Kossan Rubber is acquiring an industrial property measuring 4.05ha in Meru, Selangor for RM40mil ($9.35mil) cash
JF Apex Research expects AirAsia Group Bhd, Kossan Rubber Industries Bhd, CB industrial Product Bhd, Khee San Bhd, Yinson Holdings Bhd and Icon Offshore Bhd to be among the stocks to watch on Tuesday.
AirAsia posted a net loss of RM803.85mil ($187.93mil) for the 1QFY20 against a net profit of RM96.09mil ($22.46mil) for the corresponding period last year, partly dragged down by its wrong hedge against crude oil prices, which collapsed in March, and a hefty depreciation.
Kossan Rubber is acquiring an industrial property measuring 4.05ha in Meru, Selangor for RM40mil ($9.35mil) cash, from Advance Boilers Sdn Bhd, a wholly-owned subsidiary of CB Industrial to facilitate an expansion of its production facilities.
Khee San has received letters of demand from OCBC Al-Amin Bank Bhd, demanding the repayment of RM4.96mil ($1.16mil) from Khee San and its subsidiary Khee San Food Industries Sdn Bhd.
Yinson said its 49%-owned joint venture is entitled to receive the balance amount of RM141.67mil ($33.1mil) from PetroVietnam Technical Services Corp, after the two parties reached a final settlement agreement of RM275.63mil ($64.4mil).
Icon Offshore has responded that it is currently negotiating with Perisai Petroleum Bhd to acquire the latter’s subsidiary, Perisai Petroleum Teknologi Bhd, which owns and operates a jack-up rig known as Perisai Pacific 101.
Meanwhile, US markets rallied overnight led by technology counters as investors shrugged off higher coronavirus cases.
Earlier, European stocks advanced with banking counters leading the way after development in potential coronavirus drug.
Following the bullish performances in the US and Europe, the FBM KLCI could extend its uptrend towards the resistance of 1,590 points, JF Apex said.
