KUALA LUMPUR, Malaysia (July 6): Stocks in focus tomorrow may include Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, CB Industrial Product Holding Bhd, TSH Resources Bhd, Serba Dinamik Holdings Bhd, Hubline Bhd, and AEON Credit Service (M) Bhd, based on corporate announcements and news flow today. Following the enforcement of the Enhanced Movement Control Order (EMCO) in the district, Top Glove Corp Bhd announced it is temporarily halting operations at its medical glove factory in Klang.
The world’s largest glove maker also stated that it is awaiting clarification from the National Security Council on the topic, but did not provide any other information.
Both Klang sub-districts are among the 34 Selangor sub-districts, as well as 14 Kuala Lumpur localities, that have been placed under the EMCO for 14 days, from July 3 to 16.
Due to EMCO, another Klang-based rubber glove manufacturer, Kossan Rubber Industries Bhd, has temporarily shut down its manufacturing facilities in Klang.
Because of EMCO, Hartalega Holdings Bhd has shut down all of its glove production facilities in Bestari Jaya and Sepang.
“Regrettably, this will have a considerable impact on both the local and international healthcare value chain in terms of disruption to supply, as Hartalega is an important maker of nitrile gloves for hospitals globally,” the group said in a written response to The Edge.
After receiving an approval letter from the Ministry of Health on July 2, CB Industrial Product Holding Bhd (CBIP) said its wholly-owned subsidiary PalmitEco Engineering Sdn Bhd (PESB) resumed manufacturing operations at its Telok Panglima Garang plant, but it was forced to close after the EMCO was imposed the next day.
PESB has temporarily halted operations, according to CBIP, following the announcement of tougher limitations for July 3-16.
“To protect the safety and health of all personnel, the company will continue to implement and practice strict standard operating procedures advised by the authorities,” it stated.
After 26 workers tested positive for Covid-19, CBIP announced on June 28 that PESB was conducting a second temporary shutdown of its manufacturing facility from June 21 to July 4.
TSH Resources Bhd wants to sell two oil palm plantations and one palm oil mill in Sabah for RM248 million in cash.
Sharikat Keratong Sdn Bhd, an oil palm plantation company, is buying the assets.
“The board has determined that, given the appreciation in value of the disposal properties over time, TSH is in a position to realize the large gain in value through the proposed disposal,” it added.
Serba Dinamik Holdings Bhd said it expects to find a new auditor by the end of the month, after its previous external auditor, KPMG PLT, resigned last month following a lawsuit filed by an oil & gas engineering firm.
On June 27, it stated it sent out a request for proposals to multinational audit companies for the provision of external audit.
Serba Dinamik further stated that it had requested a meeting with the Malaysian Companies Commission for consultation on the appointment of an external auditor in accordance with Section 272 of the Companies Act 2016.
The Civil Aviation Authority of Malaysia has granted Hubline Bhd’s subsidiary Layang Layang Aerospace Sdn Bhd an RM29 million contract to offer inspection and calibration services.
The contract, according to the company, includes aviation work, flight and calibration checks of air navigation equipment, including instrument landing systems, doppler extremely high frequency omni range, remote measuring equipment, and non-directional beacon locators.
The deal will last 60 months, from January 1, 2022, to December 31, 2026, according to the company.
The net profit of AEON Credit Service (M) Bhd increased by 521 percent to RM163.09 million for the first financial quarter ended May 31, 2021, from RM26.28 million the previous quarter.
The jump in other income, which includes bad debts recovered, insurance commission, and interest or profit income from deposits with licensed financial institutions, drove the significantly greater profit.
Due to a growth in transaction and financing volume, the group’s quarterly revenue increased by 5.41 percent to RM410.97 million from RM389.88 million a year before./n
