KUALA LUMPUR (July 26): Here is a brief look at some corporate announcements and news flow on Tuesday (July 26), which include Kossan Rubber Industries Bhd, Tasco Bhd, CTOS Digital Bhd, MHC Plantations Bhd, Globetronics Technology Bhd, NWP Holdings Bhd, Toyo Ventures Holdings Bhd, Techna-X Bhd, XOX Bhd, Pasukhas Group Bhd, PPB Group Bhd, Eastland Equity Bhd, UMediC Group Bhd (UMC), Sapura Industrial Bhd, Caely Holdings Bhd and Astral Asia Bhd.
Kossan Rubber Industries Bhd saw its net profit plunge by 95.6% to RM45.99 million in the second quarter ended June 30, 2022, down from RM1.06 billion a year ago, on the back of lower revenue and average selling price (ASP) for gloves.
Tasco Bhd's net profit jumped 55% to RM24.43 million for the first quarter ended June 30, 2022 from RM15.77 million a year ago, thanks to higher revenue and better profit margin from its international business solutions.
CTOS Digital Bhd's net profit for the second quarter ended June 30, 2022 jumped 89.8% to RM22.48 million from RM11.84 million a year ago, underpinned by a substantial jump in other income and share of profits of associates. The better year-on-year profitability in the quarter was also due to the lower tax expenses and a decrease in finance costs.
MHC Plantations Bhd posted an 80% year-on-year increase in net profit to RM16.31 million for the second quarter ended June 30, 2022, from RM9.07 million. The group attributed the higher earnings for the quarter under review to higher average selling prices of crude palm oil (CPO), palm kernel, fresh fruit bunches and empty fruit bunches oil.
Globetronics Technology Bhd's net profit for its second quarter ended June 30, 2022 rose 79% to RM11.19 million, from RM6.25 million a year ago, thanks to higher foreign exchange gains, while a better product mix led to slightly higher sales.
NWP Holdings Bhd is venturing into the sand dredging business in a bid to expand its revenue stream after its unit, NWP Marine Sdn Bhd, had inked a joint venture (JV) agreement with OneOne Auro Marine Sdn Bhd (OOA Marine) of OneOne Auro Sdn Bhd. NWP Marine will own a 51% stake in the JV and OOA Marine owning the remaining 49%.
Toyo Ventures Holdings Bhd has submitted a letter justifying a force majeure event in an ongoing thermal power plant project in Vietnam to the Vietnamese authorities, after the authorities did not recognise the financial closing date of the project recently.
Techna-X Bhd has proposed a private placement to raise up to RM24.05 million to fund new information technology (IT) contracts and orders, including a RM50 million project it is in the midst of bidding to supply IT equipment and management system for a local enforcement agency.
It is also planning a bonus issue of free warrants on the basis of one warrant for every two Techna-X shares (one-for-two) held on an entitlement date to be fixed, that will involve the issuance of 2.16 million warrants.
XOX Bhd plans to undertake a private placement exercise to raise RM9.95 million to develop a digital media management application. It has earmarked RM9.65 million of the proceeds to be invested into a digital media management application.
Pasukhas Group Bhd has clinched an RM11.34 million sub-contract from Salcon Engineering Bhd for the execution and completion of electrical works including cabling, earthing, external lighting and equipment installation for Water Treatment Plant Telibong II, Tamparuli in Sabah, which shall be completed within five months.
PPB Group Bhd has issued a scam alert to warn people not to fall victim to the scam, as it discovered electronic messages and applications impersonating those by PPB Group.
Eastland Equity Bhd has changed its name to Meta Bright Group Bhd, effective July 28.
UMediC Group Bhd (UMC) opened 56.2% or an impressive 18 sen above its initial public offering (IPO) price of 32 sen, upon its debut on the ACE Market of Bursa Malaysia. It closed out the day at 44 sen, 12 sen or 37.5% above its IPO price, valuing the medical device manufacturer at RM164.52 million. A total of 123.5 million shares were traded.
Tycoon Tan Sri Shamsuddin Abdul Kadir, 91, has transferred his entire 28% stake or 20.38 million shares in Sapura Industrial Bhd — which he holds through investment vehicle SAK Asset Ventures Sdn Bhd — to his wife Puan Sri Mariam Parineh on July 20.
Caely Holdings Bhd’s saw substantial shareholder Datuk Seri Tee Yam @ Koo Tee Yam increase his stake in the company from 7.46% to 11.38%, after acquiring 10.13 million shares through off market. Koo owns a total of 29.38 million shares in the company now.
Astral Asia Bhd's Deputy Managing Director Md Adanan Abdul Manap, 79, has resigned, citing personal reasons.