Maybank, Hartalega, Revenue Group, Kenanga, Pecca, Freight Management, Nestcon, Cahya Mata, Dolphin International, Salutica and Ivory Properties
KUALA LUMPUR (Aug 2): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Tuesday, Aug 3) include: Malayan Banking Bhd, Hartalega Holdings Bhd, Revenue Group Bhd, Kenanga Investment Bank Bhd, Pecca Group Bhd, Freight Management Holdings Bhd, Nestcon Bhd, Cahya Mata Sarawak Bhd (CMS), Dolphin International Bhd, Salutica Bhd and Ivory Properties Group Bhd.
Malayan Banking Bhd’s subsidiary Maybank Singapore Ltd has filed a suit against National Feedlot Corp Sdn Bhd (NFC) chairman Datuk Seri Dr Mohamad Salleh Ismail and his two children for defaulting on two housing loan facilities for properties in Singapore. Mohamad Salleh is the husband of former women, family and community development minister Tan Sri Shahrizat Abdul Jalil.
Hartalega Holdings Bhd executive chairman Kuan Kam Hon said prospects for the rubber glove manufacturer remain strong in the short term, since glove demand is projected to remain high as the Covid-19 pandemic generates demand for gloves, which are seen as a crucial form of personal protective equipment to curb the spread of the pandemic.
A consortium comprising Revenue Group Bhd, Sarawak State and Kenanga Investment Bank Bhd has submitted its application for a digital banking licence from Bank Negara Malaysia. Revenue said SSG Digital Resources Bhd, a special purpose vehicle for the consortium, had submitted the application on June 29.
Pecca Group Bhd is buying a 51% stake in healthcare products distributor Rentas Health Sdn Bhd for RM100 million in a cash and stock deal to venture into the healthcare-related business, in order to expand its revenue stream. The 51% stake purchase shall be satisfied via a combination of RM50 million cash and the issuance of 11.99 million new Pecca shares at an issue price of RM4.17 apiece to Teoh Zi Yuen, the daughter of Pecca's founder and managing director Datuk Teoh Hwa Cheng. Zi Yuen holds 99.9% in Rentas Health, hence, the proposed acquisition is deemed a related party transaction.
Freight Management Holdings Bhd is buying two pieces of vacant industrial land in Klang for RM56.84 million or RM140 per sq ft. The freehold land, measuring a combined 405,979 sq ft or 4.67 acres, will be used for the expansion of its third party logistics warehousing and distribution services, which include e-commerce fulfilment and parcel delivery services.
Nestcon Bhd has won a subcontract in relation to the construction of an access road connecting to Sungai Pulai Bridge for the proposed Petrochemical & Maritime Industry Centre development in Tanjung Bin, Pontian, Johor. It said the job was awarded to its wholly-owned subsidiary Nestcon Infra Sdn Bhd by MMC Engineering Sdn Bhd. The provisional quantities subcontract sum for the works is valued at RM25.08 million.
Cahya Mata Sarawak Bhd (CMS) has further extended the suspension of its group chief financial office Syed Hizam Alsagoff until Aug 31, to accommodate the additional timeline required by independent consultant KPMG Management & Risk Consulting Sdn Bhd to carry out its work and report to the board. It expects the results of the review to be announced by the end of August.
Dolphin International Bhd plans to raise about RM24.17 million through a private placement — equivalent to 35% of its market capitalisation of RM70 million — to fund its food and beverage business, to repay borrowings and for the group's working capital.
Salutica Bhd plans to raise up to RM19.4 million via a placement of 38.8 million shares — equivalent to 10% of its issued share capital — mainly to fund the expansion of the group's product range.
Ivory Properties Group Bhd has teamed up with ECK Development Sdn Bhd to jointly develop residential components at AirportCity and Aerotropolis in Kedah. The Penang-based property developer said it has entered into a binding term sheet with ECK for the venture, on a land measuring 135 acres.
https://www.theedgemarkets.com/article/maybank-hartalega-revenue-group-kenanga-pecca-freight-management-nestcon-cahya-mata-dolphin
