Caely, TNB, Sime Darby Plantation, MBSB, CIMB, Econframe, Press Metal, Tanco, Harn Len, Stella

TheEdge Fri, Oct 21, 2022 11:10pm - 1 year View Original


KUALA LUMPUR (Oct 21): Here is a brief recap of some corporate announcements that made news on Friday (Oct 21), involving Caely Holdings Bhd, Tenaga Nasional Bhd, Sime Darby Plantation Bhd, Malaysia Building Society Bhd, CIMB Group Holdings Bhd, Econframe Bhd, Press Metal Aluminium Holdings Bhd, Tanco Holdings Bhd, Harn Len Corp Bhd and Stella Holdings Bhd.

Caely Holdings Bhd's new board of directors has announced plans to expand the lingerie manufacturer's business with a total investment of US$800,000 (RM3.79 million) in Indonesia by the first quarter of next year. Its directors said the ongoing lawsuits, authorities' investigations and its frozen bank accounts will not jeopardise the operations and future developments of the group. Caely executive director Francis Leong Seng Wui said the group is in talks for a joint venture with an Indonesian counterpart to set up a new production facility in the republic to bring in additional earnings.

Tenaga Nasional Bhd (TNB) has received a letter of intent (LOI) for the development of a 2,100 megawatt (MW) combined cycle power plant in Kapar. The LOI was awarded by the Ministry of Energy and Natural Resources to TNB's wholly owned unit, TNB Power Generation Sdn Bhd, said TNB without disclosing the amount of the project.

Sime Darby Plantation Bhd expects to eliminate the need for manual workers in all non-harvesting activities by the end of 2023, as it has successfully mechanised several tasks across its plantation operations in Malaysia. The plantation group expects to reduce the number of plantation workers by 55% by the end of 2023.

Malaysia Building Society Bhd (MBSB) said it has made an application to Bank Negara Malaysia (BNM) to seek approval for its acquisition of Malaysian Industrial Development Finance from Permodalan Nasional Bhd (PNB), to form a universal Islamic banking group. Concurrently, MBSB said it has also entered into an implementation agreement with PNB towards inking a definitive agreement for the acquisition, upon obtaining BNM's approval. If the merger goes through, MBSB would solidify its position as the nation's second-largest stand-alone Islamic bank by assets, behind Bank Islam Malaysia Bhd, whose assets totalled RM83.03 billion as of June 30.

CIMB Thai Bank PCL, which is 94.83%-owned by CIMB Group Holdings Bhd, reported a 7.6% year-on-year decline in net profit for the third quarter ended Sept 30, 2022 (3QFY22) to 695.97 million baht (RM85.98 million), from 753.38 million baht, while net interest income for the quarter under review declined 2.8% to 2.42 billion baht from 2.48 billion baht in 3QFY21. The reduced net profit was due to lower net interest income, coupled with higher operating expenses, income tax expenses and a slight increase in expected credit losses. For the first nine-month period of this year, CIMB Thai's net profit grew 656% to 2.81 billion baht from 1.71 billion baht in the previous corresponding period, while net interest income fell 6.4% to 7.08 billion baht from 7.57 billion baht.

ACE Market-listed Econframe Bhd's net profit ballooned to RM2.97 million for the fourth quarter ended Aug 31, 2022 (4QFY22), from RM50,000 a year ago, carried by higher revenue driven by a greater volume of orders fulfilled. Revenue for the quarter surged more than three-fold to RM16.32 million, from RM4.98 million. For the financial year ended Aug 31, 2022 (FY22), Econframe clocked in a full-year net profit of RM11.24 million, a two-fold year-on-year jump from the RM5.11 million it achieved last financial year, in line with higher revenue and lower administrative expenses. Cumulative revenue climbed 44.92% to RM59.4 million, as compared to RM40.99 million in FY21, carried by its manufacturing segment's higher sales output and higher selling prices for metal door frames.

Press Metal Aluminium Holdings Bhd's Koon brothers have offloaded 123.59 million shares off market, representing a 1.5% stake in the company, for RM605.59 million. The shares were sold on Tuesday (Oct 18) at RM4.90 apiece. The shares were sold by the five Koon brothers, namely group chief executive officer Tan Sri Koon Poh Keong (51.59 million), executive vice chairman Koon Poh Ming (20 million), and executive directors Koon Poh Weng (30 million), Datuk Koon Poh Tat (17 million), and Koon Poh Kong (five million). This is the second time within two months the Koon brothers have sold their shares. This leaves the brothers with a collective direct stake of 16.9% in Press Metal, and an indirect stake of 38.91% — including Poh Keong's deemed interest in Alpha Milestone Sdn Bhd, which holds a 34% stake in the listed entity.

Tanco Holdings Bhd plans to raise up to RM47.7 million via a private placement for repayment of bank borrowings and investments in complementary businesses. The exercise will see up to 176.66 million shares or 10% of the group's total issued shares to independent third party investors, issued at a price to be determined later.

Harn Len Corp Bhd, which returned to profitability in the second quarter ended June 30, 2022, has proposed an eight-for-five bonus issue of up to 411.17 million shares. The entitlement date for the bonus issue would be determined later.

Stella Holdings Bhd said the diversified company on Friday received a notice of unconditional mandatory takeover offer at 95 sen a share from joint offerors Varia Engineering & Services Sdn Bhd, Datuk Lau Beng Wei and Datuk Lau Beng Sin, who collectively intend to acquire the remaining Stella shares not owned by them. The takeover offer comes after the joint offerors on Friday entered into an unconditional share sale and purchase agreement with a group of shareholders to acquire a total of 34.66 million shares in Stella, representing a 51.73% stake. The joint offerors intend to maintain Stella's listing on the Main Market of Bursa Malaysia.

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