying the 99-year leasehold land from Superjet Revenue Sdn Bhd. The land is currently an agricultural plot but zoned for industrial use.

The share price of Petronas' retail arm, Petronas Dagangan Bhd (PetDag), jumped on Friday to its highest since November 2020, as its foreign shareholding rebounded from its lowest on record. PetDag’s share price, which hit a high of RM22.20, later pared some gains to settle at RM21.92 — still up 22 sen or 1.01% — giving PetDag a market capitalisation of RM21.78 billion.

CTOS Digital Bhd’s net profit soared 62.3% to RM12.48 million for its first quarter ended March 31, 2022 (1QFY22) from RM7.69 million last year, as it recorded stronger revenue on improved performance across all business segments and an increase in share of profits of associates. Revenue rose 12.4% to RM42.7 million, from RM38 million. CTOS declared a first interim dividend of 0.325 sen per share that will be paid out on June 10, 2022.

Urusharta Jamaah Sdn Bhd (UJSB) has ceased to be a substantial shareholder in Practice Note 17 (PN17) company Brahim’s Holdings Bhd, after selling 44.55 million shares equivalent to a 19.28% stake in the loss-making in-flight caterer on April 8. UJSB is an investment holding and asset management company wholly owned by the Minister of Finance Inc (MoF Inc).

Safety equipment manufacturer Fitters Diversified Bhd is selling its entire 72.27% stake in Molecor (SEA) Sdn Bhd, which manufactures PVC-O pipes, to Spain-based Molecor Tecnologia SI. Molecor Tecnologia currently owns 2.73% in Molecor SEA; the remaining 25% stake is held by Sanlens Sdn Bhd. At the same time, Fitters is selling a 369,824 sq ft piece of land and an industrial premises in Gebeng II, Kuantan, Pahang to United Sapphire Sdn Bhd. Molecor Tecnologia and United Sapphire have collectively offered a purchase consideration of RM30 million in aggregate for the proposed transactions.

Can maker Can-One Bhd is partnering with a local private developer to build factories and a hostel on two freehold plots of land it owns via a subsidiary in Mukim Kapar, Klang, Selangor, that will have an estimated gross development value of RM478.8 million.

Can-One's wholly-owned TOGO Greenland Sdn Bhd (TGSB) inked a development agreement with WorldKlang Group Property Development Sdn Bhd (WKGPD) for the proposed project — dubbed Excellent Technology Park — on the lands, which measure a total of 2.96 million sq ft, its bourse filing showed. Under the deal, TGSB is entitled to an estimated share of profit of over RM120 million over the five-year development period, subject to completion of the development and the sale of developed units.

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