IJM Plantations, KLK, BCorp, Bermaz Auto, Yinson, Microlink, Lay Hong, See Hup, Can-One, Majuperak, Latitude Tree, Apollo Food, Carlsberg, K-One, BHIC, Hartalega, Pecca

KUALA LUMPUR (June 8): Based on corporate announcements and news flow today, companies in focus tomorrow (June 9) may include IJM Plantations Bhd, Kuala Lumpur Kepong Bhd, Berjaya Corp Bhd, Bermaz Auto Bhd, Yinson Holdings Bhd, Microlink Solutions Bhd, Lay Hong Bhd, See Hup Consolidated Bhd, Can-One Bhd, Majuperak Holdings Bhd, Latitude Tree Holdings Bhd, Apollo Food Holdings Bhd, Carlsberg Brewery Malaysia Bhd, K-One Technology Bhd, Boustead Heavy Industries Corp Bhd, Hartalega Holdings Bhd and Pecca Group Bhd.

IJM Plantations Bhd and Kuala Lumpur Kepong Bhd (KLK) requested to suspend the trading of their shares effective 2.30pm today, pending an announcement. It is learnt that KLK is making an offer to take over IJM Plantations. Shareholders of IJM Plantations will be given the option of either a cash offer or share swap. According to sources, the takeover deal is valuing IJM Plantations in the range of RM2.50 to RM2.70 per share.

Berjaya Corp Bhd (BCorp) said today it has divested its entire 51% stake in Berjaya Auto Alliance Sdn Bhd (BAASB), comprising 6.12 million ordinary shares, to Bermaz Auto Bhd and other shareholders of BAASB for RM6.67 million, cash. Of the 51% stake, Bermaz Auto took up 35% stake for a cash consideration of RM4.58 million, or at RM1.09 per BAASB share.

Yinson Holdings Bhd said today that it has entered into a deal with Singapore’s SMRT Corp Ltd’s corporate venture arm to co-invest an undisclosed amount in an autonomous vehicle start-up named MooVita Pte Ltd. Yinson said the co-investment aims to accelerate the development, commercialisation and international expansion of MooVita’s driverless solutions, beginning with the deployment of safe and comfortable driverless solutions for public transportation and the urban environment.

Malaysian technology firm Microlink Solutions Bhd and Danapuri Sdn Bhd — a member of Bangladesh-based Dipon Group — have formed a strategic joint venture (JV) to pursue digital transformation projects in Bangladesh and the West Africa region. The parties have formed a JV entity, Microlink Technologies Sdn Bhd — in which Microlink will own a 51% stake while Danapuri will hold 49% — for the collaboration.

Egg producer Lay Hong Bhd has proposed to acquire the remaining 50% stake in Sri Tawau Farming Sdn Bhd (STF) it does not already own for RM28 million in a related party deal. Lay Hong said the acquisition is undertaken to enable STF to become a wholly-owned subsidiary of the company.

See Hup Consolidated Bhd secured a RM91.03 million contract today from China Communications Construction (ECRL) Sdn Bhd to construct part of the subgrade works for the East Coast Rail Link. The contract, to be undertaken by the group’s 51%-owned subsidiary SH Moment Builder Sdn Bhd, involves Package 2, Section 4 of the rail link.

Can-One Bhd recorded a net profit of RM34.77 million in the first quarter ended March 31, 2021 (1QFY21), compared with a net loss of RM15.41 million in the corresponding quarter a year ago, as it saw higher contributions from its general packaging division, while interest costs and other operational expenses fell. Quarterly revenue, however, was little changed at RM652.08 million, compared with RM645.07 million in 1QFY20.

Majuperak Holdings Bhd has called off a plan to develop large-scale solar photovoltaic (LSS) projects in Perak jointly with Cahya Suria Energy Sdn Bhd. The group said its wholly-owned subsidiary, Majuperak Energy Resources Sdn Bhd, and Cahya Suria have mutually agreed to terminate the framework agreement they entered into a year ago after failing to meet a condition precedent.

Furniture maker Latitude Tree Holdings Bhd said today it has suspended the operations of two factories in Kapar, Selangor after 13 positive Covid-19 cases were detected among the factory workers. The group’s two wholly-owned subsidiaries, namely Latitude Tree Furniture Sdn Bhd and Rhong Khen Industries Sdn Bhd, suspended their operations from today until June 18.

Apollo Food Holdings Bhd‘s wholly-owned subsidiary in Johor Bahru has temporarily stopped operations for disinfection purposes to help curb the spread of Covid-19. The confectioner said Apollo Food Industries (M) Sdn Bhd received a notice from the Ministry of Health (MoH) yesterday, asking the firm to close until June 13 and disinfect its premises.

Carlsberg Brewery Malaysia Bhd also announced today it has temporarily suspended the operations of its brewery in Shah Alam from June 2 due to the enforcement of the Movement Control Order to curb the spread of Covid-19 infections.

Electronic manufacturing services provider K-One Technology Bhd said its unit has received approval from the Medical Device Authority, an agency under the MoH, to sell low dead-volume disposable syringes with needles in Malaysia. Its wholly-owned subsidiary K-One MediTech Sdn Bhd received the approval last Friday (June 4).

Boustead Heavy Industries Corp Bhd (BHIC) has inked a memorandum of understanding (MoU) with Airbus Defence and Space as the latter seeks to explore the joint development of military aircraft maintenance, repair and overhaul (MRO) capabilities in Malaysia. Under the preliminary partnership agreement, the two partners will collaboratively look into how to leverage their respective expertise to advance local MRO capabilities for military fixed wing aircraft platforms, in support of the operators’ fleet.

Hartalega Holdings Bhd has completed its remediation of recruitment fees totalling RM41 million, within eight months of its commencement in November 2020, ahead of its initial target. In a statement, it said the reimbursement was made to current workers who joined the group prior to the implementation of its zero recruitment cost policy on April 1, 2019 and had previously paid recruitment fees to employment agents during the recruitment process.

Car leather upholstery maker Pecca Group Bhd plans to invest a further RM5 million to expand its mask-making capacity due to increasing market demand. The expansion will be managed by its wholly-owned subsidiary Pecca Leather Sdn Bhd and involve the purchasing of five new mask production lines amounting to RM3 million. The remaining RM2 million will be used for building renovations. TheEdge