KUALA LUMPUR (Jan 21): Bintai Kinden Corp Bhd, whose share price has more than halved since it hit its record high of RM1.39 in early December, announced that it intends to diversify into property development and management as a strategy to reduce its “reliance solely on the mechanical and electrical (M&E) engineering business”.
On top of that, the company is also proposing a private placement exercise to raise fresh capital of RM58.43 million to fund the new venture.
It is worth noting that this is the second venture out of its core M&E business in less than six months.
KUALA LUMPUR (Jan 12): Promising developments on the vaccine front have stirred investor interest in companies that venture into vaccine distribution, in hopes they will be in for bumper profits.
However, it is not clear at this juncture just how much or when these companies can cash in, given just the evaluation process alone for a vaccine to be approved for distribution and use in Malaysia will take five phases. The first phase alone which is the checking of the vaccine dossiers or research documents typically takes between 90 and 120 days, according to the Ministry of Health (MoH).
When contacted, property developer Yong Tai Bhd chief executive officer Datuk Wira Boo Kuang Loon said the company expects to bring its Chinese partner s vaccine into Malaysia by the third quarter of this year, at the earliest, on obtaining approval from the MoH s National Pharmaceutical Regulatory Agency (NPRA). Any vaccines or medicines to be imported into Malaysia for use here will require NPRA
IF 2020 is the year of rubber glove manufacturers and technology-related counters, penny stocks deserve at least a notable mention.
The penny stock fever on the local bourse has not been seen for at least 20 years since the dotcom bubble burst.
The eye-popping share price rally lured long-absent retail investors to the stock market and that, in turn, lifted the daily trading volume to a record high of 27.8 billion shares on Aug 11.
At the height of the penny stock fever in August, share prices hitting limit up were not a rare sight. On Aug 7, 12 stocks hit limit up, including HLT Global Bhd, LKL International Bhd and ES Ceramics Technology Bhd. These three were below 20 at the start of 2020.
KUALA LUMPUR (Dec 21): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Dec 22) may include: Mah Sing Group Bhd, Panasonic Manufacturing Malaysia Bhd, Bintai Kinden Corp Bhd, Kejuruteraan Asastera Bhd, Puncak Niaga Holdings Bhd, Greatech Technology Bhd, RHB Bank Bhd, Yi-Lai Bhd, Supermax Corp Bhd, Karex Bhd, ATA IMS Bhd, Fintec Global Bhd, Aeon Credit Service (M) Bhd, Gamuda Bhd, Versatile Creative Bhd and Deleum Bhd.
Mah Sing Group Bhd’s shareholders have given the property developer the greenlight to diversify into rubber glove manufacturing through its subsidiary Mah Sing Healthcare Sdn Bhd. In a virtual extraordinary general meeting today, Mah Sing obtained 99.9962% of votes for the diversification plan to mitigate cyclical earnings from its property development division.
KUALA LUMPUR (Dec 21): The second largest shareholder of Bintai Kinden Corp Bhd, whose share price has seen a roller-coaster ride this year, has sold its entire stake of 50.03 million shares or 14.4% interest in the engineering and construction group.
Nusankota Development Sdn Bhd disposed of its stake in the open market on Dec 16, according to a filing with Bursa Malaysia.
Nusankota Development acquired the stake for RM10.01 million back in March 2017, through a share swap by way of allotment of shares for the acquisition of the entire 100% equity interest in Optimal Property Management Sdn Bhd by Bintai Kinden.
Assuming that Nusankota Development sold the 50.03 million shares at the Dec 16 closing price of 86 sen per share, the total selling price of the stake would be RM43.02 million.