CORP BRIEF: Inix, Hextar, Boustead and Favelle Favco

Inix gets 1 month extension to file quarterly results

INIX Technologies Holdings Bhd have been granted an extension of time up to April 30, 2021, for submission of quarterly reports for the financial period ended Jan 31, 2021. Bursa on Feb 17, 2021, said it allows the extension for the submission of quarterly and annual reports and further relief to listed issuers. In a filing to the stock exchange yesterday, Inix said it would utilise the 1-month extension for issuance of the quarterly reports for the financial period ended Jan 31, 2021. There- fore, the quarterly reports would be released on or before the extended due date, ie by April 30, 2021.

Hextar acquires Chempro to expand chemical arm

AGROCHEMICAL company Hextar Global Bhd is acquiring the entire interest in Chempro Group of Cos, a manufacturer and supplier of specialty cleaning solution in Malaysia, for RM138 million. In a statement yesterday, Hextar announced that it has entered into a share sale agreement (SSA) with Chempro, which currently operates in various locations around Asia, including Singapore, Malaysia, Thailand, Indonesia, Brunei, Hong Kong, Taiwan and China. Chempro provides niche specialty chemical products for the cleaning, hygiene and food industry, as well as the rubber glove industry. Hextar said Chempro will add value to Hextar as the SSA comes with a profit guarantee of RM39 million over three years, which translates into a profit after tax of RM13 million a year until the financial year ending Dec 31, 2023.

Izaddeen Daud is Boustead’s new deputy group MD

BOUSTEAD Holdings Bhd has appointed Izaddeen Daud as their new deputy group MD. Previously, he held the position as the ED of group business development since July 2020. He is also currently Boustead Properties Bhd’s acting CEO. Izaddeen graduated from De Monfort University, UK, with a bachelor’s degree in accounting and law and began his career as an auditor in Ernst & Young in 1991.

Favelle secures 5 contracts worth RM101.4m in total

FAVELLE Favco Bhd’s wholly owned subsidiaries Favelle Favco Cranes (M) Sdn Bhd and Favelle Favco Cranes Pte Ltd has secured five contracts to supply offshore cranes from Dec 1, 2020. In a filing to the stock exchange yesterday the company said its customers include DESB Marine Services Sdn Bhd, Resolution Rigging Services Pte Ltd, PT Megatama Internal Tbk, Offshore Oil Engineering Co Ltd, Thai Nippon Steel Engineering & Construction Co Ltd and Saipem SpA. The contracts are worth a total of RM101.4 million.