KUALA LUMPUR: Here is a brief recap of some corporate announcements that made news on Tuesday (Sept 20) involving Top Glove Corp Bhd, AME Real Estate Investment Trust (AME REIT), Sarawak Consolidated Industries Bhd (SCIB), CIMB Group Holdings Bhd, IHH Healthcare Bhd, Petronas Chemicals Group Bhd, Sime Darby Property Bhd, Nestcon Bhd, Citaglobal Bhd, Turiya Bhd, Pos Malaysia Bhd and SKP Resources Bhd.
Top Glove Corp Bhd closed the final quarter of its financial year ended Aug 31, 2022 (FY22) in the red, as escalating costs as well as normalisation in demand and average selling prices (ASPs) for gloves ate into its earnings. For the fourth quarter (4QFY22), Top Glove posted a net loss of RM52.59 million compared to a net profit of RM447.4 million for 4QFY21 as revenue fell 52.28% to RM990.1 million from RM2.07 billion. The 4QFY22 net loss caused its cumulative net profit for FY22 to plummet 96.94% to just RM235.97 million, from RM7.71 billion for FY21. Full-year revenue fell 65.94% to RM5.57 billion, from RM16.36 billion.
AME Real Estate Investment Trust (AME REIT), the REIT arm of industrial property developer AME Elite Consortium Bhd, which made a modest Bursa Malaysia debut, has identified three more industrial properties for potential acquisition over the next 12 months from its sponsor AME Elite Consortium Bhd. These properties have a total gross floor area of 256,828 sq ft and are located in AME Elite's industrial parks, said Simon Lee, chairman and executive director of I REIT Managers Sdn Bhd, the management company of AME REIT. The acquisition, if it materialises, would increase AME REIT's portfolio of assets to 37 investment properties, from 34 currently.
Sarawak Consolidated Industries Bhd (SCIB) is set to gain US$13.32 million (RM60.72 million) after the clients of six contracts in Qatar and Oman agreed to take on the debts that the group owes to its subcontractors for the projects. SCIB's US$133.42 million debt obligations to the subcontractors are to be taken up by the projects' respective clients, and are to be fulfilled by utilising the US$146.74 million debts the clients owe SCIB and its unit SCIB International (Labuan) Ltd (SCIBL). SCIB said it has inked novation agreements with Pavilion Qatar Engineering Co WLL, Revenue International LLC, Interceptor Trading & Contracting WLL and Skyview Trading & Contracting WLL in the two countries to modify their prior settlement agreements to facilitate the debt resolution.
CIMB Group Holdings Bhd has doubled its sustainable finance commitment to RM60 billion by 2024 after achieving the RM30 billion target two years ahead of schedule in the first half of this year. Last year, CIMB announced that it would mobilise RM30 billion in sustainable finance from 2021 to 2024, aimed at creating positive impacts aligned with its Green, Social, Sustainable Impact Products and Services Framework. Group chief executive officer Datuk Abdul Rahman Ahmad said to deliver the new target, the bank recently launched the first sustainable term investment account-i (TIA-i) in Asean for the business community.
Integrated healthcare provider IHH Healthcare Bhd has announced its goals to cap carbon emissions by 2025 and achieve net zero by 2050, while continuing to grow the business. The company also unveiled its sustainability goals, which are encapsulated in the four pillars of patients, people, the public and planet. It aims to be the most trusted private healthcare provider and employer of choice in private healthcare in all its markets by 2025, and touch five million lives by building healthier communities by 2025. These announcements were made in conjunction with the 10th anniversary of the company's dual listing in Malaysia and Singapore.
Petronas Chemicals Group Bhd and ExxonMobil have signed a memorandum of understanding to assess the potential for large-scale implementation of advanced plastic recycling technology to help create a circular economy for plastics in Malaysia. In a joint statement, the companies said they will also evaluate opportunities to support improvements in plastic waste collection and sorting in the country. Managing director and chief executive officer Mohd Yusri Mohamed Yusof said Petronas Chemicals, which is the petrochemical arm of national oil and gas company Petroliam Nasional Bhd (Petronas), has been continuously exploring and implementing innovative technologies to develop sustainable solutions demanded by its customers.
The construction industry is in dire need of eco-friendly cement — also known as “green cement” — towards realising the nation's aspiration to achieve net-zero greenhouse gas emissions by 2050. Sime Darby Property Bhd group managing director Datuk Azmir Merican said currently, there is no known substitute material for cement, noting that the cement industry is among the highest emitters of carbon dioxide (CO2). It was reported that the production of cement accounts for as much as 7% to 8% of global CO2 emissions.
Nestcon Bhd has bagged a RM165.08 million contract to provide site clearance, earthwork and ancillary works for Block 1 of CBS 2 in Sungai Bakau at the Mukah-Balingan coalfield in Sarawak. Nestcon said its wholly-owned subsidiary Nestcon Infra Sdn Bhd, had accepted a two-year letter of award with an option to extend for another two years, from BARA Mining & Construction Sdn Bhd, after it was appointed as a contractor for the project.
Two people related to the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah have resigned from Citaglobal Bhd, effective immediately. Citaglobal announced the resignation of Tengku Datuk Seri Uzir Tengku Ubaidillah and Tengku Datuk Indera Zubir Tengku Ubaidillah from the company's boardroom. Tengku Uzir and Tengku Zubir are cousins of the King. Citaglobal, which was formerly known as WZ Satu Bhd, said Tengku Uzir and Tengku Zubir resigned from their respective posts to pursue their other personal interests.
Turiya Bhd‘s shareholders rejected a resolution to re-elect non-independent director, Tunku Datuk Yaacob Khyra, at the group's annual general meeting. The group said six shareholders who collectively hold 3.83 million shares (representing 99.5% of voting shares) voted against his re-election. In comparison, 29 minority shareholders with a total of 19,330 shares (representing 0.5% of voting shares) voted in favour of the resolution. Turiya subsequently announced the retirement of Tunku Yaacob, 62, as a member of its board. He was appointed as director in 2019.
Embracing digitisation sentiments, Pos Malaysia Bhd announced the implementation of a digitally-enabled initiative through an omnichannel chatbot that allows customers to self-serve customs clearance for inbound parcels from any device. The group said customers can now pay for their clearance fees and taxes online using the omnichannel chatbot, which could improve overall customer experience significantly and reduce the delivery time to as short as three days from arrival at customs to delivery at doorstep.
SKP Resources Bhd announced the demise of its executive chairman cum managing director, Datuk Gan Kim Huat. The industrial mould manufacturer said Gan, who passed away at 74, had helmed the group since December 2002. He had over 30 years of experience in plastics injection moulding and was a well-known entrepreneur in the local plastics industry due to his wide knowledge of plastics manufacturing and network of contacts in the industry.
Source : The Edge Markets