Top Glove, Hartalega, Techfast, LBS Bina, Censof, Supercomnet, Cymao, Sanichi, Awantec and Yong Tai

TheEdge Wed, Jan 06, 2021 11:04pm - 1 month ago

KUALA LUMPUR (Jan 6): Based on corporate announcements and news flow today, the following companies may be in focus tomorrow (Jan 7): Top Glove Corp Bhd, Hartalega Holdings Bhd, Techfast Holdings Bhd, LBS Bina Group Bhd, Censof Holdings Bhd, Supercomnet Technologies Bhd, Cymao Holdings Bhd, Sanichi Technology Bhd, AwanBiru Technology Bhd (Awantec) and Yong Tai Bhd.

BlackRock, which holds a 1.61% stake in Top Glove Corp Bhd, voted against the election of six independent directors at the rubber glove maker's annual general meeting today, as it is of the view the board had failed in its duty to mitigate the issues of migrant workers' health and safety. The six independent directors are Datuk Lim Han Boon, Datuk Noripah Kamso, Datuk Norma Mansor, Tan Sri Rainer Althoff, Sharmila Sekarajasekaran and Lim Andy.

Hartalega Holdings Bhd and its two subsidiaries are suing its former executive director Danaraj Nadarajah, accusing him of having set up a competing business using one of the unit's resources during his tenure with Hartalega. They are seeking a declaration that he had breached his fiduciary duty, his duty of fidelity to the three companies, as well as his contract, and to claim for damages for his actions.

Techfast Holdings Bhd plans to diversify into petroleum trading and oil bunkering by acquiring a 35% stake in a company that supplies marine fuels. The group said it is buying the stake in CCK Petroleum Sdn Bhd from Kuah Choon Ching for RM26.25 million, of which RM16.17 million will be paid in cash and the balance via the issuance of 23.44 new Techfast shares at 43 sen per share. It added that Kuah has issued a profit guarantee of RM10 million for CCK Petroleum in FY21 and FY22. Techfast also announced a private placement of 75.29 million shares or 30% of its total share capital to raise RM28.23 million.

LBS Bina Group Bhd plans to launch projects worth an accumulated gross development value of RM2.65 billion this year. The group continues to adapt to new norms and shift its marketing strategies through digital platforms. New developments in the pipeline in the Klang Valley include new phases at the KITA @ Cybersouth township in Dengkil which consist of  serviced apartments, single- and double-storey terraced houses and town houses.

Censof Holdings Bhd has bagged a RM10.12 million contract from the Ministry of Finance to undertake the provision of maintenance and support services for the latter's budget management information system, MYResults. Censof said the contract carries a tenure of two years rom Jan 1, 2021.

Supercomnet Technologies Bhd will be reclassified under the healthcare sector effective from Jan 11. It is currently classified under the industrial products and services sector.

Cymao Holdings Bhd, which was issued an unusual market activity (UMA) query by Bursa Malaysia yesterday, said it is unaware of any corporate development, apart from its proposed diversification into construction and project management. The plywood products maker said the board believes that the proposed diversification is expected to provide additional revenue streams and enhance the group's profits, thereby reducing its dependence on its existing business and subsequently improve the group's financial performance and shareholders' value. The group will also continue to secure more construction-related contracts.

Sanichi Technology Bhd has emerged as a substantial shareholder of BCM Alliance Bhd, after acquiring 50.77 million shares or a 10.54% stake in the company via off-market trades. Sanichi purchased the said stake for RM21.83 million, according to a filing with Bursa Malaysia yesterday.In short, this means that Sanichi spent 43 sen on each share in BCM Alliance. The acquisition was funded by internally generated funds.

AwanBiru Technology Bhd (Awantec), formerly known as Prestariang Bhd, is collaborating with Huawei Technologies (Malaysia) Sdn Bhd to drive and promote the adoption of Huawei Cloud and artificial intelligence (AI) products and services in the public sector. Under this collaboration, Huawei will act as Cloud and AI Service Provider, offering its cloud products and services. Awantec, on the other hand, will act as managed services partner and drive demand and adoption for Huawei's products and services.

Yong Tai Bhd, which last month proposed the development of  a China-based company’s Covid-19 vaccine in Malaysia, today signed up Tiong Nam Logistics Holdings Bhd to provide distribution services for the vaccine. Under the deal, Tiong Nam’s subsidiary Tiong Nam Logistics Solutions Sdn Bhd will provide logistics services, which also include transportation and warehouse space storage,  for the vaccine.

On Dec 4, Yong Tai inked a heads of agreement with Shenzhen Kangtai Biological Products Co Ltd for the development and exclusive commercialisation of the latter’s inactivated Covid-19 vaccine in Malaysia. Today, Yong Tai signed an extension letter with the Chinese company to work towards a more definitive commercialisation agreement by Feb 3.

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