Advanced Packaging Technology, Jadi Imaging, CSH Alliance, Frontken, GIIB, Hartalega, Mesiniaga, Serba Dinamik, SLP and Xin Hwa

Advanced Packaging Technology, Jadi Imaging, CSH Alliance, Frontken, GIIB, Hartalega, Mesiniaga, Serba Dinamik, SLP and Xin Hwa

KUALA LUMPUR (May 10): Based on corporate announcements and news flow on Tuesday, companies in focus on Wednesday (May 11) may include: Advanced Packaging Technology (M) Bhd, Jadi Imaging Holdings Bhd, CSH Alliance Bhd, Frontken Corp Bhd, GIIB Holdings Bhd, Hartalega Holdings Bhd, Mesiniaga Bhd, Serba Dinamik Holdings Bhd, SLP Resources Bhd and Xin Hwa Holdings Bhd.

KSL Capital Sdn Bhd, which emerged as a substantial shareholder of Advanced Packaging Technology (M) Bhd recently, is believed to have links to the Liew family who sold out of Jadi Imaging Holdings Bhd. To recap, KSL Capital surfaced as a substantial shareholder in April after the purchase of 1.22 million shares or a 6.2% direct stake in the packaging material manufacturer. KSL Capital currently holds an 8.24% stake in Advanced Packaging, making it the third largest shareholder after UOB Kay Hian Hong Kong Ltd (13.17%) and Peter Ling Ee Kong (10.18%).

CSH Alliance Bhd’s (formerly known as KTG Bhd) electric vehicle (EV) unit has inked a sale and purchase agreement (SPA) on Tuesday (May 10) to acquire three adjoining plots of industrial land measuring 55.32 acres in Tanjung Malim, Perak for RM12 million from Minetech Resources Bhd, to build an EV assembly plant. It said that the land acquisition is expected to be completed in the fourth quarter of 2022.

Frontken Corp Bhd's net profit for the first quarter ended March 31, 2022 (1QFY22) jumped 15.71% to RM26.51 million from RM22.91 million in the same period a year earlier. This was a result of improved revenue and better profit margin resulting from the continual efforts to improve efficiencies across the group. Revenue for the quarter grew 15.1% to RM119.15 million from RM103.52 million, mainly due to bigger contributions by its subsidiaries in Taiwan and Malaysia.

GIIB Holdings Bhd has further extended the employment suspension of its executive director Wong Weng Yew, who had been suspended since March 28 for a period of 14 days, pending the finalisation of a review report. The extended suspension took effect from Tuesday (May 10) as the external independent auditor is currently finalising the investigation report to the investigative committee for review, according to a GIIB (formerly known as Goodway Integrated Industries Bhd) bourse filing.

Hartalega Holdings Bhd posted its first-ever quarterly loss of RM189.7 million for the quarter in the fourth quarter ended March 31, 2022, versus a net profit of RM1.12 billion a year prior, mainly due to the provision of the Prosperity Tax (Cukai Makmur). Its revenue for the quarter slumped to RM968.69 million from RM2.31 billion a year ago. Nonetheless, Hartalega had declared a third interim dividend of 3.5 sen to be paid on June 9.

Mesiniaga Bhd has bagged a contract worth RM59.63 million from Telekom Malaysia Bhd (TM) to provide maintenance and support services for telecommunication cloud core data centre. It said the contract has no automatic renewal clause and will last between April 1 this year to Nov 16, 2024. Mesiniaga said the contract is expected to contribute positively to the group's earnings from the financial year ending Dec 31, 2022 until the expiry of the contract.

Serba Dinamik Holdings Bhd continued to see selling pressure on Tuesday, with its share price tumbling as much as 4.5 sen or 40.91% to 6.5 sen, before closing at 7.5 sen. The counter, which remained the most actively traded stock, saw 238.59 million shares traded.

SLP Resources Bhd said on Tuesday (May 10) that its net profit for the first quarter ended March 31, 2022 (1QFY22) fell 25.12% to RM4.51 million from RM6.03 million a year ago, due to costs hike in almost every aspect of operations which include materials cost, labour cost and utility cost. Its revenue for 1QFY22 slipped 1.1% to RM45.52 million from RM46.02 million a year ago, due to the decrease in sales of flexible plastic packaging products. The company proposed an interim dividend of one sen for the latest quarter, payable on July 6.

Xin Hwa Holdings Bhd plans to diversify into the precision machining business after acquiring a 79% stake in Micron Metal Engineering Sdn Bhd (Micron) for RM19.75 million in a cash plus shares deal.

https://www.theedgemarkets.com/article/advanced-packaging-technology-jadi-imaging-csh-alliance-frontken-giib-hartalega-mesiniaga