CORP BRIEF: Top Glove, DiGi, Reservoir Link and Maxis

Top Glove’s HK IPO application lapsed yesterday 

TOP Glove Corp Bhd’s application for the proposed listing of the company on the Hong Kong Exchange (HKEX), which was submitted on Oct 28, 2021, lapsed yesterday as the listing application has a validity of six months under the HKEX Listing Rules. Following the lapse of the HKEX Listing Application, the listing application approved by Bursa Securi- ties Malaysia Bhd on Nov 10, 2021 has also lapsed accordingly, the company said in a filing to Bursa Malaysia yesterday. The com- pany will evaluate its future capital requirements and to make the necessary announcement in due course.

DiGi CEO takes leave 

DIGI.COM Bhd CEO Albern Murty will be taking a temporary leave of absence effective yesterday due to family health reasons, and is expected to return in the second half of 2022. During Albern’s absence, Praveen Rajan, who is currently the CMO, will assume the CEO related duties and responsibilities on an acting basis, the telco said in a filing to Bursa Malaysia. Albern Murty remains active in his role in the corporate exercise pertaining to the Proposed Merger of DiGi and Celcom Axiata Bhd, and will continue to be available to the management and board of directors during this time.

Reservoir Link unit JV with Sunseap Energy 

RESERVOIR Link Energy Bhd’s subsidiary, Reservoir Link Renewable Sdn Bhd, will be collaborating with Sunseap Energy (M) Sdn Bhd to ink a term sheet for the joint venture (JV), with an initial paid-up share capital of RM1 million. The JV will co-develop, build, own and operate rooftop and ground-mounted solar PV projects (Solar PPAs) in Malaysia. Both parties will also use its best efforts to deliver approximately 20MWp worth of solar PPAs to the JV by the end of 2023. Reservoir Link will hold a majority share capital of 51% while Sunseap will hold the remaining 49%.

Maxis posts lower profit of RM298m for 1Q 

MAXIS Bhd registered a net profit of RM298 million for the first quarter ended March 31, 2022 (1Q22) from RM334 million a year ago. Quarterly revenue rose 7.4% to RM2.4 billion against RM2.24 billion in the previous year, according to the group’s filing to Bursa Malaysia yesterday. However, earnings per share for the period declined to 3.8 sen from 4.3 sen previously. Maxis has declared a first interim single-tier tax-exempt dividend of five sen. The ex-date for the dividend is on May 30 and payment on June 30, 2022.