KUALA LUMPUR (September 20): Here is a brief recap of some corporate announcements that made the news on Tuesday (September 20) involving Top Glove Corp Bhd, AME Real Estate Investment Trust (AME REIT), Sarawak Consolidated Industries Bhd (SCIB ), CIMB Group Holdings Bhd, IHH Healthcare Bhd, Petronas Chemicals Group Bhd, Sime Darby Property Bhd, Nestcon Bhd, Citaglobal Bhd, Turiya Bhd, Pos Malaysia Bhd and SKP Resources Bhd.
Top Glove Corp Bhd ended the last quarter of its fiscal year ended August 31, 2022 (FY22) in the red, as escalating costs as well as the normalization of demand and average selling prices (ASP) for gloves weighed on its profits . For the fourth quarter (4QFY22), Top Glove reported a net loss of RM52.59 million compared to a net profit of RM447.4 million for 4QFY21, as revenue fell 52.28% to 990 RM.1 million vs. RM 2.07 billion. 4QFY22’s net loss caused its cumulative net profit for FY22 to drop by 96.94% to just RM235.97 million from RM7.71 billion for FY21. Full-year revenue fell 65.94% to RM5.57 billion from RM16.36 billion.
AME Real Estate Investment Trust (AME REIT), the REIT arm of industrial property developer AME Elite Consortium Bhd, which got its humble start in Bursa Malaysia, has identified three more industrial properties for potential acquisition over the next 12 months from its sponsor AME Elite Consortium Bhd. These properties have a total gross floor area of 256,828 square feet and are located within AME Elite Industrial Parks, said Simon Lee, Chairman and Chief Executive Officer of I REIT Managers Sdn Bhd, AME’s management company. REIT. The acquisition, if completed, would increase AME REIT’s asset portfolio to 37 investment properties, up from 34 currently.
Sarawak Consolidated Industries Bhd (SCIB) is set to earn $13.32 million (RM60.72 million) after customers of six contracts in Qatar and Oman agreed to take over debts the group owes its subcontractors for the projects. SCIB’s debts of US$133.42 million to sub-contractors are to be borne by the respective clients of the projects and are to be discharged using the debts of US$146.74 million that the clients owe to SCIB and its unit SCIB International (Labuan) Ltd (SCIBL). SCIB said it has signed novation agreements with Pavilion Qatar Engineering Co WLL, Revenue International LLC, Interceptor Trading & Contracting WLL and Skyview Trading & Contracting WLL in both countries to amend their previous settlement agreements to facilitate debt settlement. .
CIMB Group Holdings Bhd doubled its commitment to sustainable finance to RM60 billion by 2024 after reaching the RM30 billion target two years ahead of schedule in the first half of this year. Last year, CIMB announced that it would mobilize RM30 billion in sustainable finance from 2021 to 2024, with the aim of creating positive impacts aligned with its framework of green, social and sustainable impact products and services. Group Managing Director Datuk Abdul Rahman Ahmad said that to achieve the new goal, the bank recently launched the first Sustainable Term Investment Account-i (TIA-i) in ASEAN for the business community. .
Integrated healthcare provider IHH Healthcare Bhd announced its goals of capping carbon emissions by 2025 and reaching net zero by 2050, while continuing to grow the business. The company also unveiled its sustainability goals, which are summarized in the four pillars of patients, people, public and planet. Its goal is to be the most trusted private healthcare provider and private healthcare employer of choice in all of its markets by 2025, and to touch five million lives by building communities healthier by 2025. These announcements were made in conjunction with the 10th anniversary of the company’s dual partnership. listing in Malaysia and Singapore.
Petronas Chemicals Bhd Group and ExxonMobil have signed a memorandum of understanding to assess the potential for large-scale implementation of advanced plastic recycling technology to help create a circular economy for plastics in Malaysia. In a joint statement, the companies said they will also assess opportunities to support improvements in the collection and sorting of plastic waste in the country. Managing Director and CEO Mohd Yusri Mohamed Yusof said Petronas Chemicals, which is the petrochemical arm of national oil and gas company Petroliam Nasional Bhd (Petronas), has continuously explored and implemented innovative technologies to develop sustainable solutions demanded by its customers.
The construction industry urgently needs environmentally friendly cement – also known as “green cement” – to fulfill the nation’s aspiration to achieve net zero greenhouse gas emissions from here 2050. Sime Darby Property Bhd Group Managing Director Datuk Azmir Merican said there are currently no known substitute materials for cement, noting that the cement industry is one of the biggest emitters of carbon dioxide (CO2) . It has been reported that cement production accounts for up to 7% to 8% of global CO2 emissions.
Nestcon Bhd has signed a RM165.08 million contract to provide site clearance, earthworks and ancillary works for Block 1 of CBS 2 at Sungai Bakau in the Mukah-Balingan coalfield in Sarawak. Nestcon said its wholly-owned subsidiary, Nestcon Infra Sdn Bhd, had accepted a two-year letter of award with an option to extend for two years, from BARA Mining & Construction Sdn Bhd, after being named the contractor for the project.
Two people linked to the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah have resigned from Citaglobal Bhd, effective immediately. Citaglobal has announced the resignation of Tengku Datuk Seri Uzir Tengku Ubaidillah and Tengku Datuk Indera Zubir Tengku Ubaidillah from the company’s Board of Directors. Tengku Uzir and Tengku Zubir are cousins of the king. Citaglobal, formerly known as WZ Satu Bhd, said Tengku Uzir and Tengku Zubir have resigned from their respective positions to pursue other personal interests.
Turiya BhdShareholders rejected a resolution to re-elect non-independent director Tunku Datuk Yaacob Khyra at the group’s annual general meeting. The group said six shareholders who collectively own 3.83 million shares (representing 99.5% of the voting shares) voted against his re-election. In comparison, 29 minority shareholders with a total of 19,330 shares (representing 0.5% of the voting shares) voted in favor of the resolution. Turiya later announced the retirement of 62-year-old Tunku Yaacob as a member of its board of directors. He was appointed director in 2019.
Embrace the feelings of scanning, Pos Malaysia Bhd announced the implementation of a digital initiative via an omnichannel chatbot that allows customers to self-service clear incoming parcels from any device. The group said that customers can now pay their customs clearance fees and taxes online using the omnichannel chatbot, which could significantly improve the overall customer experience and reduce delivery time to just three days between arrival at customs and home delivery.
SKP Resources Bhd announced the death of its Executive Chairman and Managing Director, Datuk Gan Kim Huat. The industrial mold maker said Gan, who died aged 74, had led the group since December 2002. He had more than 30 years of plastic injection molding experience and was a well-known entrepreneur in the local mold industry. plastics because of his great knowledge of plastics processing and network of contacts in the industry.