,Changing hands: A worker at one of IJM Plantations’ estates. Its sale to Kuala Lumpur Kepong has been completed for RM1.53bil.
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GLOVE maker Hartalega Holdings Bhd’s CEO Kuan Mun Leong said the company was currently running at 70% capacity, despite strong demand, as it is only allowed to operate with 60% of its workforce.
These Covid-19 restrictions, including the mandated fortnightly health screening for its employees, have impacted the group’s operations, he told reporters after the group’s AGM on Tuesday.
This includes losing some big orders to rivals in China and Thailand.
Shares in Hartalega and other glove makers came under renewed selling pressure this week as concerns about falling glove prices and rising production cost added to their worries.
Hartalega said that while glove makers are being impacted by the weakening selling prices, the trend is expected to stabilise by early next year, while demand is projected to remain strong amid the resurgence of new cases in developed countries.
IJM plantation arm sale done
IJM Corp Bhd on Monday completed the disposal of its 56.2% stake in IJM Plantations Bhd to Kuala Lumpur Kepong Bhd (KLK).
The group said that it will allocate RM542mil for special dividends from the RM1.53bil, which works out to a payout of 15 sen a share.
With the deal completed, KLK will be required to extend its RM3.10 a share offer to buy out the remaining shareholders in IJM Plantations.
For IJM Corp, the easing of Covid-19 curbs is positive for its construction division.
Going forward, the upcoming announcement of the 12th Malaysia Plan on Sept 27 followed by the tabling of Budget 2022 in October should provide some excitement for investors.
Among big construction projects on the table includes the potential revival of the MRT 3 project.
BToto wins in the Philippines
CGS-CIMB Research, in a report on Wednesday, said a unit of Berjaya Sports Toto Bhd (BToto) and its joint-venture partner had been awarded the procurement of a new nationwide lottery system for the Philippine Charity Sweepstakes Office via public bidding.
The total contract value was 5.8 billion pesos (RM480mil).
The value will be split equally throughout the five-year period.
The research firm, however, was “neutral” on this development.
This was because “we do not expect it to provide a major boost to BToto’s earnings,” it said.
Back at home, the Malaysian government’s recent steps to relax Covid-19 restrictions on various sectors of the economy has raised expectations that numbers forecast operators would be allowed to reopen soon.