Thursday, January 11th, 2018

 

Hard Brexit ‘could cost 14,000 jobs’ at German car suppliers

FRANKFURT AM MAIN, Jan 11 — A worst-case Brexit scenario could put thousands of jobs at risk at German car parts suppliers, a study warned today, as Britain grapples with navigating its complex exit from the EU. A so-called “hard Brexit”…


Amtek to sell Crocodile brand inventory to pay loans, creditors

PETALING JAYA: Amtek Holdings Bhd said it will use the RM8 million cash it will raise in the disposal of its Crocodile brand inventories to pay loans and creditors, after its unit decided to terminate the licensing agreement with Crocodile International Sdn Bhd on Jan 8, 2018.

As at Sep 30, 2017 the company's total borrowing stood at RM7.9 million. CISB has signed a new licensing agreement with a unit, Miroza Leather (M) Sdn Bhd, under MESB Bhd that will run between Feb 1, 2018 until Dec 31, 2020.

In a filing with Bursa Malaysia, Amtek said that it has entered into a sale and purchase agreement with CISB to dispose its entire brand inventories, accessories and retail fixed assets located at consignment sales outlet, boutique and warehouse for RM8 million cash.

The two parties have agreed to terminate the remaining period of the licence agreement dated July 1, 2014, between February 1, 2018 to March 31, 2019 for both the men’s apparel and small leather goods signed between AISB and CISB. The move has pushed the company to a Practice Note 17 status with the obligation to come up with a regularisation plan in the next 12 months.

“AISB will commit to the remaining obligations of the agreement that is applicable up to 31 January 2018. However, during the sell-off period of one month in January 2018, CISB agrees to charge AISB royalty at the same rate as the existing license agreement based on actual net sales and agrees to waive the Corporate Advertising Fund fee for the month of January 2018 only,” Amtek’s board of directors said.

Amtek's shares gained 13.85% to close at 37 sen with 36,500 shares done.


Lose a jobseeker, lose a customer, Futurestep warns Asia-Pac companies

KUALA LUMPUR, Jan 11 ― Over three-quarters of jobseekers who are treated poorly during the hiring process are more likely to reject an employment offer when it comes, according to a new survey of 589 professionals across the Asia-Pacific region….


HLT Global to diversify into rubber gloves manufacturing business

PETALING JAYA: Glove-dipping line manufacturer HLT Global Bhd has proposed to acquire HL Rubber Industries Sdn Bhd (HLRI) for RM33 million, in a move which will see it diversify into the rubber gloves manufacturing business.

HLRI is primarily engaged in the manufacturing and trading of rubber gloves, including both natural and synthetic rubber gloves for customers in the medical, food and beverage as well as consumer industries amongst others.

In a statement yesterday, HLT said it has entered into a heads of agreement with Suntel International Co Ltd, Kan Mei Yoong and Lee Sow Yin for the proposed acquisition of 5.77 million ordinary shares, representing 55% of the issued share capital of HLRI.

The group said the purchase consideration will be satisfied via the issuance of 113.8 million new ordinary shares in HLT at an issue price of 29 sen per consideration share.

“As a company, it is only natural that we aim to establish a stronger foothold in the industry and we view this exercise as synergistic and complementary to our existing fabrication business of glove-dipping lines,” HLT’s executive director and CEO Chan Yoke Chun said.

“Exports from Malaysia accounts for a lion’s share of the global market consumption hence, we aim to leverage on this opportunity and penetrate into new markets both regionally and internationally,” he added.

Moving forward, HLT said it continues to seek opportunities in the domestic and international markets by focusing on delivering the highest quality in product and customer service.


THHE-Yinson FPSO deal halted pending court ruling

PETALING JAYA: The Court of Appeal has allowed the application by Globalmariner Offshore Services Sdn Bhd (GMOS) to stay the proposed novation of the leasing for Layang FPSO facilities made between TH Heavy Engineering Bhd (THHE) and JX Nippon Oil & Gas Exploration (Malaysia) Ltd to Yinson Energy Sdn Bhd, an associate of Yinson Holdings Bhd, to appeal the deal.

THHE and Yinson told Bursa Malaysia that the court has further directed and/or ordered that GMOS' appeal be heard by February 2018.

The court has also fixed the appeal for further case management on January 30 to amongst others, fix a hearing date for the appeal.

The appeal was filed subsequent to the High Court's dismissal of GMOS' application to intervene in the High Court proceedings on December 21, 2017, when it granted THHE leave to enter into the proposed novation of the contract dated November 27, 2014.

Yinson’s share price fell 9 sen or 2.2% to close at RM4.06, while THHE declined half a sen or 4.2% to 11.5 sen.
 


Uzma bags two contracts from Petronas Carigali

PETALING JAYA: Uzma Bhd’s wholly owned subsidiary Uzma Engineering Sdn Bhd was awarded two contracts by Petronas Carigali for an undisclosed contract sum.

Uzma’s board of directors said in a Bursa Malaysia filing, it received a letter of award from Petronas on December 28, 2017 for the provision of 340K and 460K Hydraulic Workover Unit for a period of three years, commencing December 22.

In addition to that, it has also secured another contract for the provision of the Hydraulic Workover Unit (HWU) – “Ghazi 461 via a letter of award received on December 22, 2017.

The contract is slated to begin on December 28, 2017 and run until the completion of three firm wells.

Uzma's shares fell 0.66% to close at RM1.50 with some 1.18 million shares done.


Ringgit soars to 3.9850 vs US dollar

KUALA LUMPUR, Jan 11 — The ringgit has again breached the psychological level of 4.0 versus the US dollar in a week, thanks to the positive sentiment driven by the encouraging manufacturing data released today, alongside the strong crude oil…


Ta Ann buys 30.39% of Sarawak Plantation for RM169.94 million

PETALING JAYA: Timber company Ta Ann Holdings Bhd is acquiring a 30.39% stake in Sarawak Plantation Bhd for (SPB) RM169.94 million or RM2 per share in a related party transaction.

SPB’s share price edged up 4 sen or 2.3% to close at RM1.80, while Ta Ann fell 2 sen or 0.6% to RM3.51.

The purchase sum represents a premium of about 11.48% to its five-day volume weighted average price of RM1.7941.

Ta Ann said in a filing with the stock exchange, it had entered into a conditional share sale agreement with Cermat Ceria Sdn Bhd (CCSB) for the acquisition, which will be fully satisfied in cash and funded via internally generated funds and/or bank borrowings.

The proposed acquisition is consistent with its plan to further expand its oil palm plantation business and gain larger market access in Sarawak.

SPB Group has a total planted hectarage of 34,837 ha, which is made up of 26,825 ha of mature area and 8,012 ha of immature area respectively. Its oil palm estates are predominantly located at Niah and Mukah, Sarawak.

Taking into account 40.39% participation in SPB’s plantation estates, Ta Ann’s planted area is expected to be enlarged by about 23%.

Ta Ann executive chairman and major shareholder Datuk Amar, who has 7.30% direct and 27.82% indirect interest in Ta Ann via held by Mountex
Sdn Bhd, is also the controlling shareholder of CCSB.

In addition, Datuk Wahab Haji Dolah, Ta Ann managing director and CEO Datuk Wong Kuo Hea and Upaya Rajang Sdn Bhd are deemed persons connected to Datuk Amar by virtue of their major shareholdings in Mountex.


Avocado sales could more than double this year, helped by demand from China’s middle class

avocado-prices-double-blog0417

Avocado sales to China are expected to more than double this year as demand continues to grow for the fruit from the country’s expanding middle-class population. “It appears to just double every year, from what we’ve seen,” Steve Barnard, president of Oxnard, California-based Mission Produce, the world’s largest distributor of avocados. “It maybe more than double this year.” And, the pace of growth shows no sign of slowing as more health-conscious consumers in the world’s most populous nation show an interest in the “heart-healthy” avocados, executives say. The fruit alsoRead More


China’s cyber watchdog scolds Ant Financial over user privacy breach

antfinancial

(Jan 11): China’s cyber watchdog has scolded Ant Financial, Alibaba’s payment affiliate, for compromising user privacy after many users of its Alipay service were automatically enrolled in its credit scoring system. The Cyberspace Administration of China (CAC) said in a statement it had summoned Ant Financial representatives to a meeting last Saturday and told them they had failed to meet the country’s personal information security standards. The rap over the knuckles adds to a tough start to the year for Ant Financial which was recently blocked by U.S. regulators fromRead More