KUALA LUMPUR (March 30): Based on corporate announcements and news flow today, companies in focus on Wednesday (March 31) may include Top Glove Corp Bhd, Sime Darby Bhd, Sapura Energy Bhd, Kumpulan Perangsang Selangor Bhd, Gamuda Bhd, LB Aluminium Bhd, and TH Plantations Bhd.
Top Glove Corp Bhd said today it is unable to, at this juncture, ascertain the quantum of the financial and operational impacts arising from the US Customs and Border Protection's (CBP) directive to its personnel at all US ports of entry to begin seizing disposable gloves produced in Malaysia by Top Glove over forced labour allegations. The rubber glove manufacturer said the company wishes to announce that its US counsels are in the midst of liaising with representatives of the CBP to obtain more clarity and information on the latest order issued.
Sime Darby Bhd is considering several options for the proceeds from the sale of its remaining 10.89% stake in Eastern & Oriental Bhd, including a special dividend to its shareholders.
Sapura Energy Bhd's wholly-owned unit Sapura TMC Sdn Bhd has executed multi-currency financing facilities to raise over RM10.3 billion. The group said the facilities comprise two term loan facilities of approximately US$602 million (RM2.5 billion) and RM906 million respectively, and unrated sukuk murabah amounting to US$125 million (RM518.5 million) and RM6.38 billion.
Kumpulan Perangsang Selangor Bhd said it has approved a dividend policy under which the company intends to pay at least 30% of its normalised profit after taxation and minority interest annually. The policy, which takes immediate effect, will serve as a guideline to ensure that future dividends are declared in reflection of the group's financial position, operating performance, future investment needs, and other factors deemed relevant to the group.
Gamuda Bhd posted a 30% decline in its net profit to RM123.12 million for the second quarter ended Jan 31, 2021, from RM175.17 million a year earlier, which the group said was due to the "Covid-19 effect". Quarterly revenue for the quarter fell 18% to RM895.41 million from RM1.09 billion in the previous year's corresponding quarter. The group did not recommend any dividend.
LB Aluminium Bhd's net profit for the third quarter ended Jan 31, 2021 surged to RM14.88 million, more than triple of RM4.27 million posted a year ago. The improved earnings performance was due mainly to the increase in sales volume and better margins from the aluminium segment, coupled with higher share of profit contribution from the associate.
TH Plantations Bhd is facing a lawsuit over its decision not to proceed with its proposed disposal of two plantation units to Sabah-based private firm Tamaco Plantation Sdn Bhd for RM170 million. Tamaco is suing to get TH Plantations to complete the sale of Bumi Suria Ventures Sdn Bhd and Maju Warisanmas Sdn Bhd. The highly publicised proposal failed to materialise after the Economic Planning Unit withdrew its approval for the transaction on Dec 4, 2020 — 10 days after the initial approval was given, said TH Plantations.