Thursday, January 11th, 2018
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”…
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.
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….
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.
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.
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…
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
(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