CORP BRIEF: KNM, Tasco, Econframe, Flexidynamics and Gibraltar BSN

KNM bags RM30m US deals

KNM Group Bhd’s indirect wholly-owned subsidiary, FBM Hudson Italiana SpA, has entered into two agreements with Stamicarbon BV for the supply of a high-pressure carbamate condenser and stripper for a plant in the US for RM30.22 million. In a filing yesterday, the company noted the supply and delivery duration is for a period of 14 months from the date of the agreements. The transactions are expected to contribute positively to KNM’s earnings for financial year ending Dec 31, 2021 (FY21), and FY22.

Tasco to do share split

TASCO Bhd has proposed to undertake a subdivision of every one of its existing share to four subdivided shares, a filing yesterday noted. Once completed, its shares will rise to 800 million units. The share split is to reward existing shareholders, encourage trading liquidity and attract greater participation of new investors. It is expected to be completed within the first quarter of 2021.

Econframe posts RM11.6m in 1Q21 revenue

ECONFRAME Bhd recorded a net profit of RM1.64 million for the first quarter of financial year 2021 (1Q21) ended Nov 30, 2020. This is an increase of 44.8% from the RM1.13 million registered previously, mainly driven by higher billings and a one-off listing expenses of RM310,000. In a filing yesterday, the group noted it posted RM11.57 million in revenue, compared to RM10.64 million in the preceding quarter. The increase was mainly contributed by the manufacturing segment, which recorded higher sales volume as a result of the increase in economic activities.

Flexidynamics hires M&A Securities for IPO

FLEXIDYNAMICS Holdings Bhd has inked an underwriting agreement with M&A Securities Sdn Bhd in conjunction with the company’s IPO on the ACE Market of Bursa Malaysia. In a statement yesterday, Flexidynamics targets to launch its prospectus in the first quarter of 2021, with an IPO comprising 75.23 million new ordinary shares to finance the acquisition of new factories, as well as new machinery and equipment for those factories.

Lee Kok Wah is new CEO of Gibraltar BSN

GIBRALTAR BSN Life Bhd has promoted Lee Kok Wah to CEO from previously being the CFO. He succeeded Rangam Bir whose tenure ended on Jan 23, 2021. Lee has some 30 years experience in the insurance industry and was previously with AXA Affin Life Insurance Bhd, Syarikat Takaful Malaysia Bhd, Hong Leong Assurance Bhd and Manulife Insurance Bhd, a Gibraltar BSN release yesterday noted.