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Serba Dinamik, Top Glove, DRB-Hicom, EP Manufacturing, SEB, KESM, MAHB, PPB and UWC

KUALA LUMPUR (March 8): Based on corporate announcements and news flow on Tuesday (March 8), companies that may be in focus on Wednesday include Serba Dinamik Holdings Bhd, Top Glove Corp Bhd, DRB-Hicom Bhd, EP Manufacturing Bhd, Seremban Engineering Bhd (SEB), KESM Industries Bhd, Malaysia Airports Holdings Bhd (MAHB), PPB Group Bhd and UWC Bhd.

The High Court has dismissed an originating summons by Serba Dinamik Holdings Bhd for an injunction to be imposed on Ernst & Young Consulting Sdn Bhd to restrain it from sharing any findings or opinions of its special independent review with Bursa Malaysia or other parties. This comes after the oil and gas group argued that the firm is not a qualified auditor.

Top Glove Corp Bhd has postponed a plan to raise US$347 million in a Hong Kong listing due to elevated market uncertainty, after Russia’s invasion of Ukraine. The glove maker said its decision to postpone a dual listing on the Hong Kong Stock Exchange is for the company’s long term benefit, adding that it is in no hurry to make a decision and has decided to give itself more time to pursue the Hong Kong listing exercise.

DRB-Hicom Bhd said an arbitration tribunal has decided in favour of its subsidiary Proton Holdings Bhd and Lotus Group International Ltd (LGIL) in relation to the 860.61 million yuan (RM570 million) civil complaint filed by Goldstar Heavy Industries Co Ltd. Goldstar’s claim pertained to an equity joint venture contract entered into by Proton, LGIL and Goldstar in April 2015 to form a joint venture company — Goldstar Lotus Automobile Co Ltd. DRB Hicom said the Hong Kong International Arbitration Centre tribunal has declared that the contract was validly terminated on Feb 22, 2018.  

Auto parts maker EP Manufacturing Bhd is venturing into the manufacturing and distribution of two-wheeled electric vehicles (EVs) for Malaysia and other Southeast Asian markets. The group on Tuesday signed an agreement with CIS Pride Silver Rock Fund and Sharkgulf Technologies Group Ltd to undertake the business.

Dutch Lady Milk Industries Bhd (DLMI) has appointed Seremban Engineering Bhd (SEB) as the main contractor to build its new manufacturing plant in Techpark, Bandar Enstek, Negeri Sembilan. The contract valued at over RM100 million will include all civil, structural and architectural works to be overseen by SEB in this project spanning approximately 13 hectares.

KESM Industries Bhd slipped into the red with a net loss of RM1.01 million for the second quarter ended Jan 31, 2022, against a net profit of RM6.33 million posted a year ago, due to lower other income. Revenue fell 5.38% to RM64.3 million, from RM67.96 million a year ago.

Malaysia Airports Holdings Bhd (MAHB) has announced the resignation of its non-independent and non-executive director Datuk Zamzuri Abdul Aziz effective Tuesday (March 9). The airport operator said Zamzuri is no longer the Ministry of Finance's representative on MAHB's board, as he has taken up a new position in civil service. Zamzuri, 52, is now the Health Ministry's deputy secretary general.

PPB Group Bhd is providing up to RM300 million standby revolving shareholder's loan to its 80%-owned flour unit, FFM Bhd, to meet its short-term working capital requirements. PPB said the tenure of the proposed loan is for a period of up to six months and repayable on demand.

UWC Bhd posted a 7.94% drop in net profit for the second quarter ended Jan 31, 2022 to RM25.08 million, from RM27.24 million a year prior, due to higher depreciation expenses and staff costs. Quarterly revenue, however, rose 2.71% to RM79.92 million from RM77.81 million, underpinned by continued demand from the group’s global customers in the semiconductor, as well as life science and medical technology industries.

https://www.theedgemarkets.com/article/serba-dinamik-top-glove-drbhicom-ep-manufacturing-seb-kesm-mahb-ppb-and-uwc

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