expansion plans

 
 

Opec-Russia talks set to keep oil cuts even as glut vanishes

DUBAI, April 18 — Opec and Russia will meet in Saudi Arabia this week after all but banishing a global oil glut. While looming political crises threaten to tighten supplies further, the group seems determined to keep its cuts in place. Almost…


Trade war backfire: Steel tariff shrapnel hits US farmers

KANE COUNTY, April 13 — Lucas Strom, who runs a century-old family farm in rural Illinois, cancelled an order to buy a new US$71,000 (RM275,000) grain storage bin last month — after the seller raised the price 5 per cent in a day. The…


Plastics and packaging sector bullish on growth

KUCHING: Growth in the plastics and packaging sector is expected by analysts to be driven by resilient demand for niche plastic products and stretch film. According to the research arm of Kenanga Investment Bank Bhd (Kenanga Research), with plastic packagers continuously tapping into new markets such as China, US, Canada and Africa, and working on […]


GDB tender book exceeds RM1 billion

KUCHING: ACE Market debutant and construction services firm GDB Holdings Bhd (GDB) is optimistic of its future prospects with its strong order book and current tender book. The group’s order book of RM854.9 million as at February 6, 2018 comprises projects such as Westside III in Desa ParkCity, Etiqa Office Tower along Jalan Bangsar, AIRA […]


MyNews falls 5% following mixed analysts’ reviews

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KUALA LUMPUR (March 27): MyNews Holdings Bhd shares fell 5% this morning after the stock received mixed reviews on the group’s medium to long-term earnings potential, after releasing their first quarter financial year 2018 (1QFY18) results yesterday. At 11.01am, MyNews fell 8 sen to RM1.52, with 322,800 shares traded. RHB Research Institute Sdn Bhd maintained its “Buy” call on the stock with a higher DCF-derived target price (TP) of RM2.03 (from RM1.68), as it continued to like the management’s entrepreneurial drive, solid track record and attractive value proposition. “We viewRead More


Analysts: Business confidence to improve in Malaysia

KUCHING: Business confidence in Malaysia is set to improve this year as the growth of our economy continues to be supported by the manufacturing sector with the return of expansion in new orders, lower stocks alongside rising employment and strong exports. In an economics report, the research arm of AmBank Malaysia Bhd (AmBank Research) said […]


Top Glove gets green light to acquire Aspion for RM1.37 billion

PETALING JAYA: Top Glove Corp Bhd has received the shareholders' nod for its proposed acquisition of surgical glove producer Aspion Sdn Bhd (Aspion) for RM1.37 billion, the largest merger and acquisition (M&A) in the group's history.

The purchase sum will be satisfied with RM1.233 billion cash, while the balance via the issuance of 20.51 million new Top Glove shares.

The group said in a statement that the acquisition will pave the way for it become the world's largest manufacturer of surgical gloves.

Top Glove noted that the proposed acquisition is well aligned with its strategy to effectively and sustainably grow its business inorganically, in tandem with its organic expansion plans.

“Upon completion, Top Glove will be well-positioned to serve its enlarged customer base more effectively, with an enhanced range of high quality and cost effective medical gloves across multiple categories including surgical gloves, examination gloves as well as other market-leading innovative glove products.”

It added that the group will fortify its market leadership position by leveraging on Aspion's technologies and innovations as it continues to focus on R&D initiatives.

Citing the group is still on an expansion mode, Top Glove executive chairman Tan Sri Lim Wee Chai said he is looking forward to more M&As in order to grow and to solidify its leadership position in both the glove and healthcare industry.

At 2.33pm, Top Glove's share price gained 5 sen or 0.5% to RM9.40 on some 1.2 million shares done.


Lithium glut? No way, say industry executives eyeing demand

HOLLYWOOD, Feb 28 — Forecasts for a glut in lithium, a major ingredient in rechargeable batteries for electric vehicles, fail to account for strong demand and how complicated it is to process and mine, industry executives and analysts said….


SPSB adopts Sage to support expansion plans

KUALA LUMPUR: Sabah Ports Sdn Bhd (SPSB) has adopted Sage, an integrated accounting, payment and banking solution to better streamline operations, improve data management and insights, and budgetary costs analysis to drive business growth. SPSB, a subsidiary of Suria Capital Holdings Bhd, has embarked on an expansion plan to upgrade port capabilities to handle 1.21 […]


Penang Port to expand container handling capacity, cruise operations

PENANG: Penang Port Sdn Bhd has allocated RM180 million capital expenditure (capex) this year, mainly for operations at the North Butterworth Container Terminal (NBCT). 

Container operations – the core business of the country’s oldest port – bring in about 68% of its total revenue.

Penang Port CEO Sasedharan Vasudevan said the container terminal would be expanded to increase its handling capacity to 2.8 million to 2.9 million 20-foot equivalent units (TEUs) annually, from the current two million.

“We have not filled up the two million TEUs capacity (yet), but we have to start the works now in order to meet future demand. And the 2.8 million TEUs (capacity) is basically to cater for the future,” he told reporters during a media familiarisation trip to Penang Port recently.

Sasedharan said the port recently received approval for its capacity expansion plans and expects to begin construction by the third quarter of this year. The project is expected to be completed within 18 months to 20 months.

Last year, Sasedharan said, the port spent between RM30 million and RM40 million capex, mainly for the purchase of yard equipment.

This year, the port aims to hit 1.6 million TEUs, or 5% growth, compared with 2017. The port’s container volume increased by 6% to 1.52 million TEUs last year from 1.4 million TEUs in 2016.

Sasedharansaid the port believes that if the growth trend continues, it will hit 2.2 million or 2.3 million TEUs by the next four to five years.

Additionally, the port is planning to expand its cruise operations at Swettenham Pier Cruise Terminal (SPCT), under its joint venture with American cruise company Royal Caribbean Cruises Ltd, to support the port’s future growth.

Sasedharan said the port will invest about RM155 million to expand the berth and increase the size of the cruise terminal to handle up to 12,000 passengers at one time from 8,000 currently.

Sasedharan said although cruise operations constitute only about 5% of the port’s business, the sector recorded 20% growth last year.

He added that SPCT’s total cruise passengers grew 20% last year to 1.22 million passengers, from 1.02 million in 2016.

Penang Port, which is managed by MMC Port Holdings Sdn Bhd, contributed 20% to 30% revenue to the MMC group in 2017. MMC operates three other major ports in Peninsular Malaysia – Port of Tanjung Pelepas, Johor Port and Northport in Port Klang.