Hartalega Holdings Bhd's first quarter net profit slumped to RM88.28 million from RM2.26 billion a year earlier as the rubber glove manufacturer's revenue dropped significantly at a time when glove average selling price (ASP) and sales volume declined after rising to a record high during the crucial period of the Covid-19 outbreak, which began in early 2020. (TheEdge)

Nestcon Bhd has inked a memorandum of understanding with Nam Heng Safety Glass Sdn Bhd to explore opportunities to develop solar photovoltaic facilities at Nam Heng's properties. In addition, the parties will explore the supply of safety glass by Nam Heng to potential projects undertaken by Nestcon. (TheStar)

Maybank and Maybank Islamic Mastercard and Visa credit, debit and prepaid cards can be used with Apple Pay in Malaysia and Singapore effective from Tuesday (Aug 9), Malayan Banking Bhd (Maybank) announced in a statement on the same day, adding its American Express cards will soon be included in the mobile payment service. (TheEdge)

NCT Group of Companies (NCT) has partnered with Telekom Malaysia Bhd (TM) to future-proof Selangor Smart Industrial Park (SSIP) through integrated digital solutions. The company signed a collaboration agreement with TM enterprise and public sector business solution arm TM One for the plans. (NST)

Malaysian Rating Corp Bhd (MARC) has affirmed its ratings of MARC-1 and A+ on George Kent (Malaysia) Bhd's RM100 million Islamic Commercial Papers (ICP) and RM500 million Islamic Medium-Term Notes (IMTN) programmes, subject to a combined limit of RM500 million — along with a stable outlook. (TheEdge)

KSL Holdings Bhd via its wholly owned subsidiary KSL Development Sdn Bhd (KLSD) has proposed to purchase 34.028ha of land in Pulai, Johor Baru for RM109.884mil. In a filing with Bursa Malaysia, it said KLSD entered into a sale and purchase agreement with Tropicana Desa Mentari Sdn Bhd on the proposed acquisition, Bernama reported. (TheStar)

Southern Cable Group Bhd has proposed an undertaking of a bonus issuance of its warrants, on the basis of one warrant for every two existing shares held in the company. This will entail the issuance of 400 million five-year warrants, with an option for holders to exercise one warrant into one new share of Southern Cable. (TheStar)

SNS Network Technology Bhd (SNS), which is set to be listed on Bursa Malaysia's ACE Market on Sept 2, 2022, foresees strong growth for its device-as-a-service (DaaS) subscription-based service, as more businesses are exploring remote or hybrid working options. Managing director Ko Yun Hung said DaaS is rising in popularity, especially post-COVID-19, noting that there is a huge potential in Malaysia’s DaaS market. (TheStar)

Hong Leong Investment Bank Bhd (HLIB Research) projects SLP Resources' revenue to grow at a compound annual growth rate (CAGR) of 6.7 per cent for the financial year 2021 (FY21)-FY24 on the back of recovering utilisation rate for its manufacturing segment. The bank-backed research firm noted that the utilisation rate is expected to grow from 52 per cent in FY21 to 69 per cent in FY24 following easing labour shortage issues and stronger packaging demand in tandem with the global economic recovery. (NST)

Tenaga Nasional Bhd (TNB) is once again offering the "Sinaran Merdeka" incentive to encourage its commercial customers to brighten up their premises and surrounding areas with decorative lighting, in conjunction with the National Month celebration. TNB, in a statement issued on Tuesday (Aug 9), said the incentive is for a two-month period of electricity usage from Aug 1 to Sept 30. (TheEdge)

Scomi Energy Services Bhd (SESB) shareholders approved the disposal of its oilfield services business division for RM21mil cash to subsidiaries of Cahya Mata Sarawak Bhd (CMS). SESB shareholders, in an EGM yesterday, agreed to the sale of its 100% equity interest in Scomi Oilfield Ltd together with nine of its subsidiaries and 48% equity interest in Scomi KMC Sdn Bhd to Cahya Mata Oiltools Sdn Bhd. (TheStar)

ILB Group Bhd and its board members have filed an application to strike out a suit filed by minority shareholder BT Investment Capital Ltd, which wants to block ILB from acquiring commercial property in Petaling Jaya. (TheEdge)

Research firms are maintaining a 'buy' recommendation on IOI Corporation Bhd (IOI Corp) following the company's 10 per cent equity sale in Bunge Loders Croklaan Group B.V. (BLC) to Koninklijke Bunge B.V. (KBBV). MIDF Research noted that the share sale comprising 1,800 shares that represented 10 per cent stake in BLC was completed for US$84 million plus €19.72 million (RM376.3 million and RM89.9 million respectively). With 10 per cent share sale, IOI Corp's interest on BLC is now reduced to 20 per cent. (NST)

RHB Research expects GHL Systems to record stronger numbers for the second quarter (Q2), supported by domestic retail spending and the growing trend of cashless transactions. Its analyst Lee Meng Horng noted that Q2 results should see an improvement, especially in transaction payment acquisition (TPA), following the growth in retail spending due to various cash assistance measures such as the Employees Provident Fund special RM10,000 cash withdrawal scheme. (NST)

Counters related to Malaysia’s second richest man, Tan Sri Quek Leng Chan — Hong Leong Bank Bhd (HLBB) and Hong Leong Financial Group Bhd (HLFG) — emerged as top gainers on the local bourse on Tuesday (Aug 9), following a report that the billionaire is weighing options for his stake in HLBB. Shares in HLBB opened two sen or 0.1% higher at RM20.84, before the stock surged further to hit a high of RM21.04. (TheEdge)

Source: New Straits Times, The Edge Markets, The Star 9 Aug 2022

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