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New Straits Times
12-06-2025
- Business
- New Straits Times
One in five votes against Frontken's share mandate
KUALA LUMPUR: More than one in five of Frontken Corp Bhd's voting shares were cast against granting the board authority to issue new shares at its annual general meeting (AGM) on Thursday, reflecting unease over potential equity dilution. In a filing with Bursa Malaysia, the company said it received 78.8 per cent support for the mandate, which allows the board to issue up to 10 per cent of its issued capital without prior shareholder approval until the next AGM. The 21.2 per cent dissent, amounting to over 233.9 million shares, was the highest level of opposition among the six resolutions tabled. According to an earlier AGM notice, Frontken viewed the mandate as a tool to respond swiftly to funding needs for working capital or potential investments. However, it clarified that no share issuance was currently planned. "At this juncture, there is no decision to issue any additional share. If there should be a decision to issue any new share after the general mandate is sought, the company will make an announcement," the notice stated. The proposal to renew the company's authority to buy back up to 10 per cent of its own shares also passed, with 86.7 per cent voting in favour and 13.3 per cent against, a narrower margin compared to other resolutions. The RM50 million buy-back mandate will be funded through retained profits or borrowings. As of end-2024, Frontken had RM33.7 million in retained earnings, according to its share buy-back statement. The company repurchased just over 1.1 million shares from the open market in March, bringing its total treasury shares to over 8.3 million. The buy-back was positioned as a tool for managing capital, stabilising the share price and rewarding shareholders. Meanwhile, two other resolutions saw modest but notable pushback, with nearly five per cent voting against both the proposed directors' fees and benefits of up to RM600,000, and the re-election of Ng Chee Whye as a board member. The reappointment of the company's auditors was backed by 99.1 per cent of voting shares, while the re-election of Koh Huey Min saw similarly strong support, with nearly 99 per cent in favour. Frontken specialises in surface engineering and precision cleaning for the semiconductor, oil and gas, power, petrochemical and marine industries. As at 3.19pm, Frontken's shares rose 0.77 per cent or three sen to RM3.95, with 882,800 units traded. This valued the company at RM6.03 billion. Year-to-date, the stock has fallen 10.86 per cent.
New Straits Times
12-06-2025
- Business
- New Straits Times
Over 20pct of Frontken shareholders oppose share issuance mandate
KUALA LUMPUR: More than one in five of Frontken Corp Bhd's voting shares were cast against granting the board authority to issue new shares at its annual general meeting (AGM) on Thursday, reflecting unease over potential equity dilution. In a filing with Bursa Malaysia, the company said it received 78.8 per cent shareholder approval for the mandate, which allows the board to issue up to 10 per cent of its issued capital without prior shareholder approval until the next AGM. The 21.2 per cent dissent, amounting to over 233.9 million shares, was the highest level of opposition among the six resolutions tabled. According to an earlier AGM notice, Frontken viewed the mandate as a tool to respond swiftly to funding needs for working capital or potential investments. However, it clarified that no share issuance was currently planned. "At this juncture, there is no decision to issue any additional share. If there should be a decision to issue any new share after the general mandate is sought, the company will make an announcement," the notice stated. The proposal to renew the company's authority to buy back up to 10 per cent of its own shares also passed, with 86.7 per cent voting in favour and 13.3 per cent against, a narrower margin compared to other resolutions. The RM50 million buy-back mandate will be funded through retained profits or borrowings. As of end-2024, Frontken had RM33.7 million in retained earnings, according to its share buy-back statement. The company repurchased just over 1.1 million shares from the open market in March, bringing its total treasury shares to over 8.3 million. The buy-back was positioned as a tool for managing capital, stabilising the share price and rewarding shareholders. Meanwhile, two other resolutions saw modest but notable pushback, with nearly five per cent voting against both the proposed directors' fees and benefits of up to RM600,000, and the re-election of Ng Chee Whye as a board member. The reappointment of the company's auditors was backed by 99.1 per cent of voting shares, while the re-election of Koh Huey Min saw similarly strong support, with nearly 99 per cent in favour. Frontken specialises in surface engineering and precision cleaning for the semiconductor, oil and gas, power, petrochemical and marine industries. As at 3.19pm, Frontken's shares rose 0.77 per cent or three sen to RM3.95, with 882,800 units traded. This valued the company at RM6.03 billion. Year-to-date, the stock has fallen 10.86 per cent.
Malaysian Reserve
17-05-2025
- Business
- Malaysian Reserve
Short-term rates seen steady next week following BNM's operations
SHORT-TERM interbank rates are expected to stay stable next week, backed by Bank Negara Malaysia's (BNM) operations to absorb surplus liquidity in the financial system. This week, the central bank intervened daily by conducting reverse repo, Islamic reverse repo, as well as overnight reverse repo tenders to reduce excess funds in the financial system. On a Friday-to-Friday basis, surplus liquidity in the conventional system rose to RM33.7 billion from RM26.4 billion at the end of the preceding week. In the Islamic system, surplus liquidity climbed to RM25.9 billion from RM24.1 billion previously. The Malaysia Islamic Overnight Rate (MYOR-i) stood at 3.00 per cent as of May 15. — BERNAMA
New Straits Times
25-04-2025
- Business
- New Straits Times
Malaysia bolsters regulatory oversight of rubber glove sector
KUALA LUMPUR: The Plantation and Commodities Ministry, through the Malaysian Rubber Board (MRB), has strengthened regulatory oversight of the rubber glove sector in response to evolving global trade dynamics. The ministry said in line with the significant contribution of the rubber glove sector to the national economy, MRB implemented several strategic initiatives to strengthen regulatory oversight of the industry in addressing current global trade issues and challenges. One such initiative involves tightening licensing requirements for the export of rubber gloves under the Malaysian Rubber Board (Licensing and Permit) Regulations 2014. "With immediate effect, all LGM-licensed rubber glove exporting companies are only permitted to export rubber gloves sourced from local manufacturing facilities," it said. The measure is aimed at safeguarding product quality and ensuring the sustainability of Malaysia's rubber glove industry Additionally, it said this serves as a preventive step against the risk of Malaysia becoming a destination for trade diversion from other countries. "This follows global developments that have highlighted increasing uncertainties in the international trade landscape, including shifts in key global market policies that directly impact supply chains and the export market for rubber products. "Such conditions have the potential to lead to a rise in rubber glove imports, which could undermine the competitiveness of the domestic rubber industry," it said. Malaysia, recognised as one of the world's top producers and exporters of rubber and rubber-based products, recorded export values of RM33.7 billion in 2024. Of this, RM15.41 billion, or 45.8 per cent, came from the rubber glove segment alone. Meanwhile, the ministry said MRB is conducting joint operations with other enforcement agencies to enhance monitoring and enforcement within the rubber glove sector, in order to uphold the image and competitiveness of Malaysia's rubber industry. "The ministry and MRB will continue to closely monitor global trade developments and remain ready to implement proactive measures to protect the overall interests of the national rubber industry, including all rubber-based products. "In the near future, the ministry will also review long-term approaches that align with evolving geopolitical and global economic landscapes to ensure the resilience and marketability of Malaysia's rubber industry is sustained," it added.
Barnama
25-04-2025
- Business
- Barnama
Only Locally Produced Rubber Gloves Allowed For Export
REGION - CENTRAL > NEWS PUTRAJAYA, 25 April (Bernama) -- Malaysia has imposed an immediate restriction requiring all rubber glove exporters licensed by the Malaysian Rubber Board (MRB) to only export gloves produced by local manufacturers, the Ministry of Plantation and Commodities (KPK) announced today. In a statement today, the ministry said the move was made to ensure product quality and the sustainability of Malaysia's rubber glove industry, while also preventing the country from becoming a trade diversion destination for products from other nations. 'This step is taken in view of the global developments that reflect increasing uncertainty in the international trade landscape, including changes in policies among major world markets that directly impact the rubber supply chain and export market. bootstrap slideshow 'These circumstances may lead to a rise in rubber glove imports, which could affect the competitiveness of the domestic rubber industry,' the ministry said. KPK noted that Malaysia is among the world's top producers and exporters of rubber and rubber-based products, with exports totalling RM33.7 billion in 2024, of which rubber gloves contributed RM15.41 billion or 45.8 per cent. In view of the ongoing global trade challenges, the MRB has implemented several strategic initiatives to strengthen regulatory oversight of the industry, including tightening export licensing requirements for rubber gloves under the Malaysian Rubber Board (Licensing and Permit) Regulations 2014. Additionally, the MRB is also actively conducting joint operations with other enforcement agencies to enhance monitoring and enforcement in the rubber glove sector, in order to safeguard the image and competitiveness of the national rubber industry. 'KPK and the MRB will continue to closely monitor the global trade developments and are always ready to implement proactive measures to protect the overall interests of Malaysia's rubber industry, including all rubber products,' the ministry said. KPK added that it is also looking into suitable approaches in response to shifts in the global geopolitical and economic landscape to ensure the resilience and marketability of Malaysia's rubber industry.
