AirAsia, Comfort Gloves, Omesti, Power Root, Focus Dynamics, Mi Technovation, T7 Global, Stella, MR DIY, Pavilion REIT, Sentral REIT and LPI Capital

Home » AirAsia, Comfort Gloves, Omesti, Power Root, Focus Dynamics, Mi Technovation, T7 Global, Stella, MR DIY, Pavilion REIT, Sentral REIT and LPI Capital

KUALA LUMPUR (Aug 5): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Aug 6) include: AirAsia Group Bhd, Comfort Gloves Bhd, Omesti Bhd, Power Root Bhd, Focus Dynamics Group Bhd, Mi Technovation Bhd ,T7 Global Bhd, Stella Holdings Bhd, MR DIY Group (M) Bhd, Pavilion Real Estate Investment Trust (REIT), Sentral REIT and LPI Capital Bhd.

AirAsia Group Bhd has received US$56.83 million (RM239.98 million) in gross proceeds from the merger between Fly Leasing Ltd and Carlyle Aviation Partners. The low-cost carrier said AirAsia held a 10.94% stake in Fly Leasing prior to the merger. The stake was acquired in August 2018 as part of a cash-in-kind consideration for the earlier divestment of AirAsia’s aircraft leasing operations undertaken by Asia Aviation Capital Ltd to entities managed by BBAM Limited Partnership.

Comfort Gloves Bhd said its wholly-owned subsidiary Comfort Rubber Gloves Industries Sdn Bhd has received an official notification from the authorities that both its factories in Matang and Simpang, Perak, as well as its foreign workers’ hostel in Hujung Matang, will be placed under Enhanced Movement Control Order (EMCO). The group said operations at the two factories will be halted temporarily between Aug 6 and Aug 19.

Technology solutions provider Omesti Bhd has redesignated Tunku Zain Al-’Abidin Ibni Tuanku Muhriz of the Negeri Sembilan royal family as the group’s new chairman, from his previous role as independent non-executive director. The company also said it had redesignated businessman Datuk Seri Thong Kok Khee as deputy chairman, from non-independent non-executive director. Omesti said as the duo take up their new roles on the board, the group is set to embark on a number of new initiatives, including its recently-announced healthcare venture and its Covid-19 vaccination services, dubbed Vaccin8 Programme.

Power Root Bhd said it has been instructed by the Ministry of Health to halt operations for six days from today at its plant in Johor to conduct sanitisation work to prevent the spread of Covid-19. The beverage group said the factory in Taman Perindustrian Plentong, Masai is expected to resume its operations in stages on Aug 12 or earlier, subject to the approval of the relevant authorities.

Bursa Securities has rejected Focus Dynamics Group Bhd‘s proposed one-to-three share split, in view of the group’s low adjusted share price of 1.5 sen. The group, which had 6.15 billion issued shares at Dec 29, 2020, proposed in January to split each of its shares into three to improve its trading liquidity.

Mi Technovation Bhd has subscribed for a 45 million yuan (RM29.36 million) increase in the capital of Talentek Microelectronics (Hefei) Ltd, as part of its efforts to set its foothold in the semiconductor final test segment in China. The deal will see Mi Technovation, through its wholly-owned unit Suzhou Mi Equipment Co Ltd (Mi Equipment China), becoming a 22.64% shareholder in Talentek for nine million yuan, whereas another 36 million yuan will be utilised as capital expenditure and working capital.

Energy solution provider T7 Global Bhd’s 60% unit T7 Kilgour Sdn Bhd has secured multiple purchase orders from overseas manufacturers to provide metal surface treatment services for aerospace parts. T7 Global said T7 Kilgour in July 2021 received the orders from Global Tek Fabrication Co Ltd and C.C.S. Advance Tech Co Ltd in relation to non-destructive testing, anodise, passivate, paint and part mark aerospace parts services.

Stella Holdings Bhd has secured an RM12.78 million contract to provide operations and maintenance services at the leachate treatment plant in Taman Beringin, Kepong. The contract, awarded by the National Solid Waste Management Department, is for six years effective today.

MR DIY Group (M) Bhd‘s net profit jumped 44.14% in the second quarter ended June 30, 2021 (2QFY21) to RM82.13 million from RM56.98 million in the corresponding quarter last year, when the group’s operations were impacted by the first MCO. However, the results were down 34.18% quarter-on-quarter from RM124.79 million in 1QFY21, as total transactions for the home improvement retailer fell 10.4% due to the FMCO imposed in June. Quarterly revenue rose 47.06% to RM759.82 million from RM516.66 million, supported by contributions from new stores.

Pavilion Real Estate Investment Trust‘s (REIT) net property income for the second quarter ended June 30, 2021 rose 21.88% to RM47.62 million from RM39.07 million a year ago, due to lower property operating expenses. Revenue, however, slipped 1.27% to RM124.78 million from RM126.39 million a year ago. The REIT has announced an interim income distribution of 1.83 sen per unit, which will be paid on Sept 10.

Sentral REIT, formerly known as MRCB-Quill REIT, saw its net property income fall 7.8% to RM29.04 million in the second quarter ended June 30, 2021, from RM31.48 million a year ago, on lower revenues generated from its properties. Quarterly realised revenues dropped 4.8% to RM38.2 million due to lower revenues generated from Platinum Sentral, Plaza Mont Kiara, QB3-BMW and Wisma Technip. For the first half ended June 30, 2021, Sentral REIT’s net property income declined 6% to RM60.45 million from RM64.28 million a year ago, while realised revenue fell 3.2% to RM79.24 million from RM81.82 million. Sentral REIT declared a distribution income and distribution per unit of RM36.8 million and 3.43 sen, respectively.

LPI Capital Bhd recorded a higher net profit of RM83.92 million in the second quarter ended June 30, 2021, from RM77.4 million a year ago. Revenue rose to RM420 million from RM399 million, mainly contributed by the increase in the gross earned premiums of its wholly-owned insurance subsidiary Lonpac Insurance Bhd (Lonpac). The company declared a first interim dividend of 29 sen per share compared with 28 sen per share in FY20. TheEdge