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FGV, Carlsberg, Minda Global, Dolomite and Gunung Capital

TheEdge Fri, Feb 14, 2020 10:45pm - 1 week ago


KUALA LUMPUR (Feb 14): Based on corporate announcements and news flow today, stocks in focus on Monday (Feb 17) may include: FGV Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Minda Global Bhd, Dolomite Corp Bhd and Gunung Capital Bhd.

FGV Holdings Bhd is diversifying into the business of dairy farming and fresh milk processing, a step towards becoming an integrated agrifood company.

The group is spending RM10 million to acquire new shares amounting to a 60% equity interest in the enlarged share capital of RedAgri Farm Sdn Bhd, which owns the Bright Cow brand of dairy products.

The move will enable FGV to create more value from its existing resources and to tap into synergies within the palm-based circular economy.

Carlsberg Brewery (M) Bhd announced today that Customs has cancelled its bill of demand claiming for sales tax and penalty totalling RM20.65 million.

The company told the stock exchange that it received a letter from the Selangor State Director of Royal Malaysian Customs yesterday.

The letter confirms that "the bill of demand for sales tax amounting to RM13.76 million and the penalty amounting to RM6.88 million for the period of July 1, 2011 to Jan 14, 2014 has been cancelled", said Carlsberg in today’s filing with Bursa Malaysia.

The cancellation took effect on Jan 15, 2020.

Minda Global Bhd is planning to consolidate every 10 shares in the company into 1 new consolidated share, to shed the impression that its shares are just a "penny stock".

The proposed exercise — expected to be completed in the second quarter of 2020 — will see Minda Global’s share base being consolidated to 123.99 million shares from 1.24 billion shares presently.

Minda Global's shares last traded at 5.5 sen apiece. At this price, the exercise will theoretically see its share price adjust to 55 sen per share.

A subsidiary of loss-making Dolomite Corp Bhd has been instructed by the High Court here to pay RM35.46 million to Fadzilah & Fikri Sdn Bhd, after having failed to set aside a summary judgement application filed by the latter.

The amount due — which has yet to take into account a 5% annual interest from June 2018 and costs of RM10,000 that Dolomite was also ordered to pay — is bigger than the quarry operator turned property developer's current market capitalisation of RM31.34 million.

Gunung Capital Bhd said its group managing director-cum-chief executive officer Datuk Syed Abu Hussin Hafiz Syed Abdul Fasal has ceased to be its substantial shareholder, confirming a recent report by The Edge Malaysia.

Gunung Capital revealed that Syed Abu Hussin had disposed of 7.45 million shares representing a 3.117% direct stake in the company at 58.24 sen per share, in a combination of open and off markets disposal on Feb 12.

“Syed Abu Hussin, the managing director and CEO of Gunung Capital has notified that he has disposed of all his equity interest in Caturan Gama Sdn Bhd, as such he ceased to have any deemed interest in the securities of the company via Caturan Gama Sdn Bhd,” it said in a separate filing.

Following the disposal, Syed Abu Hussin — who as of last April was the group’s single largest shareholder with an equity interest of 27.98%, of which 23.81% was a direct stake — has exited the loss-making passenger vehicle charterer.

The 60-year-old has been paring down his stake in Gunung Capital since end-December 2019, prompting talks of the emergence of new substantial shareholders.








Related Stocks

BRIGHT 0.230
BURSA 5.500
CARLSBG 37.200
DOLMITE 0.095
FGV 1.240
GUNUNG 0.580
MINDA 0.050

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