March 24, 2018
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KUALA LUMPUR (Jan 12): Based on corporate announcements and news flow today, companies in focus on Monday (Jan 15) may include: AirAsia X Bhd, AirAsia Bhd, Top Glove Corp Bhd, G Neptune Bhd, T7 Global Bhd, Paramount Corp Bhd, Axiata Group Bhd and Hovid Bhd

This year is set to be the strongest year for AirAsia X Bhd, as co-group chief executive officer Tan Sri Tony Fernandes indicated several growth strategies of the group in a series of tweets earlier.

Firstly, reallocation plans for routes are in place, Fernandes said. The strategy would translate into reduction in costs. This involves transfer of more-than-four-hour-long routes from AirAsia Bhd to AirAsia X.

AirAsia X currently serves 26 destinations across Asia, Australia, New Zealand, the Middle East and the US.

Top Glove Corp Bhd has signed a conditional share purchase agreement with Adventa Capital Pte Ltd to acquire the entire equity interest in glove manufacturer Aspion Sdn Bhd for RM1.37 billion.

Top Glove said RM1.23 billion of the purchase consideration will be satisfied with cash, funded entirely from a combination of conventional term loan and Islamic term financing.

The remainder RM137 million would be via the issuance of some 20.51 million new Top Glove shares at about RM6.68 apiece.

The group also plans to buy two more companies this year and is on the lookout to acquire four more companies by 2019.

ACE Market-listed Guidance Note 3 (GN3) company G Neptune Bhd has cancelled its plan for a private placement exercise to raise some RM3 million to support its working capital.

G Neptune said it will not proceed with the exercise announced three years ago, and is looking into formulating a plan to regularise its financial condition.

G Neptune said this came after the company slipped into GN3 status, after it triggered ACE Market Listing Requirement GN3 Paragraph 2.1(a) and (b).

T7 Global Bhd has formed a joint venture with a unit of China’s largest construction and real estate conglomerate to bid for rail-related projects in Malaysia.

The JV — named T7 China Construction Third Engineering Sdn Bhd (T7CCTE) — will also take up other infrastructure and construction projects in the country.

The JV is 51%-owned by T7’s subsidiary T7 Kemuncak Sdn Bhd and 49% by China Construction Third Engineering (M) Sdn Bhd  — a unit of China Construction Third Engineering (M) Sdn Bhd, which is in turn a subsidiary of China State Construction Engineering Corp Ltd.

Paramount Corp Bhd is buying 41.41 acres of land in Cyberjaya for RM149.71 million to build a gated and guarded landed residential development.

The group’s wholly-owned subsidiary Paramount Property (Lakeside) Sdn Bhd is buying the freehold land from Makmur Asiamaju Sdn Bhd, which is jointly owned by Areca Holdings Sdn Bhd (70%) and Setia Haruman Sdn Bhd (30%).

The proposed acquisition is in line with the group strategy of replenishing its land bank at locations with strong growth potential.

Axiata Group Bhd has appointed Khazanah Nasional Bhd deputy managing director Tengku Datuk Seri Azmil Zahruddin Raja Abdul Aziz as non-independent non-executive director of the group, effective today.

He replaces Kenneth Shen, who served on the board as Khazanah’s nominee since 2011.

Azmil joined Khazanah in 2011 as executive director of investments, managing investments in areas including innovation and technology as well as oversight for the fund’s offices in San Francisco and Khazanah Koridor Utara in Penang.

Hovid Bhd managing director David Ho Sue San and private equity group TAEL Partners Ltd have managed to accumulate 645.23 million shares or a 78.61% stake in the company at the closing date of acceptance.

Hovid said 368.43 million shares or 44.89% of its total share capital have been received by the joint offerors up to 5pm today, bringing their shareholding to 78.61%, from 276.80 million shares or a 33.72% stake on Oct 9 last year when the offer document was despatched.

Hovid said the joint offerors received additional acceptances of 7.74 million shares or 0.94% stake after 5pm today. These acceptances are subject to verification.

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