CORP BRIEF: Green Packet, Affin Bank and Sino Hua-An

by TMR / pic by TMR FILE

Green Packet posts 3Q20 loss

GREEN Packet Bhd narrowed its net loss to RM6.81 million for its third quarter ended Sept 30, 2020 (3Q20), compared to RM11.98 million posted in 2Q20, mainly due to the RM14.3 million received from the settlement of the exchangeable medium-term notes via the transfer of Webe Digital Sdn Bhd shares held by Green Packet to Mobikom Sdn Bhd. The telecommunications company in a filing to the stock exchange yesterday said its revenue for the same quarter also fell to RM162.6 million from RM185.6 million. The losses were due to higher cost for the solutions business coupled with higher costs incurred to strengthen the group engineering centre of excellence in Chengdu, China, and an increase in marketing costs to promote the new workplace safety solution. Its communication sector recorded lower revenue of RM135.3 million for the current quarter compared to a year ago due to a decrease in sales in communication carriers in Asean, China and Hong Kong.

Affin Bank launches Affin Avance

AFFIN Bank Bhd has introduced its new financial and wealth planning system segment, Affin Avance. In a statement released yesterday, the bank said customers can apply for the segment if three conditions are met, which include a minimum monthly salary of RM7,000, have minimum assets under management with the bank of RM50,000 or through memberships of a professional body. Its president and Group CEO Datuk Wan Razly Abdullah Wan Ali said a majority of the mass affluent customers are from the younger generation, who are aware of international trends and digitally engaged. Among the benefits customers will enjoy include preferential interest on banking products, an own interest-bearing account, credit cards with lifetime annual waiver fee and personalised services.Affin Bank provides a suite of financial products and services that is catered to both retail and corporate customers.

Sino Hua-An to sell coke business for RM55m

SINO Hua-An International Bhd (SHIB) yesterday entered into a conditional share purchase agreement with Hua Fei Investment Ltd for the proposed disposal of 50,000 ordinary shares in PIPO Overseas Ltd, a wholly owned subsidiary of SHIB, for 88 million yuan (RM54.94 million) in cash. In a filing to Bursa Malaysia yesterday, the company said upon completion of the proposed proposal, the group would have its remaining businesses in the technology and food and beverage sectors. Based on the increasing challenging as well as the deteriorating financial performance of the coke business, eroding profit margin and the competitive business environment, the SHIB board has proposed to dispose of its coke business. The proposed disposal is expected to improve the group’s financial position, in particular, its cash position. — Bernama