CORP BRIEF: Notion VTec, MISC, AirAsia and Axiata

by TMR / graphic by MZUKRI MOHAMAD

Notion VTec invests RM90m in 9 nitrile glove production lines

NOTION VTec Bhd (NVB), a supplier of precision machine components, has decided to venture further into the production, trading, selling and marketing of disposable nitrile examination gloves. In a filing last Friday, the company is setting up nine production lines with total capital expenditure (capex) of RM90 million and in phases at Factory 3 in Klang, Selangor. The company will initially set up three nitrile glove production lines at an estimated capex of RM30 million with a monthly output of 60 million pieces of gloves. It said in total, the company would be able to produce 180 million pieces (1.8 million boxes) of gloves per month.

MISC to capitalise on new VLEC in ethane market

MISC Bhd hopes to capitalise on its new very large ethane carrier (VLEC), Seri Everest, and set a new benchmark in the ethane market. The group’s president and group CEO Yee Yang Chien in a statement last Friday said the carrier was delivered according to the schedule amid the disruption caused by the global Covid-19 pandemic. MISC has taken delivery of the VLEC at the Samsung Heavy Industries Co Ltd shipyard in Geoje, South Korea. Seri Everest is the first from a series of six VLECs that MISC purchased in July 2020.

Loan deal complies with laws, policies and procedures, says AirAsia

AIRASIA Group Bhd has reiterated that the transaction whereby it secured the aggregate RM300 million loan facilities from Sabah Development Bank Bhd (SDB) was completed in accordance with all laws, policies and procedures pertaining to its application. In a filing to Bursa Malaysia last Friday, the budget carrier also said the transaction took five months to complete from the time of application. The facilities have been approved by SDB for the development of the various projects and are intended to bring about significant positive socio-economic impacts to Sabah, it said.

Axiata appoints Halim as a board member

AXIATA Group Bhd has announced the appointment of former Malaysian Communications and Multimedia Commission (MCMC) chairman Tan Sri Dr Halim Shafie as an independent director effective yesterday. The company has also named Syed Ali Syed Salem Alsagoff, the nominee of Permodalan Nasional Bhd on Axiata’s board, as a non-independent director effective the same date. Halim, 71, was chairman of the MCMC from 2006 to 2009 before taking up the position of Telekom Malaysia Bhd chairman from 2009 to 2015. He is currently chairman of MSD Innovation Sdn Bhd, a start-up deploying Internet of Things in the agriculture sector and also serves as an adjunct professor at Universiti Utara Malaysia.