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Author: RHBInvestment   |   Latest post: Thu, 30 Sep 2021, 10:08 AM

 

Corporate News Summary - 21.09.2021

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21st September 2021
 
CORPORATE NEWS
 
Hong Leong Capital Bhd has appointed Hong Leong Investment Bank Bhd (HLIB) group managing director and chief executive officer (CEO) Lee Jim Leng as a non-independent and non-executive director. The group said Lee has been HLIB's group managing director/CEO since Nov 24, 2009.
 
KNM Group Bhd has appointed former federal territories minister Tan Sri Dr Zulhasnan Rafique as its non-executive chairman, following the resignation of his predecessor Datuk Ab Halim Mohyiddin in June this year. To recap, Ab Halim resigned from the board of KNM on June 26, along with two other board members — non-executive director Datuk Dr Khalid Ngah and non-executive director and audit committee chairman Soh Yoke Yan.
 
Hup Seng Industries Bhd said today the Covid-19-driven temporary suspension of the biscuit maker's operations is expected to result in production volume loss of about 3% of the manufacturer's annual output volume as the company disinfects the premises of one of its subsidiaries. Hup Seng Industries said its wholly-owned subsidiary Hup Seng Perusahaan Makanan (M) Sdn Bhd, which is located at the Tongkang Pecah Industrial Area in Batu Pahat, Johor, yesterday (Sept 19) received a notice from the Ministry of Health to temporarily suspend its operations until Sept 30 for the purpose of carrying out disinfecting exercise on its entire premises.
 
Malaysia Airports Holdings Bhd (MAHB) has entered into a strategic partnership with Maxis Bhd to co-develop a digital transformation road map for Smart Airport operations as the airport operator aims to leverage Maxis as the single telco operator to manage its connectivity services. The group said Maxis will be managing the Wi-Fi and 5G-related network services and solutions at both terminals of the nation's flagship airport, Kuala Lumpur International Airport.
 
Sime Darby Property Bhd has reopened its sales galleries and resumed operations at all project sites following the recent easing of lockdown restrictions. The property developer said it will comply with all standard operating procedures in support of the National Recovery Programme as the minimum standard at all sales galleries and project sites to ensure the safety and health of its employees and visitors.
 
Top Glove Corp Bhd's shares lost their footing today, falling as much as 26 sen or 8.5% to RM2.80 — the lowest level since May last year — following target price cuts and rating downgrades against a backdrop of earnings that missed expectations. Analysts covering the counter have downgraded their earnings forecasts as they expect gloves' average selling prices (ASPs) to drop further, affected by factors such as normalised demand due to increasing vaccine roll-outs around the globe and rising Chinese competition, which will weigh on the group's ASPs.
 
Bursa Malaysia Bhd's share price and foreign shareholding have fallen to their lowest since June 2020 as investors trade securities against a backdrop dictated by the global Covid-19 pandemic which has influenced world fiscal and monetary decisions to support economic growth.
 
• Integrated facilities management service provider GFM Services Bhd said it is partnering Amzass (M) Sdn Bhd to upgrade the northbound and southbound Bemban lay-bys in Melaka. The group said Amzass has been authorised by the Malaysian Highway Authority to upgrade the facilities of the lay-bys, as well as to construct a petrol station on both sides of the proposed rest and service areas.
 
Dayang Enterprise Holdings Bhd's net loss for the second quarter ended June 30, 2021 widened to RM21.89 million from RM985,000 a year ago, due to higher operating costs amid the Covid-19 pandemic. Quarterly revenue fell 6.59% to RM159.69 million from RM170.95 million a year ago, as vessel utilisation declined to 51% from 52%.
 
Kimlun Corp Bhd's net profit fell 74% to RM2.38 million in its second quarter ended June 30, 2021 from RM9.12 million in the immediate preceding quarter, despite higher revenue, as the imposition of the Full Movement Control Order affected some of its major business operations. Group revenue rose quarter-on-quarter (q-o-q) to RM214.33 million from RM210.28 million.
 
MUI Properties Bhd today announced its first dividend payout in 10 years after a steady performance for the financial year 2021 (FY21) ended June 30, 2021 despite construction delays due to the Covid-19 pandemic. The group, which is developing Bandar Springhill in Negeri Sembilan, posted a net profit of RM7.67 million or 1.04 sen per share for FY21, down 39.5% from RM12.73 million or 1.72 sen for FY20.
 
Hong Leong Industries Bhd's net profit for the fourth quarter ended June 30, 2021 fell 60.59% q-o-q to RM39.84 million, from RM101.08 million in the preceding quarter, as the Movement Control Order in June hit sales across all segments. Quarterly revenue fell 37.8% to RM463.8 million from RM745.96 million.
 
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