Hartalega, Careplus, Farm Fresh, Enra and Inta Bina

Hartalega, Careplus, Farm Fresh, Enra and Inta Bina

KUALA LUMPUR (Sept 1): Here is a brief look at some corporate announcements and news flow on Thursday (Sept 1), which include Hartalega Holdings Bhd, Careplus Group Bhd, Farm Fresh Bhd, Enra Group Bhd and Inta Bina Group Bhd.

Glove manufacturer Hartalega Holdings Bhd has slowed down its Next Generation Integrated Glove Manufacturing Complex (NGC) 1.5 plant expansion as the company still sees an oversupply of gloves in the market. NGC 1.5 comprises four plants with 48 lines in total that will produce approximately 396,000 pieces of gloves per annum per line. Meanwhile, its chief executive officer Kuan Mun Leong observed that average selling price has bottomed out, due to low prices of glove products.

Careplus Group Bhd said its unit Rubbercare Protection Products Sdn Bhd (RPP) has received a writ of summons and statement of claim filed by Petrolife Aero Sdn Bhd due to an alleged breach of agreement relating to the supply of liquefied natural gas (LNG). Petrolife is alleging that RPP has breached its obligation and responsibility under the agreement for the supply of LNG entered by both groups, besides stating that the termination of contract by RPP is unlawful. Amid the losses suffered, Petrolife is seeking a claim amounting to RM27.08 million from RPP.

Farm Fresh Bhd said the milk producer is "still very profitable" with a gross profit margin at above 26% despite contending with profit compression of about 3% due to costlier grain, which is used to make animal feed, at a time when fuel and transportation have become more expensive. Group managing director and group chief executive officer Loi Tuan Ee said the company will not solely rely on continuous price hikes as a mitigation strategy while it is still profit-making, as its market share stays strong. Under the fresh milk category, the group has a market share of 51% in Malaysia, while for the overall liquid product category, Farm Fresh holds a 23% market share.

Enra Group Bhd has secured a contract worth US$4.39 million for the provision of condensate storage, offloading facilities and services for Yetagun offshore operations in Myanmar, from Gulf Petroleum Myanmar. The contract is effective Aug 30, and the charter period will be effective upon commissioning of the system and shall continue for a period of six months.

Inta Bina Group Bhd’s unit Inta Bina Sdn Bhd has accepted a RM137.8 million construction contract from SDB Properties Sdn Bhd, a unit of Selangor Dredging Bhd. The contract entails the main building works for 26 units of three-storey superlink homes and six blocks of three and four-storey condo villa, which will house a total of 196 villa units in Gombak, Selangor.

https://www.theedgemarkets.com/article/hartalega-careplus-farm-fresh-enra-and-inta-bina