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Singapore Investment


Axiata, Digi, TM, YTL Power International, Maxis, Caely, Top Glove, NCT Alliance and Paragon Union

KUALA LUMPUR (Oct 7): Based on corporate announcements that made news on Friday, stocks in focus on Tuesday (Oct 11) may include: Axiata Group Bhd, Digi.Com Bhd, Telekom Malaysia Bhd, YTL Power International Bhd, Maxis Bhd, Caely Holdings Bhd, Top Glove Corp Bhd, NCT Alliance Bhd and Paragon Union Bhd.

Four mobile network operators (MNOs) — Celcom Axiata Bhd, Digi Telecommunications Sdn Bhd, YTL Communications Sdn Bhd and Telekom Malaysia Bhd (TM) — have executed share subscription agreements (SSAs) to collectively take up a 65% stake in Digital Nasional Bhd, while Maxis Bhd and U Mobile Sdn Bhd have opted out. Celcom Axiata and Digi Telecommunications are units of Axiata Group Bhd and Digi.Com Bhd, respectively. YTL Communications is a unit of YTL Power International Bhd.

The SSAs give effect to the MNOs' subscription of 65% equity in DNB — Celcom Axiata (12.5%), Digi Telecommunications (12.5%), YTL Communications (20%), and TM (20%). The government on the other hand will retain the remaining 35% stake and hold a golden share, which grants various rights and privileges, as well as covers areas such as ownership, sale or transfer of shares on the part of the government.

Datuk Wira Ng Chun Hau, who was executive chairman of Perak-based lingerie and apparel manufacturer Caely Holdings Bhd from February 2021 to May 2022, has denied the allegations of misappropriation of funds amounting to RM30.55 million involving its wholly owned subsidiary Caely (M) Sdn Bhd during his tenure. On Oct 5, Caely announced that its new board of directors had lodged a police report against 12 of its former directors, requesting the police to investigate any possible element of crime and suspected misappropriation of funds that have caused losses to Caely and also the concealment of malpractice by members of its previous board.

Top Glove Corp Bhd is halting its dividend payout to preserve cash holdings, after its plant utilisation rate declined from 52% in the second quarter ended Feb 28, 2022 (2QFY22) to 35% in 4QFY22, amid low average selling prices and competitive glove prices from China. AmInvestment Bank in a note on Friday said that Top Glove told analysts at a briefing that its end-customer rubber stock had peaked at six to seven months, and stock replenishment activity by mid-2023 is expected.

Property developer NCT Alliance Bhd has proposed a private placement to raise up to RM48.37 million to fund property development activities and for working capital. NCT said the proposed private placement entails the issuance of up to 120.93 million new shares, representing 10% of total issued shares, to person(s) to be identified at a later date. Based on an issue price of 40 sen per placement share, the proposed corporate exercise is expected to raise gross proceeds of between RM42.59 million and RM48.37 million.

Paragon Union Bhd has proposed to diversify its existing core business to include recycling business, focusing on metal initially, to broaden its revenue stream and earnings base and reduce its dependency on its existing core business. The group is currently involved in the manufacturing and sale of car carpets, car components and commercial carpets.


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