Chin Hin, CN Asia, Kotra, Lii Hen, New Hoong Fatt, Kerjaya Prospek, and Apex Equity

KUALA LUMPUR (Dec 28): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (Dec 29) may include Chin Hin Group Bhd, CN Asia Corp Bhd, Kotra Industries Bhd, Lii Hen Industries Bhd, New Hoong Fatt Holdings Bhd, Kerjaya Prospek Group Bhd, and Apex Equity Holdings Bhd.

Chin Hin Group Bhd plans to acquire a 51.5% stake in Chin Hin Group Property Bhd (CHGP) for RM88.86 million from its chairman Datuk Seri Chiau Beng Teik and his family. It has signed a sale and purchase agreement with Beng Teik, his son Haw Choon, who is also Chin Hin’s managing director, and their vehicle Divine Inventions Sdn Bhd to acquire the 176.61 million shares in CHGP, together with 37.65 million or 30.9% of the warrants in CHGP, for RM88.86 million.

The group also announced a bonus issue of 278.19 million shares, on the basis of one bonus share for every two ordinary shares held in Chin Hin on an entitlement date to be fixed.

CN Asia Corp Bhd, which was slapped with an unusual market activity (UMA) query by the stock exchange regulator earlier today, said it is unaware of any reason that could account for the recent sharp rises in its share price and trading volume. CN Asia’s counter surged 30 sen or 29.41% today to RM1.32, its highest level in nearly six-and-a-half years. At the current price, the company has a market capitalisation of RM72.49 million.

Kotra Industries Bhd‘s wholly owned unit Kotra Pharma (M) Sdn Bhd has announced voluntary product recall for Axcel Mometasone 0.05% w/w Nasal Spray as it “may not have met the Pharmacopeia microbial specifications”, said the pharmaceutical firm. Kotra said the voluntary recall is only for those products that were manufactured under batch numbers B1912005, B1912030, B1912038 and B1912050. The products were distributed in Malaysia through selected distribution points such as pharmacies, clinics and hospitals.

A foreign worker dormitory of Lii Hen Industries Bhd in Muar, Johor has been put under Enhanced Movement Control Order (EMCO) after seven of its employees tested positive for Covid-19. Lii Hen said the Ministry of Health issued the order after its visit to the company’s premises yesterday following the confirmation of positive Covid-19 cases. The EMCO on the specific foreign worker dormitory is in effect for 10 days starting from Dec 27, 2020 until Jan 5, 2021.

Auto parts manufacturer New Hoong Fatt Holdings Bhd reported that 94 of its employees tested positive for Covid-19 after a planned screening involving 314 employees at its factory in Meru, Klang. As such, the company has temporarily closed the affected metal parts production factory from Dec 25, 2020 until further notice to contain potential infections.

The company noted that its plastic parts production factory, which is at a different location, is currently in operation. Its office operation is also unaffected, it said, as its management and supervisory staff have been working from home.

Kerjaya Prospek Group Bhd announced today it has won a RM61.9 million contract from Aspen (Group) Holdings Ltd, to develop a proposed residential project in Penang. It said its wholly owned subsidiary, Kerjaya Prospek (M) Sdn Bhd, won the contract from Aspen Vision City Sdn Bhd, an indirect subsidiary of Aspen (Group) Holdings. The contract shall commence on Jan 5, 2021 and be completed within 24 months from the commencement date.

Apex Equity Holdings Bhd (AEHB) said it intends to dispose of four parcels of freehold land in Shah Alam measuring 23,915.34 square metres for RM37 million cash. AEHB said its wholly owned subsidiary, Apex Equity Capital Sdn Bhd today entered into a sale and purchase agreement with KlangRealty Integrated Sdn Bhd. The proposed disposal is expected to result in a gain of approximately RM4.6 million for its financial year ending Dec 31, 2021.


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