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Green Packet, Sunway, KNM, IOI Corp, Sapura Energy, Hiap Teck and Poh Huat

KUALA LUMPUR (June 29): Based on corporate announcements and news flow today, companies in focus tomorrow (Wednesday, June 30) may include: Green Packet Bhd, Sunway Bhd, KNM Group Bhd, IOI Corp Bhd, Sapura Energy Bhd, Hiap Teck Venture Bhd and Poh Huat Resources Holdings Bhd.

Green Packet Bhd has entered into a consortium with Zico Holdings Inc and M24 Tawreeq Sdn Bhd to jointly submit an application for one of the five digital banking licences to be issued by Bank Negara Malaysia. Green Packet said the application aimed at establishing an Islamic digital bank, which will include several other strategic partners that will further complement the products and value-added services to be offered by the consortium.  

Meanwhile, Sunway Bhd has teamed up with Tencent-backed Chinese fintech firm Linklogis Inc and Bangkok Bank PCL to also apply for a digital bank licence from BNM, Bloomberg reported, quoting two sources with knowledge of the matter. Sunway will hold a majority stake in the venture, said the sources, who requested anonymity as names of the consortium members haven't been reported.

KNM Group Bhd shareholders have rejected its proposed private placement of up to 987.52 million new shares or 30% of its issued share capital to raise RM167.9 million. This means that KNM, which is involved in oil and gas equipment and services, will have to find other avenues to pare its debts, as well as to raise its working capital as underlined in the proposal.

Workers at palm oil company IOI Corp Bhd are mistreated by managers, face poor living conditions, and pay high recruitment fees, according to a report to be published tomorrow by human rights group Finnwatch, Reuters reported. IOI Corp said it would comment on the report after its public release.

Sapura Energy Bhd said it posted a net loss of RM97.07 million for the first quarter ended April 30, 2021, compared with a net profit of RM14.21 million a year earlier, dragged by the unfavourable effect of the US dollar exchange rate against the ringgit and lower share of profit from associates and joint ventures. Revenue, however, rose 8.4% to RM1.47 billion from RM1.36 billion, underpinned by higher revenue from the engineering and construction, drilling, and business segments, in line with progress of projects being executed and higher average day rates.

Hiap Teck Venture Bhd’s net profit surged 119% to RM65.93 million for the third quarter ended April 30, 2021, from RM30.05 million in the preceding quarter, on higher steel prices, cost optimization efforts, and contribution from its joint venture entity. Revenue fell 7.41% to RM329.64 million, from RM356.02 million, on lower sales volume for both its trading and manufacturing divisions, attributable to the Chinese New Year holidays in February.

Poh Huat Resources Holdings Bhd saw its net profit climb 82.61% to RM12.7 million for the second quarter ended April 30, 2021, from RM6.95 million a year earlier, on higher revenue from furniture shipments in Malaysia and Vietnam. Quarterly revenue grew 36.6% to RM165.54 million, from RM121.18 million.

https://www.theedgemarkets.com/article/green-packet-sunway-knm-ioi-corp-sapura-energy-hiap-teck-and-poh-huat

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