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Singapore Investment


Caely, Hong Leong Bank, PPB Group, Kim Loong Resources, Heng Huat Resources, Top Glove, K-One Technology, PT Resources, Scientex Packaging, Central Global, Ageson, TNB, S P Setia, Maybank, CIMB Group and Betamek Bhd

(Sept 28): Here is a brief recap of some corporate announcements that made news on Wednesday involving Caely Holdings Bhd, Hong Leong Bank Bhd, PPB Group Bhd, Kim Loong Resources Bhd, Heng Huat Resources Group Bhd, Top Glove Corp Bhd, K-One Technology Bhd, PT Resources Holdings Bhd, Scientex Packaging (Ayer Keroh) Bhd, Central Global Bhd, Ageson Bhd, Tenaga Nasional Bhd, S P Setia Bhd, Malayan Banking Bhd (Maybank), CIMB Group Holdings Bhd and Betamek Bhd.

Caely Holdings Bhd’s new board of directors has officially apologised for the group’s “false announcements” made in June about the board appointment and withdrawal of Datuk Jovian Mandagie and Sandraruben Neelamagham. Caely confirmed there were “no relevant appointment or withdrawal documents signed by the duo” in regard to their purported appointments, following the outcome of recent internal inspection of the group’s documentation.

Hong Leong Bank Bhd chairman Tan Sri Quek Leng Chan said Malaysia remains susceptible to global developments and external shocks as inflation and higher interest rates are expected to dominate the global and domestic landscapes. He said central banks around the world are expected to normalise and tighten monetary policy to tamp down inflation amid high energy and food prices. Quek added that given the openness of the Malaysian economy, the country remained sensitive to global development, especially if this involved its major trading partners. However the continued recovery in domestic consumption and domestic investments would underpin expansion in the Malaysian economy.

PPB Group Bhd’s property division on Wednesday (Sept 28) unveiled the Megah Rise Mall, a new community-centric neighbourhood mall in Petaling Jaya. Megah Rise at Taman Megah PPB Properties, under PPB Hartabina Sdn Bhd, said in a statement that the four-level retail space will have about 100 outlets, totalling 142,000 sq ft of net lettable area, and is slated to open to the public in December.

Kim Loong Resources Bhd’s net profit grew 37.4% to RM49.67 million for the second quarter ended July 31, 2022 (2QFY23), from RM36.15 million a year earlier, on the back of higher palm oil prices. Earnings per share increased to 5.14 sen from 3.87 sen, the plantation company’s filing with Bursa Malaysia showed. Quarterly revenue rose 40.8% to RM564.37 million from RM400.83 million in 2QFY22, driven by higher fresh fruit bunches and average selling prices of crude palm oil.

Trading in the shares and warrants of Heng Huat Resources Group Bhd will be halted on Thursday, pending the release of a material announcement. Heng Huat said Bursa Malaysia Securities had approved the company's request for trading suspension. The company, which is listed on the ACE Market, is involved in the manufacturing and trading of biomass material and value-added products, focusing on oil palm empty fruit bunch fibre, coconut fibre and value-added products.

Top Glove Corp Bhd’s share price continued to be on a slippery slope, falling to 59 sen — the lowest level since September 2016 — as the pall cast by oversupply and sharp fall in average selling price (ASP) lingers on the rubber glove industry. The once darling stock during the pandemic was the second most traded stock after PT Resources Holdings Bhd on Bursa Malaysia, with 104.9 million shares exchanging hands. The stock has fallen 77% year-to-date from RM2.74 on Dec 31, 2021. The persistent selldown has wiped out RM16 billion in market capitalisation in the past nine months from the world’s largest glove maker, while the value of its controlling shareholder Tan Sri Lim Wee Chai’s 27.72% direct stake has shrunk by RM4.44 billion.

K-One Technology Bhd has secured approval from the Health Ministry’s Medical Device Authority (MDA) to market silicone adhesive tapes primarily used for wound care dressing. The K-One group will sell the silicone adhesive tapes in Malaysia as an authorised representative of Wuhan Huawei Technology Co Ltd, which is the manufacturer based in China, the group said in a filing with Bursa Malaysia. The approval will provide the opportunity for the K-One group to further expand its medical device business.

Shares of PT Resources Holdings Bhd extended gains in active trade to close 12.16% higher on the second day after its Tuesday  debut on the ACE Market of Bursa Malaysia. Shares of the frozen seafood producer settled up 4.5 sen higher at 41.5 sen on Wednesday, after touching an intraday high of 42 sen in the final hour of trading. It was the top active counter on Bursa Malaysia for the second consecutive day.

Scientex Packaging (Ayer Keroh) Bhd’s net profit rose 27.75% to RM11.35 million for the fourth quarter ended July 31, 2022 (4QFY22) from RM8.89 million a year earlier, helped by higher domestic sales. Quarterly revenue grew 43.45% to RM191.84 million from RM133.73 million in 4QFY21, boosted by higher selling prices, and higher demand in both domestic and export sales. Full-year net profit dropped 8.25% to RM43.15 million from RM47.03 million in FY21, despite a 28.61% rise in revenue to RM774.05 million from RM601.87 million.

Central Global Bhd has secured a RM183.29 million contract for the supply of plant, machinery, labour and materials required for the construction and completion of a project known as “Projek Jalan Semawang ke Tanjung Kuala Gum-Gum” in Sandakan, Sabah. Its 70%-owned subsidiary RYRT International Sdn Bhd had on Wednesday been awarded the project by a third party main contractor, Pembinaan Urusmesra Sdn Bhd, which is scheduled to start on Oct 14, 2022, and be completed by Oct 13, 2025.

Ageson Bhd is selling 9.33 acres of freehold land in Gombak, Selangor to Koperasi Belia Nasional Bhd for RM35 million cash. Ageson said its indirect 99%-owned subsidiary Solidvest Properties Sdn Bhd entered into a Memorandum of Understanding with Koperasi Belia for the land. Upon completion of the sale of the land, Koperasi Belia intends to appoint Solidvest as the developer of a project.

Tenaga Nasional Bhd (TNB) expects the green electricity tariff (GET) quota to increase and be awarded on a yearly basis in 2023. TNB chief retail officer Datuk Megat Jalaluddin Megat Hassan said this is due to the high demand this year during which the quota set was fulfilled in just a few months. He added all quotas generated through hydro and large scale solar programmes have been taken. TNB launched the programme in January and by mid-March, the quota had been fulfilled by customers.

Meanwhile, S P Setia Bhd and TNB kick-started their green initiative partnership with the installation of solar panels at  S P Setia's corporate headquarters in Setia Alam, Shah Alam, at a commencement signing ceremony on Wednesday. This is the first phase of S P Setia's green initiative in partnership with TNB.

Malayan Banking Bhd (Maybank) said it will fully migrate to a more secure authentication method via Secure2u by June 2023, from SMS one-time password (OTP), to heighten online banking security. This is in line with Bank Negara Malaysia’s steer for banks to migrate from SMS OTP to more secure authentication for online banking transactions.

Meanwhile, Maybank’s indirect 68.3%-owned subsidiary Etiqa Life and General Assurance Philippines Inc (Etiqa Philippines) will form an insurance distribution partnership with the Philippine Bank of Communications (PBCOM) under an exclusive partnership that will allow PBCOM to distribute Etiqa’s life and non-life insurance products to PBCOM clients.

CIMB Group Holdings Bhd has established baseline “Scope 3” financed emissions in its Malaysia and Indonesia businesses as part of its environmental transition plans, enabling it to achieve its net zero overall greenhouse gas emissions target by 2050. The baselining encompasses financed emissions of on-balance sheet financing for the group’s wholesale, commercial, and consumer segments in Malaysia and Indonesia, the two largest markets for the group.

Betamek Bhd, which is slated to be listed on Bursa Malaysia’s ACE Market on Oct 26, aims to raise RM33.8 million from its initial public offering exercise. Under the listing exercise, Betamek is issuing 67.5 million new shares, representing 15% of the enlarged share capital at an issue price of 50 sen per share. Based on the enlarged share capital of 450 million shares, Betamek is expected to have a market capitalisation of RM225 million upon listing.


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