Latest news with #RM70mil
The Star
31-07-2025
- Business
- The Star
Chin Hin sells steel welded mesh firm for RM70mil
PETALING JAYA: Chin Hin Group Bhd is disposing of its entire equity interest in Metex Steel Sdn Bhd (MSSB) to EC Excel Wire Sdn Bhd for RM70mil. In a filing with Bursa Malaysia, Chin Hin said MSSB's principal activities are manufacturing and sales of steel welded mesh and wire products. 'The proposed disposal provides an opportunity for the company to unlock and monetise its investment in MSSB. 'The proposed disposal is intended to streamline and re-organise the business activities of the company and it is expected to improve the cash flows of the company.' Chin Hin said the proceeds from the proposed disposal will be utilised to support the group's working capital requirements, finance its business expansion initiatives, and to be channelled into other business activities that are anticipated to be more promising. Chin Hin's core businesses include building materials, property development, construction engineering and home and living. For its first quarter ended March 31, 2025, Chin Hin's net profit rose to RM18.36mil from RM9.07mil in the previous corresponding period, while revenue grew to RM951.95mil from RM570.21mil a year earlier. In its notes on its first-quarter results, Chin Hin said it remains optimistic about sustaining steady growth in the coming quarters. 'This momentum is expected to further strengthen our financial position and reinforce our market presence, enabling us to navigate challenges and capitalise on emerging opportunities.'
The Star
31-07-2025
- Business
- The Star
Chin Hin sells Metex Steel for RM70mil to streamline business
PETALING JAYA: Chin Hin Group Bhd (CHGB) is disposing of its entire equity interest in Metex Steel Sdn Bhd (MSSB) to EC Excel Wire Sdn Bhd for RM70mil. In a filing with Bursa Malaysia, CHGB said MSSB's principal activities are manufacturing and sales of steel welded mesh and wire products. 'The proposed disposal provides an opportunity for the company to unlock and monetise its investment in MSSB. 'The proposed disposal is intended to streamline and re-organise the business activities of the company and it is expected to improve the cash flows of the company.' CHGB said the proceeds from the proposed disposal will be utilised to support the group's working capital requirements, finance its business expansion initiatives, and to be channelled into other business activities that are anticipated to be more promising. CHGB's core businesses include building materials, property development, construction engineering and home and living.
The Star
17-07-2025
- Business
- The Star
Top Glove set to capture more market share in US
Top Glove said it believes Chinese competitors cannot sustain ultra-low pricing seen during from 2022 to 2023. PETALING JAYA: Top Glove Corp Bhd is expected to register a robust recovery, buoyed by a strong uptick in orders from the United States that could drive double-digit sales volume growth in the fourth quarter of its financial year ending Aug 31, 2025 (4Q25) analysts say. The company sees the United States as a key growth engine, with current momentum in exports pointing to a steady climb in market share. During a recent meeting with Top Glove's management, Kenanga Research reported a marked improvement in sales to the US , which gained further traction this month and now accounts for 30% of the group's total volume – a significant jump from 26% in the previous quarter. The research house added that Top Glove is potentially taking market share away from other glove players in the US market. 'The group is aiming for the United States to account for 40% of group sales volume over the next two years,' Kenanga Research said. 'It is optimistic about strong sequential sales volume growth in 4Q25 due to higher orders from the US market which more than offset a slower Europe,' it added. Top Glove's confidence is underpinned by a notable rise in utilisation rates, which hitt 65% as of last month, compared with 61% in 3Q25 and 58% in 2Q25. The uptick translates to over 3.3 billion pieces of gloves sold per month – up from below three billion in April – which could add as much as RM70mil per quarter, or 2% of revenue. 'Top Glove expects sales volume to grow 15% quarter-on-quarter, driven by US orders and higher utilisation in 4Q25,' Kenanga Research said. 'In fact, utilisation rate last month was 65% compared with 61% in 3Q25,' the research house added. The group also appears unfazed by recent tariff-related concerns, expressing optimism that demand will remain strong. 'Top Glove feels that there is only so long that customers can hold off buying,' the research house said, adding that order volumes began rebounding over the last two months, with the positive trend expected to persist next month. On the pricing front, the group highlighted the competitive edge Malaysian producers still hold despite shifting tariff dynamics. US-imposed tariffs of 80% to 130% on Chinese medical gloves for this year and next year have widened the pricing gap in Malaysia's favour by between 10% and 30%, while Vietnamese and Indonesian gloves, though subject to lower tariffs of 20% and 19%, respectively, have minimal global market share or production capacity to pose a major threat. 'However, a Chinese player may ramp up production in Indonesia due to the tariff differential, which would be a risk, albeit starting at around just 1% of global supply by our checks, and this may be a negative for Malaysia given an improved tariff rate of 19% versus Malaysia's 25%,' Kenanga Research cautioned. In terms of average selling prices, Top Glove said it believes Chinese competitors cannot sustain ultra-low pricing seen during from 2022 to 2023. 'The group estimates that break-even prices for Chinese glove makers are at US$14 to US$15 per 1,000 pieces compared with efficient Malaysian producers at US$15 to US$16,' the research house said. Kenanga Research has maintained its 'outperform' call on Top Glove with an unchanged target price of 93 sen, citing the group's scale and improving utilisation as factors for better margins and competitiveness in the critical US market.
The Star
30-06-2025
- Business
- The Star
LFE Corp secures four construction jobs totalling more than RM70mil
PETALING JAYA: LFE Corp Bhd has secured four contracts, two each from Puncak Concept Sdn Bhd and SD Ara Damansara Development Sdn Bhd for construction jobs totalling more than RM70mil. In a filing with Bursa Malaysia, LFE Corp said it had secured a RM4.82mil and RM3.07mil contract from Puncak Concept in relation to the supply and delivery of the material for the execution and completion of earthworks and retaining walls for the proposed development in Cyberjaya. 'The contract period shall be nine months commencing from June 30, 2025 and the completion date shall be March 29, 2026. Additionally, the company also won contracts worth RM32.46mil and RM30.49mil from SD Ara Damansara Development for construction works for a proposed development in Ara Damansara, Selangor. 'The contract period shall be 21 months commencing from June 30, 2025 and the completion date shall be March 29, 2027.' The company said that Chuah Chong Ewe, the executive chairman and substantial shareholder of LFE Corp, is also a director and shareholder at Puncak Concept and SD Ara Damansara Development.
The Star
28-05-2025
- Business
- The Star
AmBank approves RM70mil financing for Sunview
AmBank Group SVP, commercial banking 1, business banking Edmund Tay (seated, left) and Sunview group executive director and group chief operating officer Chow Kian Hung (seated, right) together with (from left) AmBank Group head of commercial banking 1, business banking Yeow Swee Yun, AmBank Group managing director of business banking Christopher Yap and Sunview group executive director and group chief executive officer HP Ong. PETALING JAYA: AmBank Group, through AmBank Islamic Bhd, has approved banking facilities amounting to RM70mil for Fabulous Sunview Sdn Bhd (FSSB), a wholly owned subsidiary of Sunview Group Bhd . In a statement, the bank said the financing would partly fund the construction of a 29.99MWac ground-mounted photovoltaic solar power plant in Sungai Petani, Kuala Muda, Kedah. The project was awarded by Dayasinar Energy Sdn Bhd under the Corporate Green Power Programme. The project with a contract amounting to RM98.29mil will be executed by FSSB where it includes design, procurement, erection, connection, commissioning and testing as well as supply of equipment for the construction of a ground mounted photovoltaic solar generation facility. 'We are pleased to support FSSB and Sunview Group in this initiative. Looking ahead, we remain committed to strengthening our contribution to Malaysia's renewable energy ecosystem,' AmBank Group managing director, business banking Christopher Yap said.
