MyEG, HeiTech Padu, Apex Healthcare, Globetronics Technology, Kossan Rubber, Tomei, GDEX, Serba Dinamik, Alpha IVF and Comfort Gloves

TheEdge Tue, Apr 16, 2024 11:59pm - 1 month View Original

KUALA LUMPUR (April 16): Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday:

E-government services providers MyEG Services Bhd and HeiTech Padu Bhd have entered a partnership to collaborate on information technology (IT) projects in Malaysia. They have signed a teaming agreement aimed at outlining their roles and responsibilities, focusing on marketing activities, sharing know-hows, and system integration for identified projects to potential customers. MyEG, HeiTech Padu form partnership to collaborate on IT projects

Pharmaceutical company Apex Healthcare Bhd has pledged to allocate 5% of its total manufacturing revenue towards research and development (R&D) of new products. In 2023, the company invested RM8.5 million in R&D, marking an 18% increase from the previous year, representing 3.2% of its manufacturing revenue. The group emphasised the goal to capitalise on patent cliffs by swiftly introducing generic options for expiring or off-patent molecules, aiming for revenue growth in the generic drugs market. Apex Healthcare commits to boosting R&D investment to 5% of annual manufacturing revenue

Outsourced semiconductor assembly and testing (OSAT) player Globetronics Technology Bhd is in advanced discussions with two potential clients interested in utilising advanced packaging technology. The group anticipates initiating memory and automotive product transfers with these clients, with some activities expected to commence in the second half of the financial year ending Dec 31, 2024 (FY2024). Additionally, the company is eyeing a significant opportunity with the potential transfer of products from an optoelectronics company consolidating its production from Malaysia and China. Globetronics in final talks with two potential customers for advanced packaging

Kossan Rubber Industries Bhd has proposed a final dividend of two sen per share for the financial year ended Dec 31, 2023 (FY2023). This dividend will be paid on July 18, with June 20 as the ex-date and June 21 as the entitlement date, pending approval by shareholders at the upcoming annual general meeting. If approved, this would increase the dividend payout for FY2023 to four sen per share, compared to 2.5 sen per share for FY2022. Kossan proposes final dividend of two sen for FY2023

Gold jewellery manufacturer Tomei Consolidated Bhd has declared a first and final dividend of four sen per share for the financial year ended Dec 31, 2023 (FY2023), totalling RM5.54 million. This dividend will be paid on June 6. Despite facing an uncertain business outlook due to global conflicts, Tomei anticipates achieving a "reasonable level of profitability" in FY2024. The group said it will closely monitor risks such as fluctuations in gold prices and the US dollar, to safeguard its performance from any adverse effects. Tomei declares four sen dividend for 2023, expects 'reasonable profit' for 2024

Express carrier GDEX Bhd is set to diversify into the IT services sector to augment its revenue streams. Having acquired equity stakes in three IT companies in 2022, the group gains access to e-commerce, website development, business software solutions, and cybersecurity consulting. While the IT segment contributed RM33.4 million in revenue for FY2023, it reported a net loss of RM1 million due to heightened staff costs. Despite this, GDEX anticipates substantial growth in the segment, aiming for it to contribute over 25% of its net profit in the future. Furthermore, the company plans to pursue additional ventures, such as investments, acquisitions, and collaborations with potential IT firms, to solidify its foothold in the IT services and solutions sector. GDEX plans to diversify into IT

Practice Note 17 (PN17) company Serba Dinamik Holdings Bhd has been granted an extension until May 15 by Bursa Malaysia to submit its regularisation plan, marking the second extension after missing the initial deadline on July 5, 2023. The troubled oil and gas firm did not disclose reasons for its inability to meet the earlier deadline. Originally, the plan was due in January 2023, but was granted a six-month extension. Bursa stated that failure to submit the plan by May 15 would result in the delisting of Serba Dinamik from the stock market. Additionally, delisting may occur if approval for the plan’s implementation is not obtained, if further appeals fail, or if the plan is not implemented within the specified timeframe. Bursa grants Serba Dinamik second extension of time until May 15 to submit regularisation plan

Newly-listed fertility care company Alpha IVF Group Bhd reported a net profit of RM13.59 million for its third quarter ended Feb 29, 2024 (3QFY2024), with a revenue of RM40.7 million, primarily from assisted reproductive services, particularly in-vitro fertilisation (IVF) treatments. In its first nine months of FY2024 (9MFY2024), the group achieved a net profit of RM38.92 million and a revenue of RM120.84 million. The company aims to expand its specialist centres in Malaysia, Indonesia, and either Cambodia or Laos, as well as enhance its research and development team to keep pace with advancements in assisted reproductive services. Alpha IVF makes RM13.6 mil net profit in 3Q, sees rising demand for fertility solutions amid resurgence in medical tourism

Two subsidiaries of Comfort Gloves Bhd — Comfort Rubber Gloves Industries Sdn Bhd (CRGI) and Gallant Quality Sdn Bhd (GQ) — have commenced legal action against the Inland Revenue Board (IRB) over an additional tax demand of RM99.3 million. This demand stems from the IRB’s adjustment of the tax basis period, following Comfort Gloves’ change in its financial year end to Dec 31, 2021, despite prior approvals. GQ obtained an interim stay from the court pending disposal of the judicial review leave application, while CRGI was granted leave by the court to challenge the decision and penalties. Comfort Gloves’ units go to court over RM99 mil additional tax demand

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