Resintech, TDM, M3 Technologies, Puncak Niaga, FGV

Resintech, TDM, M3 Technologies, Puncak Niaga, FGV
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KUALA LUMPUR (Feb 11): Based on corporate announcements and news flow today, companies in focus on Monday (Feb 15) may include Resintech Bhd, TDM Bhd, M3 Technologies (Asia) Bhd, Puncak Niaga Holdings Bhd and FGV Holdings Bhd.

Polyvinyl chloride product maker Resintech Bhd's net profit for the third quarter ended Dec 31, 2020 surged 275.87% to RM2.6 million, from RM692,000 a year earlier, backed by higher revenue. Earnings per share rose 1.9 sen from half a sen. Revenue grew 25.16% to RM21.63 million from RM17.29 million due to higher cost of sales.

TDM Bhd said its chief financial officer Amir Mohd Hafiz Amir Khalid has tendered his resignation, effective from Feb 28, to pursue other career opportunities.

M3 Technologies (Asia) Bhd has announced the retirement of Lim Seng Boon, 63, as its group managing director.

The Court of Appeal today allowed Puncak Niaga Holdings Bhd's appeal to reinstate its RM14 billion case against former Selangor menteri besar Tan Sri Abdul Khalid Ibrahim and the Selangor government. The appellate court, however, dismissed the inclusion of another former Selangor menteri besar, Datuk Seri Mohamed Azmin Ali, as a defendant. The company sued the three parties in November 2017, claiming Abdul Khalid and Mohamed Azmin had abused their power in public office by threatening to get the federal government to invoke the use of the Water Services Industry Act 2006 to force a takeover of the state's water industry.

The closing date for the acceptance of the takeover offer by the Federal Land Development Authority (Felda) to acquire the remaining stake in FGV Holdings Bhd has been further extended to March 2 from Feb 16. "The offer will remain open for acceptance until 5pm on the extended closing date, unless further extended in accordance with the rules or as Felda may decide… no later than two days before the extended closing date," Maybank Investment Bank Bhd said in a statement on behalf of Felda. As at Feb 10, the total shares held by Felda and parties acting in concert in FGV amounted to 2.62 billion, equivalent to a 71.95% stake in the company.

S Kanagaraju