Genting, Top Glove, Kossan, Careplus and Media Prima

Genting, Top Glove, Kossan, Careplus and Media Prima
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KUALA LUMPUR (Feb 16): Based on corporate announcements and news flow today, companies in focus tomorrow (Feb 17) may include Genting Malaysia Bhd, Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Careplus Group Bhd and Media Prima Group Bhd.

Genting Malaysia Bhd said Resorts World Genting and Resorts World Awana resumed business at 6pm today, after the group temporarily suspended operations at the resorts, following the implementation of the Movement Control Order from Jan 22 to Feb 4.

However, its Resorts World Kijal and Resorts World Langkawi will only resume operations on Feb 19.

Separately, Genting Malaysia said Resorts World Birmingham and all other land-based casinos in the UK remain temporarily closed until further notice.

Top Glove Corp Bhd has continued its share buyback by purchasing 8.08 million more shares in the open market today.

The glove maker said it bought the shares at between RM6.05 and RM6.15, for a total of RM49.27 million.

This is its second share buyback this year, after the group re-engaged in purchases of its shares on Feb 10, spending RM3.69 million to buy back 600,700 shares in the open market at RM6.15 per share.

Kossan Rubber Industries Bhd reported today, a net profit of RM523.49 million for the fourth quarter ended Dec 31, 2020, about nine times higher than the RM61 million it recorded in the corresponding quarter a year ago, thanks to higher volume of gloves sold and better average selling prices.

The net profit jump comes on the back of a revenue of RM1.31 billion, about 2.3 times more than the RM578.35 million it made previously,

The glove maker declared a second interim dividend of 3 sen per share, together with a special dividend of 8 sen per share — a total of 11 sen — to be paid on March 17. 

The group's full year net profit came in at RM1.09 billion, almost five times the RM224.34 million it made in FY19, as revenue grew almost 65% to RM3.65 billion from RM2.22 billion.

Careplus Group Bhd has entered into a conditional share acquisition agreement with Shin Heung Precision Co Ltd to acquire the latter's subsidiary Shin Heung Electronics Malaysia Sdn Bhd, which owns a piece of land at Oakland Industrial Park in Seremban, Negeri Sembilan.

The company said it intends to acquire the dormant company for a total cash consideration of RM9.31 million, given it is the registered owner of a parcel of 2.03-acre freehold industrial land.

"The proposed acquisition is undertaken in line with the group's future and immediate expansion plans to increase its existing manufacturing capacity by commissioning new production lines for gloves.

"The property will be earmarked for warehouse and packing facilities," Careplus said.

Media Prima Group Bhd has assured it will not shut its television channel ntv7 to make way for DidikTV KPM, a new educational TV programme.

“ntv7 will not be [made] defunct. DidikTV KPM is a strategic commercial collaboration between Media Prima and the education ministry (KPM) to increase the access of quality education to students nationwide, given Media Prima’s extensive reach within Malaysia across traditional and digital media, and its quality content production capabilities,” the media group said in a written response to The Edge.

When asked what will happen to the current ntv7 team amid this new collaboration, Media Prima said the “ntv7 team remains with the group”.

The ntv7 channel will be used for Didik TV KPM from tomorrow (Feb 17) onwards. Media Prima owns and operates four free-to-air television stations — TV3, TV9, ntv7 and 8TV.

S Kanagaraju