•Chin Hin Group Bhd plans to acquire a 51.5% stake in Chin Hin Group Property Bhd (CHGP) for RM88.86 million from its chairman Datuk Seri Chiau Beng Teik and his family. It has signed a sale and purchase agreement with Beng Teik, his son Haw Choon, who is also Chin Hin's managing director, and their vehicle Divine Inventions Sdn Bhd to acquire the 176.61 million shares in CHGP, together with 37.65 million or 30.9% of the warrants in CHGP, for RM88.86 million. The group also announced a bonus issue of 278.19 million shares, on the basis of one bonus share for every two ordinary shares held in Chin Hin on an entitlement date to be fixed.
•CN Asia Corp Bhd, which was slapped with an unusual market activity (UMA) query by the stock exchange regulator earlier today, said it is unaware of any reason that could account for the recent sharp rises in its share price and trading volume. CN Asia's counter surged 30 sen or 29.41% today to RM1.32, its highest level in nearly six-and-a-half years. At the current price, the company has a market capitalisation of RM72.49 million.
•Kotra Industries Bhd's wholly owned unit Kotra Pharma (M) Sdn Bhd has announced voluntary product recall for Axcel Mometasone 0.05% w/w Nasal Spray as it "may not have met the Pharmacopeia microbial specifications", said the pharmaceutical firm. Kotra said the voluntary recall is only for those products that were manufactured under batch numbers B1912005, B1912030, B1912038 and B1912050. The products were distributed in Malaysia through selected distribution points such as pharmacies, clinics and hospitals.
•A foreign worker dormitory of Lii Hen Industries Bhd in Muar, Johor has been put under Enhanced Movement Control Order (EMCO) after seven of its employees tested positive for Covid-19. Lii Hen said the Ministry of Health issued the order after its visit to the company's premises yesterday following the confirmation of positive Covid-19 cases. The EMCO on the specific foreign worker dormitory is in effect for 10 days starting from Dec 27, 2020 until Jan 5, 2021.
•Auto parts manufacturer New Hoong Fatt Holdings Bhd reported that 94 of its employees tested positive for Covid-19 after a planned screening involving 314 employees at its factory in Meru, Klang. As such, the company has temporarily closed the affected metal parts production factory from Dec 25, 2020 until further notice to contain potential infections.
•The company noted that its plastic parts production factory, which is at a different location, is currently in operation. Its office operation is also unaffected, it said, as its management and supervisory staff have been working from home.
Kerjaya Prospek Group Bhd announced today it has won a RM61.9 million contract from Aspen (Group) Holdings Ltd, to develop a proposed residential project in Penang. It said its wholly owned subsidiary, Kerjaya Prospek (M) Sdn Bhd, won the contract from Aspen Vision City Sdn Bhd, an indirect subsidiary of Aspen (Group) Holdings. The contract shall commence on Jan 5, 2021 and be completed within 24 months from the commencement date.
•Apex Equity Holdings Bhd (AEHB) said it intends to dispose of four parcels of freehold land in Shah Alam measuring 23,915.34 square metres for RM37 million cash. AEHB said its wholly owned subsidiary, Apex Equity Capital Sdn Bhd today entered into a sale and purchase agreement with KlangRealty Integrated Sdn Bhd. The proposed disposal is expected to result in a gain of approximately RM4.6 million for its financial year ending Dec 31, 2021.
•Budget airline AirAsia Group Bhd has decided to sell 32.67% of the 49% stake it holds in AirAsia (India) Ltd to Tata Group for US$37.66 million (approximately RM152.58 million). As part of the transaction, there will be a call option in respect of the remaining 16.33% stake, exercisable by Tata at any time after the transaction is completed. The total consideration in respect of the options granted for the remaining 16.33% stake shall be US$18.83 million (approximately RM76.29 million). AirAsia said the disposal will reduce cash burn in the short term and allow the company to concentrate on recovery of its key ASEAN markets in Malaysia, Thailand, Indonesia and the Philippines in the long run.
•Kim Loong Resources Bhd’s net profit for the third quarter ended Oct 31, 2020 (3QFY21) more than doubled to RM28.84 million from RM13.79 million a year ago, underpinned by higher production of fresh fruit bunches (FFB) and crude palm oil (CPO) prices. The group’s revenue for the quarter climbed 58.92% to RM278.6 million from RM175.31 million. It also declared a special dividend of three sen per share for its FY21 ending Jan 31, 2021.
•Logger and timber products manufacturer Minho (M) Bhd announced that five of its employees have been confirmed as Covid-19 positive, after the company conducted a mass screening exercise on Dec 26. The screening was done on 394 employees, comprising both local and foreign workers. Following the detected Covid-19 cases, the company said immediate sanitisation has been carried out internally, and close contract tracing has also been conducted. Minho said the capacity loss as a result of the disruption is still estimated to be no more than 1% of the total annual output volume. Other production facilities at different locations remained operating as per normal, it said.
•Artroniq Bhd, formerly known as Plastrade Technology Bhd, is planning to place out not more than 30% of its issued shares to raise as much as RM30.77 million, which it intends to use as working capital and to invest in a future viable investment that it is still identifying in the information and communication technology (ICT) or management services sectors. The private placement to investors to be identified will involve up to 86.68 million shares, at an issue price of 35.5 sen apiece.
•Duopharma Biotech Bhd said the government has extended the agreement for the supply and delivery of human insulin products by one year from Dec 2, 2020 to Dec 1, 2021, with an additional contract value of RM19.625 million. Following this second additional contract, the total contract value has been increased to RM410.725 million from RM300.04 million under the original agreement.
•MISC Bhd's joint-venture (JV) companies have secured a five-year extension from Shell Brasil to provide floating production storage and offloading (FPSO) Espirito Santo, located offshore Brazil. Its two JV companies — Brazilian Deepwater Production Ltd (BDPL) and Brazilian Deepwater Production Contractors Ltd (BDPC) — had entered into an agreement with Shell Brasil on Dec 7, 2020. The initial contracts were entered by both companies with Shell Brasil in 2006 with an expiry date of December 2023. However, with the extension, the contracts will be extended to December 2028.
•Toyo Ventures Holdings Bhd has finally executed the build, operate and transfer (BOT) contract with Vietnam’s Ministry of Industry and Trade (MOIT) for the development of the US$3.23 billion Song Hau 2 Thermal Power Plant project, which was first announced in 2008. Concession period for the plant starts from the execution of the BOT contract (today) until 25 years after the facility's commercial operation date. Toyo Ventures' board is still reviewing various investments and funding options including identifying strategic investors and other suitable parties to co-invest in the project.
•The United States has banned imports of palm oil from Malaysian producer Sime Darby Plantation Bhd over allegations of forced labour in the production process, according to the US Customs and Border Protection. The agency said it has issued a "withhold release order", which will allow it to detain shipments based on suspicion of forced labour involvement under long-standing US laws aimed at combating human trafficking, child labour, and other human rights abuses.
•Tomypak Holdings Bhd managing director Eddie Lim Hun Swee will be ending his tenure effective Dec 31, 2020. Meanwhile, Lim will continue to serve as a non-independent non-executive director. In the meantime, executive director Tan See Yin will assume all responsibilities to ensure business and operational continuity.
•Two employees of Alliance Bank Malaysia Bhd, one based at its branch and one at its direct marketing office — both along Jalan Ipoh here — have tested positive for Covid-19. Both employees are currently pending medical treatment at an appointed government hospital, said the bank.
•Integrated industrial space solutions provider AME Elite Consortium Bhd is aiming to generate more than RM1.5 billion in gross development value (GDV) through its 169.8-acre land acquisitions in the Southern Industrial and Logistics Clusters (SiLC) in Iskandar Puteri, Johor Bahru. IT is buying the land from UEM Land Bhd and Nusajaya Heights Sdn Bhd, both wholly-owned subsidiaries of UEM Sunrise Bhd. The total purchase consideration of the proposed land acquisitions amount to RM434.3 million.
•Eco World Development Bhd (EcoWorld) and UEM Sunrise have decided to proceed with discussions on their proposed merger, ahead of the Jan 2, 2020 deadline set by Securities Commission Malaysia (SC). EcoWorld said its board of directors had deliberated on the proposed merger and decided to commence discussions and explore the feasibility of the merger.
•Oil and gas contractor Uzma Bhd is planning to raise up to RM300 million via a Perpetual Sukuk Musharakah Programme which it is setting up to raise proceeds for working capital, capital expenditure and to refinance its existing borrowings. The group said it has today lodged with the Securities Commission Malaysia, all required information and documents relating to the setting up of the programme. RHB Investment Bank Berhad is the principal adviser and lead arranger and manager for the perpetual sukuk musharakah programme.
•STYL Associates PLT has resigned as the auditor of G Capital Bhd, effective today. The group said it received a notice in writing for the auditor's voluntary resignation, with the latter citing the unavailability of resources to manage the engagement.
•FGV Holdings Bhd said today RHB Investment Bank Bhd (RHB IB) has been appointed as the independent adviser of the proposed unconditional mandatory takeover offer for FGV shares at RM1.30 each by the Federal Land Development Authority (Felda). It said RHB IB has been appointed to advise the group’s non-interested directors and holders of the offer shares in respect of the fairness and reasonableness of the offer.
•Sime Darby Property (Nilai) Sdn Bhd has awarded to Stella Holdings Bhd's wholly owned subsidiary Mewah Kota Sdn Bhd a RM20.97 million contract involving water and electricity infrastructure work in Negeri Sembilan. Stella said the project within the Nilai Impian 2 township in Seremban involves, among others, construction of an incoming water pipe and elevated water tank. It said, the contract is for a period of 18 months and the date for completion shall be on July 6, 2022.
•Willowglen MSC Bhd has secured a contract worth RM20.2 million from Singapore’s Public Utilities Board to replace and enhance supervisory control and data acquisition system and ancillary works at the Tuas South desalination plant. The three-year contract was awarded to its wholly-owned Willowglen Services Pte Ltd, the company's stock exchange filing today showed. The job will start on Jan 4, 2021 and be completed by Jan 3, 2024.
•K-One Technology Bhd’s (K-One) wholly-owned subsidiary, K-One MediTech Sdn Bhd, has received the approval from Medical Device Authority of Malaysia (MDA) to manufacture and supply five additional variants of nasal swabs for use in Covid-19 testing. It said the approval is timely, as the government has made it mandatory for all foreign workers to be tested for Covid-19 starting Jan 1, 2021, which would boost demand for nasal swabs.
