Glomac, Maybank, IOI, Salcon, Samchem, Tasco, Gadang, K-One, TDM, Kanger, Sime Darby, Sime Darby Property and Redtone

Glomac, Maybank, IOI, Salcon, Samchem, Tasco, Gadang, K-One, TDM, Kanger, Sime Darby, Sime Darby Property and Redtone
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KUALA LUMPUR (Oct 27): Based on corporate announcements and news flow on Wednesday, companies in focus on Thursday (Oct 28) may include: Glomac Bhd, Malayan Banking Bhd (Maybank), IOI Corp Bhd, Salcon Bhd, Samchem Holdings Bhd, Tasco Bhd, Gadang Holdings Bhd, K-One Technology Bhd, TDM Bhd, Kanger International Bhd, Sime Darby Bhd, Sime Darby Property Bhd and REDtone Digital Bhd.

Glomac Bhd managing director and CEO Datuk Seri Fateh Iskandar Mansor expects the performance of the property industry to improve in the near term with the easing of economic restrictions that allows construction to recommence and sales galleries to re-open. However, he cautions against the rise in costs of labour and construction materials, which are currently in short supply due to pent-up demand over the last 18 months.

Malayan Banking Bhd (Maybank) said it has extended RM20 billion worth of repayment assistance as of Sept 30 to over 26,000 small-and-medium enterprise (SME) loan/financing accounts impacted by the pandemic. The bank said it has also continued to avail financing to the companies, approving and disbursing more than RM15 billion in loans and financing to SMEs since 2019. Maybank group CEO for community financial services Datuk John Chong said with the economy gradually reopening, the bank is committed to continue providing both financial and non-financial assistance to accelerate its SME customers’ recovery.

IOI Corp Bhd said its subsidiary IOI Investment (L) Bhd's new offer of US$300 million 10-year unsecured notes has attracted institutional investors. The new offer of US$300 million 10-year senior unsecured notes is a drawdown from the issuer's US$1.5 billion Euro Medium-term Note Programme.

Salcon Bhd has secured an RM20.85 million sewerage system contract from Gamuda Bhd’s subsidiary Gamuda Land (Botanic) Sdn Bhd. Salcon said the work involves the rehabilitation of vacuum sewerage system at Bandar Botanik and Ambang Botanik in Klang. The project is a construction contract and has no option for renewal.

Samchem Holdings Bhd's net profit for the third quarter ended Sept 30, 2021 jumped 32.59% to RM12.61 million from RM9.51 million a year ago, mainly due to improved profit margins as well as foreign exchange gains. Quarterly revenue however dipped 5.47% to RM272.81 million from RM288.61 million, due to a decrease in sales volume owing to lockdowns in the group’s key markets of Malaysia and Vietnam, The company declared a third interim dividend of 1 sen per share and excluding this third interim dividend, it has to date paid a dividend of 1.5 sen per share after adjusting for the bonus issue exercise completed on June 21, 2021.

Tasco Bhd's net profit for the second quarter ended Sept 30, 2021 jumped 46.58% to RM15.69 million from RM10.7 million a year earlier on stronger contribution mainly from its international business solutions segment. Revenue increased 37.5% to RM315.51 million from RM229.46 million in the same quarter last year. Tasco announced an interim dividend of one sen per share, payable on Nov 30.

Gadang Holdings Bhd posted a net profit of RM3.69 million for its first quarter ended Aug 31, 2021 compared to a net loss of RM455,000 a year ago, helped by higher contributions from its construction, property and utility businesses. Quarterly revenue rose 16.68% to RM134.64 million from RM115.39 million.

K-One Technology Bhd said it has received conditional approval from the Health Ministry’s Medical Device Authority for the import and distribution of a China-made Covid-19 antigen self-test kit. The saliva-based test kit is manufactured by Labnovation Technologies Inc, which is based in Shenzhen, Guangdong.

The Terengganu State Heritage Trust Board (LTAWNT), one of the largest shareholders of TDM Bhd, received RM1.87 million as its share of profit from the plantation and healthcare group. The payment was for last year's profit from the development of LTAWNT’s 1,336-hectare oil palm plantation by TDM at its Air Putih Estate in Kemaman. TDM executive director Najman Kamaruddin said the total payment increased slightly this year compared with the RM1.05 million paid last year, driven by the company's financial growth and strong performance in the plantation segment.

Kanger International Bhd has entered into a Heads of Agreement (HoA) with a Dubai-based pharmaceutical company to purchase Covid-19 rapid testing kits for distribution within Malaysia. The bamboo flooring manufacturer said the HoA with Sparmak Medical Equipment Trading LLC will take effect once the medical device authorisation is granted to the product by the Malaysian health authorities. Kanger proposes to purchase one million sets of the rapid detection kit that uses the Loop-mediated Isothermal Amplification (LAMP) technology, each of which contains a nasal swab, sterile water and filter tip.

Sime Darby Property Bhd has proposed to acquire 760 acres of land with development potential in Labu, Negeri Sembilan, from sister company Sime Darby Bhd for RM280 million.  The land is located within the regional development of Malaysia Vision Valley 2.0 and adjacent to Bandar Enstek. Sime Darby Property said the proposed acquisition is imperative for the group in securing strategic land banks for its development pipeline in Malaysia Vision Valley. Separately, Sime Darby said the proposed disposal is in line with its strategy to unlock value of its non-core assets through monetisation and opportunistic divestments.

REDtone Digital Bhd, whose shares price hit its highest in six years on Wednesday, said it has been appointed as a universal service provider for the Jendela Phase 1 (Part 2) project. REDtone said its wholly-owned subsidiary REDtone Engineering & Network Services Sdn Bhd (RENS) has received the notice of approval from the Malaysian Communications and Multimedia Commission (MCMC). The job scope includes the design, supply, installation and operations of network service equipment.

S Kanagaraju