.png)
DJ Kossan Rubber: Plans 1-For-1 Bonus Issue
KUALA LUMPUR (Dow Jones)--Kossan Rubber Industries Bhd. (7153.KU) said Wednesday that it plans a one-for-one bonus issue to reward shareholders and improve the liquidity of its shares.
The latex glove maker said in an exchange filing that it plans to issue up to 159.9 million bonus shares at a ratio of one bonus share for every existing share held.
The issue will be wholly capitalized from the company's retained earnings and share premium accounts.
"The board is of the view that the proposed bonus issue is the most appropriate avenue of enhancing the company's capital base," said Kossan Rubber, adding that it will increase its capital "to a level which would be more reflective of its current scale of operations and assets employed."
The proposals are expected to be completed by the third quarter, it said.
Kossan had retained earnings of more than three times its paid-up capital as of end-2009.
Its share distribution follows a similar move by another Malaysian glove maker Supermax Corp. (7106.KU), which proposed a 1-for-4 bonus issue in early March.
DJ Nestle Malaysia 1Q Net Profit Rises 38% On Higher Export Sales
--------------------------------------------------------------------------------
KUALA LUMPUR (Dow Jones)--Nestle (Malaysia) Bhd. (4707.KU) said Wednesday its first quarter earnings rose 38% from a year earlier due to higher export sales and stronger demand while operational costs were lower due to timing differences.
The maker of dairy products said in an exchange filing that its net profit for the three months ended March 31 grew to MYR138.8 million from MYR100.4 million a year earlier.
Revenue rose to MYR1.02 billion from MYR983.9 million previously.
Nestle said the recovering local economy boosted consumer sentiment while exports, accounting for 23% of total sales, recorded double-digit growth.
However this was partially mitigated by higher commodity prices with the cost of skimmed milk powder and cocoa rising by more than 50% compared with a year earlier, it said.
Operational expenses were "exceptionally low" in the first three months, mainly due to the timing of major marketing campaigns that are scheduled in the following quarters, Nestle said.
It expects to "fully leverage" on the recovery in the economy to boost its sales this year, the company added.
DJ MARKET TALK: Kurnia Asia +2.8%; OSK Keeps At Buy
--------------------------------------------------------------------------------
0840 GMT [Dow Jones] STOCK CALL: Kurnia Asia (5097.KU) +2.8% at MYR0.555; dealer says stock supported by recent media reports that Bank Negara, insurance industry players working on revamped basic scheme for third party bodily injury, death on motor cover policies. Tips resistance at MYR0.58 (50-day moving average). OSK analyst Lim Mei Ching says Kurnia (with largest local motor insurance market share by net premium) could be main beneficiary if current scheme revised; "several possible scenarios have been drawn up, including a proposal that the overall liability be capped at MYR2 million and an increase in motor insurance premiums," says Lim. Keeps at Buy with MYR0.92 target. (
If you like the post, please subscribe to Bursa Chat. We will send you the latest post by Email===> Click 
Subscribe to Bursa Chat by Email
BACK TO CHAT BOX
KUALA LUMPUR (Dow Jones)--Kossan Rubber Industries Bhd. (7153.KU) said Wednesday that it plans a one-for-one bonus issue to reward shareholders and improve the liquidity of its shares.
The latex glove maker said in an exchange filing that it plans to issue up to 159.9 million bonus shares at a ratio of one bonus share for every existing share held.
The issue will be wholly capitalized from the company's retained earnings and share premium accounts.
"The board is of the view that the proposed bonus issue is the most appropriate avenue of enhancing the company's capital base," said Kossan Rubber, adding that it will increase its capital "to a level which would be more reflective of its current scale of operations and assets employed."
The proposals are expected to be completed by the third quarter, it said.
Kossan had retained earnings of more than three times its paid-up capital as of end-2009.
Its share distribution follows a similar move by another Malaysian glove maker Supermax Corp. (7106.KU), which proposed a 1-for-4 bonus issue in early March.
DJ Nestle Malaysia 1Q Net Profit Rises 38% On Higher Export Sales
--------------------------------------------------------------------------------
KUALA LUMPUR (Dow Jones)--Nestle (Malaysia) Bhd. (4707.KU) said Wednesday its first quarter earnings rose 38% from a year earlier due to higher export sales and stronger demand while operational costs were lower due to timing differences.
The maker of dairy products said in an exchange filing that its net profit for the three months ended March 31 grew to MYR138.8 million from MYR100.4 million a year earlier.
Revenue rose to MYR1.02 billion from MYR983.9 million previously.
Nestle said the recovering local economy boosted consumer sentiment while exports, accounting for 23% of total sales, recorded double-digit growth.
However this was partially mitigated by higher commodity prices with the cost of skimmed milk powder and cocoa rising by more than 50% compared with a year earlier, it said.
Operational expenses were "exceptionally low" in the first three months, mainly due to the timing of major marketing campaigns that are scheduled in the following quarters, Nestle said.
It expects to "fully leverage" on the recovery in the economy to boost its sales this year, the company added.
DJ MARKET TALK: Kurnia Asia +2.8%; OSK Keeps At Buy
--------------------------------------------------------------------------------
0840 GMT [Dow Jones] STOCK CALL: Kurnia Asia (5097.KU) +2.8% at MYR0.555; dealer says stock supported by recent media reports that Bank Negara, insurance industry players working on revamped basic scheme for third party bodily injury, death on motor cover policies. Tips resistance at MYR0.58 (50-day moving average). OSK analyst Lim Mei Ching says Kurnia (with largest local motor insurance market share by net premium) could be main beneficiary if current scheme revised; "several possible scenarios have been drawn up, including a proposal that the overall liability be capped at MYR2 million and an increase in motor insurance premiums," says Lim. Keeps at Buy with MYR0.92 target. (
Subscribe to Bursa Chat by EmailBACK TO CHAT BOX
No comments:
Post a Comment