Top Glove, Kossan, Hartalega, CB Industrial Product, TSH, Serba Dinamik, Hubline, and AEON Credit

Home » Top Glove, Kossan, Hartalega, CB Industrial Product, TSH, Serba Dinamik, Hubline, and AEON Credit

KUALA LUMPUR (July 6): Based on corporate announcements and news flow today, stocks in focus tomorrow may include Top Glove Corp Bhd, Kossan Rubber Industries Bhd, Hartalega Holdings Bhd, CB Industrial Product Holding Bhd, TSH Resources Bhd, Serba Dinamik Holdings Bhd, Hubline Bhd, and AEON Credit Service (M) Bhd.

Top Glove Corp Bhd said it is temporarily halting the operations of its medical glove factories in Klang following the imposition of the Enhanced Movement Control Order (EMCO) in the district.

The world’s largest glove manufacturer added that it is awaiting clarification from the National Security Council on the matter, but did not give further details.

Both of Klang’s sub-districts are among 34 sub-districts in Selangor — along with 14 localities in Kuala Lumpur — that have been placed under the EMCO for 14 days from July 3 to 16.

Another Klang-based rubber glove maker, Kossan Rubber Insdustries Bhd, has also implemented a temporary stoppage of its manufacturing facilities in Klang due to EMCO.

Hartalega Holdings Bhd has also initiated a full shutdown of all its glove manufacturing facilities in Bestari Jaya and Sepang because of EMCO.

In a written reply to The Edge, the group said: “Regrettably, this will have a significant impact on both the local and international healthcare value chain in terms of disruption to availability of supply, as Hartalega is a key manufacturer of nitrile gloves for hospitals globally.”

CB Industrial Product Holding Bhd (CBIP) said its wholly-owned subsidiary PalmitEco Engineering Sdn Bhd (PESB) had resumed manufacturing operations at its Telok Panglima Garang plant after it received an approval letter from the Ministry of Health on July 2, but closed again after the EMCO was imposed the next day.

CBIP said PESB has temporarily stopped operations after the tighter restrictions were announced for July 3-16.

“The company will continue to implement and practise strict standard operating procedures recommended by the authorities to ensure the safety and health of all employees,” it said.

On June 28, CBIP said PESB was implementing a second temporary stoppage of its manufacturing facility from June 21 to July 4 after 26 workers tested positive for Covid-19.

TSH Resources Bhd plans to dispose of two oil palm estates and one palm oil mill in Sabah for a total cash consideration of RM248 million.

The group is selling the assets to oil palm plantation firm Sharikat Keratong Sdn Bhd.

“The board has considered that as the value of the disposal properties has appreciated over the years, TSH is in a position to realise the significant gain in value through the proposed disposal,” it said.

Serba Dinamik Holdings Bhd has said it is expecting to appoint a new auditor by the end of the month, as its former external auditor KPMG PLT resigned last month after the oil & gas engineering firm filed a lawsuit against the latter.

It said it submitted a request of proposal for provision of external audit to international audit firms on June 27.

Serba Dinamik added that it had also requested a meeting with the Companies Commission of Malaysia for a consultation in relation to the appointment of external auditor pursuant to Section 272 of the Companies Act 2016.

Hubline Bhd‘s subsidiary Layang Layang Aerospace Sdn Bhd has been awarded a RM29 million contract to provide inspection and calibration services for the Civil Aviation Authority of Malaysia.

The group said the contract entails the performance of aviation works, flight and calibration inspections on air navigation equipment, specifically instrument landing system, doppler very high frequency omni range, distant measuring equipment and non-directional beacon locator.

It said the contract is for a duration of 60 months from Jan 1, 2022 to Dec 31, 2026.

AEON Credit Service (M) Bhd‘s net profit ballooned by 521% to RM163.09 million for the first financial quarter ended May 31, 2021 from RM26.28 million recorded in the previous corresponding quarter.

The substantially higher profit was underpinned by the surge in other income, which comprises bad debts recovered, insurance commission and interest or profit income from deposits with licensed financial institutions.

The group’s quarterly revenue rose marginally by 5.41% to RM410.97 million from RM389.88 million a year ago due to increase in transaction and financing volume. TheEdge