Latest news with #ThongGuanIndustriesBhd
The Star
12-06-2025
- Business
- The Star
Thong Guan scraps plan to sell F&B ops
The group said it terminated its plans due to both parties failing to reach an agreement on the final sale price. PETALING JAYA: Thong Guan Industries Bhd will not go ahead with its plan to sell its food and beverage (F&B) business to its largest shareholder, Foremost Equals Sdn Bhd (FESB). FESB has a 37.03% stake in Thong Guan. In a filing with Bursa Malaysia, Thong Guan said it will refund the deposit of RM60mil to FESB interest-free within 14 days from the termination agreement which was yesterday. The group said it terminated its plans due to both parties failing to reach an agreement on the final sale price, which was higher than the purchase consideration proposed on Nov 21, 2024. 'Pursuant thereto, the group will continue its operations in the F&B business segment,' it said. The termination of the sale is not expected to have any impact on Thong Guan's earnings, net assets, or gearing for the financial year ending Dec 31, 2025.
The Star
12-06-2025
- Business
- The Star
Thong Guan terminates F&B unit sale to major shareholder
PETALING JAYA: Thong Guan Industries Bhd will not go ahead with its plan to sell its food and beverage (F&B) business to its largest shareholder, Foremost Equals Sdn Bhd (FESB). FESB has a 37.03% stake in Thong Guan. In a filing to Bursa Malaysia, Thong Guan said it will refund the deposit of RM60mil to FESB interest-free within 14 days from the termination agreement, which was today. The group said it terminated its plans due to both parties failing to reach an agreement on the final sale price, which was higher than the purchase consideration proposed on Nov 21, 2024. 'Pursuant thereto, the group will continue its operations in the food and beverage business segment,' it said. The termination of the sale is not expected to have any impact on Thong Guan's earnings, net assets, or gearing for the financial year ending Dec 31, 2025. The board noted it is in the best interest of the group to go ahead with its plans.
The Star
27-05-2025
- Business
- The Star
Thong Guan 1Q net profit at RM18mil
The company's revenue dipped to RM319.01mil from RM344.65mil a year earlier. PETALING JAYA: Thong Guan Industries Bhd says the implementation of the minimum wage in Malaysia in the first quarter of this year has added to cost pressures by increasing payroll and overall operational expenses. In a filing with Bursa Malaysia, the plastic packaging manufacturer said it was committed to cost mitigation through waste reduction, process optimisation and improved operational efficiency. 'At the same time, the group will continue to expand its market presence across all business regions and explore new avenues for sustainable growth.' In the first quarter ended March 31, 2025 (1Q25), Thong Guan's net profit dropped to RM17.89mil from RM23.91mil in the previous corresponding quarter, while revenue dipped to RM319.01mil from RM344.65mil a year earlier. The company's plastic packaging product division registered a revenue of RM277.80mil as compared to RM307.41mil in the corresponding quarter of the financial year. The board of directors has proposed an interim dividend of 4.5 sen per ordinary share for the current quarter to be paid on July 18.
The Star
27-05-2025
- Business
- The Star
Thong Guan reports lower 1Q25 net profit
PETALING JAYA: Thong Guan Industries Bhd believes that the implementation of the minimum wage in Malaysia in the first quarter of this year has further added to cost pressures by increasing payroll and overall operational expenses. In a filing with Bursa Malaysia, the plastic packaging manufacturer said it remains committed to cost mitigation through waste reduction, process optimisation, and improved operational efficiency. 'At the same time, the group will continue to expand its market presence across all business regions and explore new avenues for sustainable growth.' For the first quarter ended March 31, 2025 (1Q25), Thong Guan's net profit dropped to RM17.89mil from RM23.91mil in the previous corresponding quarter, while revenue dipped to RM319.01mil from RM344.65mil a year earlier. Thong Guan said its plastic packaging product division registered a revenue of RM277.80mil as compared to RM307.41mil recorded in the corresponding quarter of the financial year. 'The 9.6% decrease for the plastic packaging product division was mainly due to lower average selling price (ASP) due to the depreciation of US dollar as compared to 1Q24. 'The food, beverages and other consumable products division recorded a revenue of RM41.22mil as compared to the corresponding quarter of financial year 2024 of RM37.24mil.' Thong Guan said the increase was mainly due to the increase of sales of coffee, tea and instant beverage products. Going forward, to navigate the evolving business landscape, Thong Guan said it will proactively adapt its strategies, leverage emerging opportunities and strengthen operational agility to sustain performance and maintain a competitive edge. 'Barring any unforeseen circumstances, the group is confident that it will continue to grow in the current financial year,' it said. The board of directors has proposed an interim dividend of 4.5 sen per ordinary share for the current quarter ended March 31, 2025, to be paid on July 18, 2025 to the shareholders registered at the close of business on June 30, 2025.
