Wednesday, August 15th, 2018


Top Glove makes fresh bid to freeze Adventa’s assets

PETALING JAYA: Top Glove Corp Bhd has filed a fresh Mareva application to freeze the assets of Adventa Capital, after its previous application was dismissed by the Kuala Lumpur High Court.

In a filing with Bursa Malaysia today, the group said it had, on Monday, filed a fresh Mareva application in the writ action to restrain Low Chin Guan, Wong Chin Toh and ACPL up to the value of RM640.47 million.

The glove producer has also filed an application to join Kwek Siew Leng as the fourth defendant in the writ action and filed a fresh application originating summons to restrain Adventa Capital up to a value of RM640.47 million.

“The Court has fixed for both the fresh Mareva application in the writ action and the fresh originating summons to be heard on Sept 20. The Court has also struck out the Kuala Lumpur Originating Summons with no order as to costs,” it said.

Last month, Top Glove initiated legal proceedings against Adventa Capital over an alleged conspiracy to defraud the group as well as fraudulent misrepresentations made by the latter’s directors in relation to the purchase of surgical gloves producer Aspion Sdn Bhd for RM1.37 billion.

Top Glove’s share price rose 1.16% or 12 sen to close at RM10.50 today with 2.07 million shares traded.

Foundpac most active counter after profit fall

PETALING JAYA: Foundpac Group Bhd emerged as the most active counter today with 72.77million shares changing hands after its net profit for the fourth quarter ended June 30 fell 41% to RM1.65 million from RM2.81 million reported a year ago on higher staff expenses.

The counter was the most active at market close on Wednesday saw a 14.61% fall in its share price to 38sen.

Revenue for the period fell 12% to RM9.19 million from RM10.46 million due to the decrease in export sales of RM1.846 million, partly offset by the increase in local sales of RM 582,000.

Year-to-date its net profit fell 26.35% to RM10.22 million due to lower other income, higher staff-related expenses as a result of share option granted under ESOS of RM1.155 million, inventories written down of RM0.254 million, and foreign exchange loss of RM0.365 million in the current financial year-to-date compared with foreign exchange gain of RM0.456 million in the corresponding preceding cumulative quarter.

Revenue for the full year fell 1.18% to RM RM35.53 million from RM 35.96million, mainly attributed to the decrease in sales at US market offset by the increase in sales in the Asian region for the current financial year-to-date.

“Semiconductor and electronics industries are projected to continue growing in the coming years. Our Group will continue to uphold its core and long-term strategy to focus on business expansion and diversification, product development, as well as business process optimisation through lean implementation across all operations in the organisation,” the group's board of directors said in a stock exchange filing.

Focus on public-private tie-ups to achieve Vision 2020/25: IDC

KUALA LUMPUR: International Data Corporation (IDC) Asean is calling for the new government to focus on public-private collaborations to achieve Vision 2020/25.

As the initial Vision 2020 set higher goals to transform the country’s society and economy, the public sector needs to step up to set the direction and planning towards building a balanced ecosystem through collaborations and creating an advanced economy.

Earlier this year, IDC revealed that Malaysia’s IT spending is expected to reach US$10 billion (RM40.9 billion) by end of 2018, with 70-75% of that still in hardware. However, the investment in digital infrastructure, software, and expertise are the fundamental areas for public sector to bridge the digital divide and drive economic growth towards Vision 2020/2025.

IDC Asean managing director Sudev Bangah said as the nation aims at establishing a scientific and progressive society, the most cutting-edge research, innovations and technologies for the country is needed to achieve these goals.

“Ultimately, the public sector should start considering how the ICT industry can fully benefit from the ‘digital economy’ as well as create economic areas of new growth whether in jobs, sectors or physical locations. A joint effort between the public and private sector will create the foundation to increase the gross domestic product (GDP), foreign investment, technological experience and expertise in the country,” he said in a statement.

IDC Asia Pacific research director Internet of Things (IoT) and telco Randy Roberts said that Malaysia is one of the countries that has organically been moving towards being extra opportunistic in the utilisation of ICT.

“The new government should implement new ways to achieve the vision especially in areas of research and development, infrastructure and science and technology. We have to start identifying how emerging technologies, such as augmented and virtual reality, cognitive/AI systems, next-gen security, IoT and robotics can create new value for Malaysia to be on the same footing as other developing countries.”

Although Malaysia is still ahead of most developing countries in digital readiness, the government should set an aggressive objective to be equivalent to leading countries in the region such as South Korea and Singapore.

According to IDC’s Market Perspective: Nations and Internet of Things: A Comparative Assessment, Malaysia is ranked number eight out of 13 Asia Pacific countries in terms of IoT readiness based on country GDP, government effectiveness, innovation, loT spending and lCT spending.

Therefore, IDC urges the expansion of wired and wireless broadband networks to provide improved internet access for consumers as well as local enterprises in Malaysia, as all groups will benefit from the growth in online services.

This year, Malaysia slipped three spots to 27th from 24th in the World Digital Competitiveness Ranking 2018. Therefore, IDC believes that public-private partnerships are imperative and public sector organisations should invest in building essential digital skills and knowledge to bolster the overall ICT industry and seek opportunities to collaborate with the private sector to help the nation in achieving Vision 2020/25.

Kronologi Asia’s net profit up 10.4% in Q2

PETALING JAYA: Kronologi Asia Bhd saw its net profit increase by 10.4% to RM4.5 million in the second quarter (Q2) ended June 30 from RM4.08 million in the previous corresponding quarter, on the back of higher revenue.

The group provides on-site and off-site enterprise data management (EDM) and data storage solutions to Asian businesses.

Revenue for the quarter rose 16.36% to RM40.43 million, compared with RM48.34 million in the same quarter last year.

The growth in revenue was driven by higher volume sales recorded in Singapore and consolidation of operating results from the group’s subsidiary Quantum Storage (Hong Kong) Ltd, it said in a statement.

For the six months period, its earnings grew 6.3% to RM6.5 million, against RM6.12 million a year ago, while revenue rose 7.7% to RM79.2 million from RM73.5 million previously.

By business segments, the group said its EDM managed services had a strong growth of 84.1% to RM4.9 million as compared with the first half of 2017.

By geography, it said Singapore accounted for RM63.1 million or 79.7% of its revenue. This was followed by Hong Kong, Taiwan and India, which collectively recorded sales of RM9.8 million or 12.4% of group revenue.

On its prospects, Kronologi said with continued momentum from the first half of the year, and barring unforeseen circumstances, the group expects its financial year 2018 performance to be better than last year.

Scientex expands landbank in Malacca

PETALING JAYA: Global packaging manufacturer and property developer Scientex Bhd is expanding its landbank in Malacca, by purchasing two parcels of land totalling 209 acres from Real Golden Development Sdn Bhd for RM68.2 million.

Together with the group’s existing 197 acres land in Scientex Durian Tunggal, the enlarged township would consist of a formidable 406 acres in total.

Scientex recently launched 116 units of affordable landed homes in the township under the Rumah Mampu Milik Melaka (RMM) programme in July 2018.

To-date, Scientex has launched 660 units of affordable landed homes in the township since its maiden launch in end-2017.

Scientex Bhd managing director Lim Peng Jin said he believes the land acquisition is timely, as the enlarged landbank in the area strongly supports its ever-growing development plans and future launches in the state. Additionally, this move brings it a step closer to achieving its aim to build 50,000 affordably-priced quality homes throughout the nation by 2028.

The purchase is subject to approval by the Estate Land Board, and is expected to be completed in the first half of 2019. It will be financed by internally generated funds and/or bank borrowings.

Petronas Gas Q2 earnings up 19.7%

PETALING JAYA: Petronas Gas Bhd’s earnings rose 19.7% to RM509.3 million in the second quarter (Q2) ended June 30 from RM425.3 million in the previous corresponding quarter in tandem with higher revenue.

Revenue for the quarter grew 15.7% to RM1.36 billion, compared with RM1.17 billion in the same period last year, mainly contributed by the group’s new LNG regasification terminal in Pengerang, Johor which commenced commercial operations in November 2017.

“This was further supported by higher revenue from all segments,” the group said in a filing with Bursa Malaysia.

For the six months period, its net profit increased by 11.7% to RM992.55 million, against RM888.56 million a year ago, while revenue jumped 15.6% to RM2.7 billion, from RM2.34 billion previously.

On its prospects, the group said that its performance is expected to remain stable on the back of its strong and sustainable income streams from existing gas processing, gas transportation and regasification service agreements signed with Petronas.

The group added that its utilities segment will continue to contribute positively to its results, noting that its regasification segment results will benefit from full year contribution of the new LNG Regasification Terminal in Pengerang, Johor.

It has approved a second interim dividend of 16 sen per ordinary share amounting to RM316.6 million in respect of the financial year ending Dec 31.

Damansara Realty slips in the red in Q2 with RM330,000 net loss

PETALING JAYA: Damansara Realty Bhd fell into the red in the second quarter ended June 30 (Q2 2018) registering a net loss of RM330,000 from a net profit of RM4.5 million in the previous corresponding quarter due to lower revenue contribution from property and land development (PLD) segment.

The group said in a filing with Bursa Malaysia that the revenue decrease in its PLD segment during the quarter was mainly due to lower units sold, especially from the Aliff Square 2 project in Johor Baru.

Revenue for the quarter however rose 11% to RM74.2 million, compared with RM66.7 million in the same period last year on the back of higher revenue from its integrated facility management (IFM) segment.

For the six months period, its net profit halved to RM1.4 million, against RM3.2 million a year ago, while revenue jumped 24% to RM145.47 million, from RM117.47 million previously.

On its prospects, the group said that it foresees its IFM business to predominantly offering better potential for growth as it expects the property segment to remain subdued for the time being.

Its share price slipped one sen or 2.53% to 38.5 sen today with 148,000 shares traded.

Press Metal Aluminium earnings up 6.9% in Q2

PETALING JAYA: Press Metal Aluminium Holdings Bhd’s earnings was up 6.9% to RM160.6 million in the second quarter ended June 30, 2018 (Q2 2018) from RM150.2 million in the previous corresponding quarter mainly due to revenue recognition from a new subsidiary and higher metal price.

The group told the stock exchange it completed the acquisition of Leader Universal Aluminium Sdn Bhd (LUA) last March, wherein its revenue was consolidated into the group in Q2 2018.

Revenue for the quarter rose 24.7% to RM2.4 billion, from RM1.9 billion in the same period last year.

For the six months period, its net profit jumped 4.3% to RM311 million, against RM298 million a year ago, while revenue increased 17.3% to RM4.56 billion, from RM3.89 billion previously.

On its prospects, Press Metal said that its plan to increase its value-added products from its smelting operations is panning out well and on track to achieve 50% contribution by year-end.

Barring unforeseen circumstances, the group expects to achieve a satisfactory result for the remaining of the year.

Its shares tumbled 11 sen or 2.25% to RM4.79 today with 1.59 million shares done.

MITI undertakes review of anti-dumping duties on HRC from China and Indonesia

KUALA LUMPUR, Aug 15 — The International Trade and Industry Ministry (MITI) today announced that it has initiated administrative review of anti dumping duties on the import of hot rolled coils from China and Indonesia. MITI said it had received a…

PwC failed to flag BHS risks ahead of retailer’s collapse, says regulator

LONDON, Aug 15 — PwC should have flagged significant doubts over the future of BHS in an audit that was completed just days before the loss-making UK retailer was sold for a token one pound in 2015, ahead of its collapse a year later, a regulator…