Konsortium Transnasional, Ivory Properties, Rubberex, Mynews, PT Resources, LB Aluminium, Poh Kong, Apollo Food, VS Industry, Cosmos Technology and Yinson

Konsortium Transnasional, Ivory Properties, Rubberex, Mynews, PT Resources, LB Aluminium, Poh Kong, Apollo Food, VS Industry, Cosmos Technology and Yinson

KUALA LUMPUR (Sept 27): Here is a brief recap of some corporate announcements that made news on Tuesday (Sept 27), involving Konsortium Transnasional Bhd (KTB), Ivory Properties Group Bhd, Rubberex Corp (M) Bhd, Mynews Holdings Bhd, PT Resources Holdings Bhd, LB Aluminium Bhd, Poh Kong Holdings Bhd, Apollo Food Holdings Bhd, VS Industry Bhd, Cosmos Technology International Bhd and Yinson Holdings Bhd.

Konsortium Transnasional Bhd (KTB) has proposed to dispose of its express bus business, as part of the group’s plan to regularise its financial condition to address its PN17 status. The group is disposing of wholly-owned Park May Bhd to Nadicorp Holdings Sdn Bhd for a nominal sum of RM1, as prospects of the express bus business remains uncertain. The major shareholder of Nadicorp is Tan Sri Mohd Nadzmi Mohd Salleh, who — together with Lengkap Suci Sdn Bhd — also owns 9.57% of KTB.

Ivory Properties Group Bhd’s third subsidiary has defaulted on a loan payment, this time for a sum of RM39 million to Malayan Banking Bhd (Maybank), which was raised to part finance the purchase of land for a project. The wholly-owned unit, Ivory Meadows Sdn Bhd (IMSB), cannot meet its payment obligation, as its cash flow was affected following delay in the project’s launch due to the impact of the Covid-19 pandemic. The company, together with IMSB, is seeking Maybank’s indulgence to consider the extension of time for the commencement of principal repayment, and thus allow IMSB sufficient time to launch the project to generate cash flow.

Rubberex Corp (M) Bhd’s shares will be traded under the new name of Hextar Healthcare Bhd from Thursday (Sept 29). The company’s stock code remains unchanged, said Bursa Malaysia in a statement. Rubberex had on Sept 14 received its shareholders’ nod for the group’s diversification into the healthcare business and changed its name to Hextar Healthcare. Shareholders also approved the group’s acquisition of test kits manufacturer Reszon Diagnostics International Sdn Bhd for RM180 million.

Mynews Holdings Bhd’s net loss narrowed by 90% to RM1.45 million for the third quarter ended July 31, 2022 (3QFY22), from RM14.92 million a year ago, as in-store sales improved with the lifting of restrictions on business and social activities in the country. Also contributing to the convenience store operator’s improved performance was an 11% increase in the number of outlets to 573, from 515 a year ago, the group said in a Bursa Malaysia filing. Loss per share eased to 0.21 sen, from 2.19 sen in 3QFY21.

PT Resources Holdings Bhd, which trading volume ballooned to 179 million shares on its maiden trading day, announced that its net profit soared to RM7.52 million for the financial quarter ended July 31, 2022 (1QFY23), compared to RM4.67 million a year ago. Its quarterly revenue swelled nearly 56% to RM115.27 million in 1QFY23 against RM74.06 million previously, amid higher demand for frozen seafood products. Earnings per share also came in higher at 1.88 sen, compared to 1.17 sen a year ago.

LB Aluminium Bhd’s net profit for the first quarter ended July 31, 2022 (1QFY23) surged 311% to RM12.51 million from RM3.04 million in the same quarter last year, mainly due to better performance in its aluminum segment. Profit before tax for the aluminum segment soared 626.3% to RM15.04 million from RM2.07 million in 1QFY22, mainly due to higher revenue, coupled with better margins, the group said in a bourse filing on Tuesday (Sept 27). Revenue for the quarter under review also jumped 98.23% to RM227.06 million from RM114.54 million previously, due to improvements in both the aluminum and property segments.

Poh Kong Holdings Bhd posted a net profit of RM29.84 million for the fourth quarter ended July 31, 2022 (4QFY22), compared to a net loss of RM13.26 million a year earlier, on the back of a nearly four-fold rise in revenue. The jewellery retailer registered an earnings per share of 7.27 sen, against a loss per share of 3.23 sen previously, its Bursa Malaysia filing showed. Quarterly revenue rose 384.29% to RM414.66 million, from RM85.62 million in 4QFY21, as the group leveraged on a rising demand for gold jewellery and gold investment products, which came with the rebound of the economy.

Apollo Food Holdings Bhd’s net profit for the first quarter ended July 31, 2022 (1QFY23) jumped 26 times year-on-year (y-o-y) to RM4.56 million, from RM172,000 a year ago, thanks to post-pandemic sales recovery. Earnings per share grew to 5.7 sen for 1QFY23, from 0.22 sen for 1QFY22, its filing showed. The group’s revenue rose 42% y-o-y to RM55.46 million, from RM39.01 million for 1QFY22.

VS Industry Bhd’s net profit fell 16.69% to RM34.57 million for its fourth quarter ended July 31, 2022 (4QFY22), from RM41.5 million a year earlier, following a RM25.8 million one-off impairment on investment in an associate. The lower earnings were also due to a RM12.4 million impairment loss on plant and equipment, the electronics manufacturing services provider said in a Bursa Malaysia filing. Quarterly revenue rose 6.72% to just over RM1 billion from RM941.1 million, as the group’s Malaysian segment registered a 11.21% rise to RM908.26 million in delivery of orders to key customers.

ACE Market-bound Cosmos Technology International Bhd said the shares offered to the Malaysian public under its initial public offering have been oversubscribed by 58.01 times. In a statement, the water technology solutions provider said a total of 8,328 applications were received from the Malaysian public for 756.74 million shares, or a value of RM264.86 million. A total of 4,350 applications for 286.33 million new shares were received for the Bumiputera portion, which represents an oversubscription rate of 43.65 times.

Yinson Holdings Bhd has made a lodgement with the Securities Commission Malaysia for the establishment of a perpetual sukuk wakalah programme of up to RM1 billion. The sukuk wakalah programme has a perpetual programme tenure, which provides the group with flexibility to issue subordinated perpetual Islamic notes from time to time, said Yinson in a filing with Bursa Malaysia on Tuesday. Proceeds from the issuance will be used for Yinson’s capital expenditure, refinancing of existing or future borrowings, working capital, and other general corporate purposes.

https://www.theedgemarkets.com/article/konsortium-transnasional-ivory-properties-rubberex-mynews-pt-resources-lb-aluminium-poh-kong