Wednesday 18 July 2012

News Highlights - Top Glove Corporation, KFC Holdings (M), Construction Sector


Top Glove Corp Bhd (RM5.43/share)
Buys Melaka glove firm
Top Glove Corp Bhd has proposed to acquire Melaka-based rubber glove maker GMP Medicare Sdn Bhd from Matang Manufacturing Sdn Bhd for RM24.1mil. The world’s largest glove manufacturer said the proposed acquisition is in line with its plan to increase global market share. GMP is expected to contribute to the profitability of the group going forward. The proposed exercise is expected to complete within six months. – The Edge

KFC Holdings (M) Bhd (RM3.79/share)
Allocates RM65mil for outlets expansion
KFC Holdings (M) Bhd (KFCH) has set aside an annual fund of RM65mil for the expansion of its fast food outlets – KFC and Pizza Hut nationwide with the growth projection of 10% yearly. Managing director of QSR Brands Bhd dan KFCH Jamaludin Ali said RM40mil was allocated for KFC restaurants and RM25mil was set aside for Pizza Hut. He said the bulk of the allocations would be utilised for the construction of the drivethru concept which generates higher revenue. – StarBiz

Construction Sector
KEuro to sign soon to build RM7bil West Coast Expressway
Kumpulan Europlus Bhd (KEuro) is in the final round of discussions with the authorities to build the RM7.07bil West Coast Expressway and it expects to sign an agreeement in two months. Bernama quoted KEuro chairman Datuk Abdul Hamid Mustapha as saying that the company was in discussions with the authorities to “get some understanding” before an agreement was signed. The construction of the 316km expressway from Banting to Taiping would start in the second quarter of next year after the fund-raising exercise was completed. The expressway is expected to take five years to complete. The funding of RM1.0bil would be derived from its shareholders and loans including RM2.24bil from the Government. KEuro has a 64.2% stake in West Coast Expressway Sdn Bhd, which is tasked by the Government to build the project. IJM Corp Bhd has a 22.7% stake in KEuro and the former had acquired an additional 20% direct stakes in West Coast Expressway in March this year. - StarBiz

Source: AmeSecurities

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