CORP BRIEF: Top Glove, TS Securities, Boilermech and Zurich

Top Glove plans special bonus

TOP Glove Corp Bhd has committed to a spe- cial dividend of 20% in order to reward their shareholders, as well as the good profit performance and strong cashflow. In a filing to the stock exchange yesterday, the glovemaker said it also complements its existing dividend policy of a 50% dividend payout ratio on PAT- AMI for the second quarter of the financial year 2021 (2QFY21) to 4QFY21. The total 70% dividend payout ratio on PATAMI will begin from 2QFY21.

TA Securities offers 65 sen per each TA Enterprise share

TA SECURITIES Holdings Bhd has issued an offer for holders to acquire all the remaining ordinary shares in TA Enterprise Bhd at a cash price of RM0.65 per share. The offer was made by controlling shareholder and TA Enterprise co-founder Datuk Tiah Thee Kian and will remain open to holders until 5pm on Jan 25, 2021. Tiah does not intend to maintain TA Enterprise’s listing status on the Main Market of Bursa Securities if there is any non-compliance with the public spread requirement arising from the offer. He will also not be taking steps to address any shortfall in the public spread requirement, if Tiah and the persons acting in concert with him pursuant to the offer holds between 75% to 90% of TA Enter- prise’s shares. The offer provides an opportunity to holders to realise their investment in TA Enterprise at a premium ranging from 3.15% to 21.3% above TA Enterprise shares’ market prices for the past one year up to the last trading day prior to the beginning of Feb 12, 2020, and at a premium ranging from 1.38% to 16.11% for the past one year up to Dec 11, 2020.

Boilermech MGO deal deemed unreasonable

BOILERMECH Holdings Bhd has issued an offer for holders to acquire all its remaining ordinary shares for a cash consideration of RM0.95 per share, it said in a filing to Bursa Malaysia yesterday. The independent advise circular was released by Mercury Securities Sdn Bhd and it will remain open to holders until 5pm on Jan 14, 2021. Mercury Securities deemed that the offer is not fair and unreasonable and recommends holders to reject it. The offer price represents discounts of approxi- mately 7.8% to 10.4% to the range of fair value of RM1.03 to RM1.06 per share.

Zurich Life Insurance appoints new CEO

ZURICH Malaysia has appointed Khoo Ai Lin as CEO of Zurich Life Insurance Malaysia Bhd effective yesterday, succeeding Stephen Clark, who remains as ED for the company. In a statement yesterday, Zurich said Khoo will be responsible for leading and executing Zurich Malaysia’s strategic priorities to grow its life insurance business. Khoo has more than 20 years of experience in various strategic and senior management roles across both the life and general insurance segments, most recently as the Group CEO of Tune Protect Group.