CORP BRIEF: Equity market, Nexgram, Globetronics and KNM

by TMR / pic by TMR FILE

Foreign selling extends to 5th week

THE local equity market saw sustained outflow of funds amounting to RM147.87 million last week as foreign investors remained net sellers for the fifth consecutive week. MIDF Amanah Investment Bank Bhd noted that the foreign pace of net selling has been down trending, with net selling 17.6% lower week-on-week than the previous week. Retail investors were net buyers last week, with MIDF noting that they bought RM154.68 million worth of equities. Local institutions were net sellers to the tune of RM6.8 million for the week.

Nexgram’s digital system to ease quarantine process

NEXGRAM Holdings Bhd via its 51%-owned unit Tri-G Technologies Sdn Bhd has received a government operation notification letter on July 20, 2021, for the Covid-19 quarantine process using the TracAPM digital system. In a filing to Bursa Malaysia yesterday, the company said the TracAPM or better known as SafeTravelPass Malaysia, will be used for quarantine hotel registration and implementation, including booking, payment, room and transport arrangement. It will also track and trace the person under surveillance in all national borders to limit the spread of the Covid-19 variant of concern brought in from overseas.

Globetronics earnings up on higher volume loadings

GLOBETRONICS Technology Bhd’s net profit for its second quarter ended June 30, 2021 (2Q21), has increased by 24.4% year-on-year to RM6.25 million compared to RM5.02 million made in the same period last year. Its 2Q21 revenue climbed 3.3% to RM46.4 million from RM44.91 million previously, due to higher volume loadings and better economy of scale achieved from certain of the group’s customers. The group said it will continue to focus on escalating up the value chain and riding on the research and development initiatives in new products design and development with its key customers moving forward.

KNM enters facility agreement with Exim Bank

KNM Group Bhd has entered into a facility agreement worth about RM128.75 million from Export-Import Bank of Malaysia Bhd (Exim Bank) on Aug 27, 2021. The company said the agreement consists of an advance payment guarantee; performance bond guarantee and warranty bond not exceeding US$21 million (RM88.86 million) and €8 million (RM39.89 million) respectively. The group announced in an exchange filing yesterday said that the financing facilities shall be for the purpose of facilitating the issuance of bank guarantees for overseas projects or contracts undertaken by the company and its subsidiary companies.