rose over 4% in early trade Tuesday after securing orders worth RM101.4mil from six clients operating across the region.
The crane maker added 4.59%, or 10 sen to RM2.28. It is trading at a P/E ratio of 5.87 times.
Favelle Favco said its wholly-owned subsidiaries, Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pty Ltd, have secured the orders since Dec 1, 2020.
It said the six clients are DESB Marine Services Sdn Bhd, Resolution Rigging Services Pty Ltd, PT Megatama Internal, Offshore Oil Engineering Co Ltd, Thai Nippon Steel Engineering & Construction Co Ltd, and Saipem SPA.
The contracts are expected to contribute positively to the earnings and net assets of Favelle Favco for the financial year ending Dec 31, 2021 and beyond, it said.
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KUALA LUMPUR: Hextar Global Bhd has entered into a share sale agreement to acquire the entire equity interest in Chempro Group of Companies for RM138mil.
According to Hextar, Chempro is a multinational hygiene specialty cleaning chemicals expert with a track record of operating in various locations around Asia, including Singapore, Malaysia, Thailand, Indonesia, Brunei, Hong Kong, Taiwan and China.
Hextar will acquire three companies under Chempro Group, namely Chempro Technology (M) Sdn Bhd, Protek Chemicals & Engineering (B) Sdn Bhd, and a stand-alone company, Alpha Aim (M) Sdn Bhd.
Hextar executive director Datuk Ong Choo Meng said in a statement that Chempro will add value to the group as the agreement comes with a profit guarantee of RM39mil over three years, which translates to a profit after tax of RM13mil a year until the financial year ending Dec 31, 2023.
KUALA LUMPUR (March 8): FGV Holdings Bhd said it will not be pursuing a proposal by Perspective Lane (M) Sdn Bhd, a company controlled by tycoon Tan Sri Syed Mokhtar Albulkhari, to inject its plantation assets in exchanges for shares.
The group said its directors have decided not to pursue the proposal any further, in view of the takeover offer by the Federal Land Development Authority (Felda) to acquire the remaining stake in FGV.
Last October, FGV had received an expression of interest from Perspective Lane “to participate in FGV via an injection of plantation assets into FGV, for share consideration (after which) Perspective Lane would potentially become the single largest shareholder of FGV”.
KUALA LUMPUR (March 8): Based on corporate announcements and news flow today, companies in focus on Tuesday (March 9) may include: Bintai Kinden Corp Bhd, Chin Hin Group Bhd, Hextar Global Group Bhd, TFP Solutions Bhd, Favelle Favco Bhd, MCE Holdings Bhd, Datasonic Group Bhd, Magni-Tech Industries Bhd and Complete Logistics Services Bhd.
Bintai Kinden Corp Bhd’s wholly-owned subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd has bagged a RM9.78 million contract from Tenaga Nasional Bhd (TNB) to undertake the asset replacement and refurbishment for transformer, earthing transformer and reactor to PMU 275/33 KV Grik.
Chin Hin Group Bhd has acquired a 31.2% stake in kitchen cabinet manufacturer Signature International Bhd for RM93.6 million cash or RM1.17 per share. Chin Hin group managing director Chiau Haw Choon said the acquisition is in line with its objective of acquiring strategic stakes in companies with potential for future growth.