KUALA LUMPUR (Sept 10): Based on corporate announcements and news flow today, stocks in focus tomorrow may include DRB-Hicom Bhd, Gets Global Bhd, Tasco Bhd, Top Glove Corp Bhd, Bermaz Auto Bhd, Tenaga Nasional Bhd and Radiant Globaltech Bhd.
DRB-Hicom Bhd's 50.1%-owned subsidiary Proton Holdings Bhd has launched its bestselling sport utility vehicle — the 2020 Proton X70 — in Brunei. Proton said the 2020 X70 was launched there on Sept 6, adding that Brunei is the first export market for the Proton X70 and is now also the first export market for the upgraded Malaysian-made model from Tanjung Malim.
Bus operator Gets Global Bhd said an estimated RM226 million is needed for its planned diversification into the glove-making business, which it said will be funded via a combination of bank borrowings and cash. This, according to the group, comprises RM100 million for the estimated construction cost of a glove-manufacturing plant, and RM126 million for the fabrication, installation and commissioning of 12 new double-former glove-dipping lines.
Tasco Bhd has received approval from the Malaysian Investment Development Authority for a second round of tax incentive to carry out integrated logistics service activities as an expansion project. Tasco said the tax incentive will enable the group to enjoy income tax exemption via investment tax allowance of 60% of its qualifying capital expenditure incurred within five years.
Top Glove Corp Bhd today spent nearly RM100 million on share buy-backs. The rubber glove maker said it bought 14.93 million shares in the group at between RM6.12 and RM7.40 for a total sum of RM99.93 million. Yesterday, the group repurchased 1.34 million units of its own shares for close to RM10 million.
Bermaz Auto Bhd's net profit was up almost fourfold to RM9.25 million for its first quarter of financial year 2021 (1QFY21) from RM2.46 million for 4QFY20, boosted by aggressive campaigning and government initiatives to rekindle market demand in the automotive sector. Quarterly revenue also jumped 50% to RM448.89 million, from RM299.36 million in the immediate preceding quarter, when Bermaz went through six weeks without sales due to the Movement Control Order.
Tenaga Nasional Bhd (TNB) is paying out an interim dividend of 22 sen per share for 2QFY20 on Oct 14, totalling RM1.25 billion. The payout is lower than the 30 sen per share paid out for 2QFY19.
Retail technology solutions provider Radiant Globaltech Bhd is proposing to acquire an 80% stake in Grand-Flo Spritvest Sdn Bhd for RM11.6 million cash to expand its domestic customer coverage and increase its suite of software and other services to clients. The company said the remaining 20% will be held by Jejaka 7 Capital Sdn Bhd, in which Grand-Flo Spritvest's director and chief executive officer Cheng Ping Liong holds a majority equity interest of 55%.
https://www.theedgemarkets.com/article/drbhicom-gets-global-tasco-top-glove-bermaz-tnb-and-radiant
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