KUALA LUMPUR (July 13): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (July 14) include: Can-One Bhd, Kejuruteraan Asastera Bhd (KAB), Saudee Group Bhd, Protasco Bhd, Texchem Resources Bhd, AirAsia Group Bhd, Top Glove Corp Bhd, Tenaga Nasional Bhd (TNB) and Tune Protect Bhd.
Can-One Bhd is buying two plots of freehold land in Klang for RM103.55 million or RM35 per square feet, to be used as a new manufacturing hub and warehousing facility. The acquisition of the plots, measuring 68 acres, is also aimed at relocating some of the group’s operations in the Klang Valley and consolidating them in one location, to improve operating efficiency.
Kejuruteraan Asastera Bhd (KAB) said an engineering technology group has filed a RM17.82 million counterclaim against the group and its subsidiary, KAB Technologies Sdn Bhd (KABT), in response to a suit filed by KABT.
"The defendants' counterclaim appears to be premised on a claim for passing off, breach of confidential information, breach of fiduciary duty, the abuse of process and conspiracy to injure," KAB said in a filing with Bursa Malaysia today, naming ICEE International Sdn Bhd and ICEE Energy Services Sdn Bhd and Prabodh Kumar Kantilal as the defendants.
KAB said it received a copy of the counterclaim along with an amended defence statement last Friday.
The group said the original suit was filed by KABT and KAB managing director Datuk Lai Keng Onn on May 28. They are seeking declarations that they are not liable for using ICEE's business information on KABT's website for a limited period of time, because the defendants had allegedly consented to the use of ICEE's business information.
In another filing today, KAB said KABT on June 26 sued ICEE International and ICEE Energy over alleged breach of material terms in work orders that it claims had caused KABT to suffer a loss.
Pertaining to the counterclaim, KAB said it intends to summarily strike out the action as the defendants had "improperly added KAB as a party", and that it views the sum claimed as being speculative and without credible basis.
Frozen food processor Saudee Group Bhd has proposed the acquisition of two meat trading firms for RM20 million in a move to expand its offerings, especially the premium product range. The purchase consideration of RM10 million for each firm will be settled via the issuance of 31.25 million new Saudee shares at 32 sen apiece.
Protasco Bhd is disposing of three plots of commercial land in Johor to NSK Property Sdn Bhd, for RM16.72 million in cash, with proceeds to be used to pare down its existing term loan and generate additional cash flow.
Texchem Resources Bhd has received an unusual market activity enquiry from Bursa Malaysia Securities over the spike in the company’s share price and volume. In response, the group said the trading activity might be due to an article published by a person named Calvin Tan Eng with regards to the company venturing into formulating latex glove chemical. It added that the article had extracted the information from the company’s magazine “Texview”, a regular quarterly in-house publication, which was made available in the company’s website in early November 2019.
Tata Sons plans to quit its budget airline venture with AirAsia Group Bhd as the Covid-19 pandemic batters the aviation business, according to an Indian media report. Malaysia's AirAsia Bhd owns 49% of AirAsia India, the maximum foreign ownership allowed in an Indian airline, while the remainder is held by Tata Sons.
"Tata is not very keen on staying invested in AirAsia India. AirAsia's Malaysian partner has approached Tata Sons to sell its 49% but Tata has not accepted the offer. “In fact, the plan — which is at a preliminary stage — is to exit its holding in AirAsia India and focus more on Vistara," Livemint.com reported, citing sources.
Top Glove Corp Bhd, the world’s largest glove maker, said it is set to build two factories every year to keep pace with global demand for rubber gloves, amid increased usage in the medical industry and heightened hygiene awareness among people due to the Covid-19 pandemic. Meanwhile, Top Glove has overtaken utility giant Tenaga Nasional Bhd (TNB) as the third-largest company on Bursa Malaysia in terms of market capitalisation, after its shares price closed RM2.08 or 9.49% higher at its record high of RM24 today. At its closing price, Top Glove is valued at RM64.72 billion. The market capitalisation of the glove maker is higher than TNB’s market capitalisation of RM64.58 billion.
Tune Protect Bhd’s group chief executive officer Khoo Ai Lin has resigned from her position to pursue new opportunities. The resignation will take effect on July 31.