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Singapore Investment


Top Glove, Jentayu Sustainables, TNB, KIP REIT, CMS, GIIB, Bumi Armada, Boustead, PTT Synergy, Impiana, UWC, CIMB, MBSB, Supermax and Mestron

KUALA LUMPUR (June 16): Here is a brief recap of some corporate announcements that made the news on Friday (June 16) involving Top Glove Corp Bhd, Jentayu Sustainables Bhd, Tenaga Nasional Bhd, KIP Real Estate Investment Trust, Cahaya Mata Sarawak Bhd, GIIB Holdings Bhd, Bumi Armada Bhd, Boustead Holdings Bhd, PTT Synergy Group Bhd, Impiana Hotels Bhd, UWC Bhd, CIMB Group Holdings Bhd, Malaysia Building Society Bhd, Supermax Corp Bhd and Mestron Holdings Bhd.

Top Glove Corp Bhd saw its net loss narrow to RM130.59 million for the third financial quarter ended May 31, 2023 (3QFY2023) from RM164.67 million for 2QFY2023, driven by increased average selling prices (ASPs) and cost optimisation measures. The group also laid off 600 people under a mutual separation scheme during the quarter. Nevertheless, it is the group's fourth straight quarterly loss, with revenue for 3QFY2023 dropping 14.1% quarter-on-quarter (q-o-q) to RM530.62 million from RM618 million previously. The group's performance was weaker than the year-ago quarter when it made a net profit of RM15.29 million for 3QFY2022, as revenue fell 64.5% from RM1.49 billion. For the nine months ended May 31, Top Glove posted a net loss of RM463.49 million compared to a net profit of RM288.56 million a year earlier, with revenue shrinking 61.1% to RM1.78 billion from RM4.58 billion.

Jentayu Sustainables Bhd said its healthcare operation Ohana Specialist Hospital has received approval from the Ministry of Health (MOH) to reopen, after a little over two months of closure. The paediatrics and obstetrics and gynaecology specialist hospital, which was acquired by Jentayu in September last year, had its licence revoked in April due to non-compliance with mandated operating procedures.

Independent power producer Edra Power Holdings Sdn Bhd is partnering with TNB Power Generation Sdn Bhd (TNB Genco), a wholly-owned subsidiary of Tenaga Nasional Bhd (TNB), to spearhead its power generation business. Edra said the technical collaboration is intended for the two companies to share technical information and spare parts pooling for the operations and maintenance of the 9HA.02 gas turbine technology. Both Edra and TNB Genco will work closely with the aim of improving the reliability and availability of the existing 9HA.02 gas turbines installed in Edra Melaka Power Plant (EMPP) and Sultan Ibrahim Power Plant (SIPP).

KIP Real Estate Investment Trust (KIP REIT) is buying KIPMall Kota Warisan in Sepang, Selangor for RM80 million cash. The exercise is deemed as a related-party transaction as Datuk Ong Kook Liong is a director and major shareholder of Cahaya Serijaya Sdn Bhd, the vendor, as well as the managing director and a major unitholder of KIP REIT. The acquisition, expected to be completed by the first quarter of next year, will expand KIP REIT’s portfolio to 11 assets. Concurrently, KIP REIT is planning a private placement to raise up to RM10 million — based on the illustrative issue price of 81.5 sen per unit for the issuance of a maximum of 12.27 million placement units — to partially fund the acquisition.

Cahaya Mata Sarawak Bhd (CMS) has failed to secure a court injunction to restrain Syarikat Sesco Bhd (Sesco) from terminating electricity supply to its phosphate production facility in Sarawak, in its ongoing dispute with Sesco over a power purchase agreement inked between them in 2019 that has been referred to arbitration. CMS' phosphate production is housed under its subsidiary Cahya Mata Phosphates Industries Sdn Bhd (Phosphates), formerly known as Malaysian Phosphate Additives (Sarawak) Sdn Bhd.

Singapore-based private equity fund Hildrics Asia Growth Fund I’s wholly-owned subsidiary HAGF Investment (I) Pte Ltd emerged as GIIB Holdings Bhd’s substantial shareholder after acquiring 48.61 million ordinary shares, or an 8.221% stake. Hildrics Asia is managed by Hildrics Capital Pte Ltd, which was founded in 2021 by Choo Kee Siong and Wee Teng Chuen. Following the investment, HAGF is now the second-largest shareholder of GIIB, after Tai Qisheng who holds an 11.45% stake, according to Bloomberg data.

Offshore energy facilities and services provider Bumi Armada Bhd said Indian state-owned Oil and Natural Gas Corp Ltd (ONGC) has expressed intention to extend the charter for its floating vessel Armada Sterling II for one year. The value of the contract extension is estimated to be US$43 million (RM198.42 million). The original time charter is slated to expire on March 7, 2024. The contract was first signed with ONGC in March 2013 for a nine-year period, with seven annual extension options. Armada Sterling II was chartered to operate in the ONGC Cluster-7 field located about 210km off the west coast of Mumbai, India. The vessel is owned by SP Armada Oil Exploration Pte Ltd, in which Bumi Armada has a 49% stake less one share. The remaining stake is owned by Shapoorji Pallonji Energy Pte Ltd of India.  

Khazanah Nasional Bhd and Boustead Holdings Bhd have offloaded the discontinued indoor family attraction KidZania Singapore to Singapore-listed Sim Leisure Group Ltd for S$110,000 (RM380,000). KidZania Singapore, which opened in April 2016 on Sentosa Island, Singapore, closed its doors permanently in 2020 during the Covid-19 pandemic. In a filing on Monday (June 12), the theme park developer and operator said it had also secured an agreement with Sentosa Development Corp to lease the premises in which the discontinued KidZania Singapore is situated.

Construction firm PTT Synergy Group Bhd (PTTS) 70%-owned subsidiary, PTT Logistics Sdn Bhd, has formed a strategic alliance with Oriental Material Handling (Malaysia) Sdn Bhd (OMH) to venture into the automated warehousing and total intralogistic solution segment in Malaysia, Indonesia, Thailand, Vietnam and Cambodia. OMH is wholly owned by OMH Science Group Co Ltd, the largest intelligent logistic equipment manufacturer and total intralogistic solutions provider in China.

Due to a change in business plans, Impiana Hotels Bhd and Cafelink (M) Sdn Bhd — the operator of franchise restaurants SOULed OUT and WIP — have mutually decided to end talks for the hotels and resort operator to take up a 70% stake in Cafelink. Impiana said that this was due to the change of business plan of the parties and is not expected to have any effect on the issued share capital and substantial shareholding of the company termination.

Engineering support services provider UWC Bhd is planning to acquire two wholly-owned units of Singapore-based Meta Health Ltd to strengthen its semiconductor segment. Meta Health’s subsidiaries MCE Technologies Sdn Bhd and MCT Thailand Co Ltd are involved in the metal stamping business as well as manufacturing of tools and fixtures in Malaysia and Thailand. Both parties have entered into a non-binding term sheet that is valid for 60 days, and no price has been set for the acquisition as it is subject to the outcome of a due diligence by UWC.

CIMB Group Holdings Bhd has appointed Novan Amirudin as the chief executive officer of CIMB Investment Bank Bhd, effective from June 15. Novan is taking over from Jefferi Hashim, whose role has been expanded as the group head, private banking and head of ESG advisory and solutions, Group Wholesale Banking of CIMB Group.

Malaysia Building Society Bhd (MBSB) has confirmed that CIMB Group Holdings Bhd's CEO of group transaction banking Mohamed Rafe Mohamed Haneef is set to head the merged MBSB and Malaysian Industrial Development Finance Bhd (MIDF) entity once the RM1.01 billion merger deal is completed. The appointment is said to be effective July 1. With Mohamed Rafe set to take over as group CEO, current holder of the post, Datuk Nor Azam M Taib, is to be re-aligned and focus on his responsibilities as CEO of its wholly-owned MBSB Bank Bhd, an appointment that will take effect on the same date.

Supermax Corp Bhd has named Tan Poh Chan as its new independent and non-executive director, effective July 1. In April, the group announced the resignation of Sharon Sung Fong Fui as its independent non-executive director, due to the latter’s personal commitments and rising workload in another public-listed company. Following Sung's departure, Supermax said it will review and reshuffle its boardroom to align with Supermax’s global strategy and forward direction.

Manufacturer of specialty poles Mestron Holdings Bhd has appointed Datuk Faiza Zulkifli, a former chairman of the Special Commissioners of Income Tax under the Ministry of Finance (MOF), as its independent and non-executive chairman, effective from June 16. Faiza, 62, replaces Tajul Arifin Mohd Tahir, who has resigned due to other personal commitments. Mestron's independent and non-executive director Leong Peng Phooi has also resigned due to personal circumstances.


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