#Hot Stock* New shareholder spurs IRCB shares

  • 3,000 turn up at emotional memorial service for Karpal
    3,000 turn up at emotional memorial service for Karpal

    It was a night of mixed emotions at a memorial for the late Karpal Singh which was attended by more than 3,000 people at the Kuala Lumpur-Selangor Chinese Assembly Hall yesterday. There were tears, laughter, defiance, grief and above all, respect from those who begin arriving as early as 6pm to pay their respects to the late veteran lawyer and... …

  • We ask no favours, and will ‘fight till the end’ to clear Karpal’s name, says Gobind
    We ask no favours, and will ‘fight till the end’ to clear Karpal’s name, says Gobind

    Karpal Singh's family does not expect any "favours" from Putrajaya in their appeal against the late lawyer and politician's conviction and sentence for sedition, his son Gobind Singh Deo told a crowd of more than 3,000 last night. The Puchong MP said he was aware of growing calls for Attorney-General Tan Sri Abdul Gani Patail to drop the... …

  • Susan Rice to meet Anwar during Obama visit
    Susan Rice to meet Anwar during Obama visit

    Top White House national security aide Susan Rice (pic) will meet opposition leader Datuk Seri Anwar Ibrahim when President Barack Obama's regional tour reaches Malaysia, a senior US official told AFP yesterday. Obama is set to arrive tomorrow in what will be the first visit to Malaysia by a sitting US president in nearly half a century. He... …

  • Report: Selangor offer to water companies inferior
    Report: Selangor offer to water companies inferior

    PETALING JAYA, April 25 — The Selangor government offer of RM9.65 billion to nationalise water companies in the state is significantly less attractive compared to previous buyouts by Pengurusan... …

  • At memorial service, Karpal remembered as father, lawyer, friend
    At memorial service, Karpal remembered as father, lawyer, friend

    KUALA LUMPUR, April 25 ― In a scene reminiscent of last Sunday's state funeral in Penang, thousands turned up at last night’s memorial service to pay respects to the late Karpal Singh, a man... …

  • Gobind: No need to withdraw conviction, I will fight for Karpal
    Gobind: No need to withdraw conviction, I will fight for Karpal

    KUALA LUMPUR, April 25 ― Gobind Singh Deo vowed last night to fight tooth and nail to clear Karpal Singh’s name, saying there was no need to ask the Attorney-General to withdraw his late father’s... …

KUALA LUMPUR (Jan 15): Integrated Rubber Corp Bhd's (IRCB) share price jumped as much as 10% on Tuesday afternoon after the financially troubled rubber glove manufacturer roped in a former industry executive as a major shareholder to helm the firm.

Cheang Phoy Ken, the former managing director and owner of delisted rubber glove producer Seal Polymer Industries Bhd, has secured management control of IRCB. This follows Cheang's acquisition of about 10% equity interest from the controlling shareholders.

IRCB said last week it had appointed Cheang, 59, as managing director of IRCB, following the resignation of Tan Keng Beng, 50, after his family sold a 10.98% stake to Cheang via an off-market deal.

At 3.22pm, IRCB was trading at 16 sen, with 13 million shares done, after rising as much as 1.5 sen to 17 sen earlier. The stock was among the 10 most actively traded counters on Bursa Malaysia.

A dealer said the emergence of new major shareholders tends to have a positive impact on penny stocks. "The rise in IRCB shares is possibly due to this reason," the dealer told theedgemalaysia.com over the telephone on Tuesday.

IRCB’s share price has doubled (100%) so far this year, significantly outperforming the FBM KLCI’s 0.3% decline, according to Bloomberg data.

Cheang was previously the major shareholder of Seal Polymer, which was acquired and privatised by rival Supermax Corp Bhd at RM1.10 a share in 2007. Seal Polymer was delisted that year.

IRCB also announced the appointment of Cheang's son, Sean Kar Seng Cheang, 24, as an executive director and Lim Boon Huat, 43, as a non-executive board member.

Exchange filings show that the senior Cheang had emerged as a substantial shareholder in IRCB on Jan 4 after acquiring 65 million shares from the Tan family. At 15 sen per share, the off-market deal was worth RM9.75 million.

The sellers were Keng Beng, as well as his father Tan Koon Poon and nephew Tan Loon Guan, both of whom also relinquished their positions on the board of the company.

The Tan family's stake is held via private vehicle Chip Lam Seng Bhd, which still owns 11.3% following the off-market transaction. This compares with 25.43% as at June 2012, according to IRCB's annual report.

Bursa Malaysia updates indicate that following the off-market deal, Cheang raised his stake in IRCB on Jan 8 to 11.23% after acquiring another 1.48 million shares on the open market.

Changes in IRCB’s board and major shareholders’ equity interest came at a time when the Practice Note 17 (PN17) company was contending with weaker financials.

IRCB told the exchange in December 2012 that Malayan Banking Bhd (Maybank) had recalled the loan facilities given to the company's wholly-owned subsidiary Comfort Rubber Gloves Industries Sdn Bhd (CRG) with immediate effect.

Maybank recalled the loan facilities after CRG had defaulted on RM64.2 million worth of debt obligations, according to IRCB. As the defaulted sum was more than 5% of the net assets of IRCB, Bursa Malaysia placed IRCB under PN17 status due to its financial condition.

IRCB made a cumulative net loss of RM18 million in the nine months ended Oct 31, 2012, compared with a net loss of RM17.93 million a year earlier.

Follow @YahooMalaysia on LINE for daily news updates.

Comments on Yahoo pages are subject to our link to Comments Guidelines. You are responsible for any content that you post. Yahoo is not responsible or liable in any way for comments posted by its users. Yahoo does not in any way endorse or support comments made by its users.

  • MH370 passenger’s partner tells of strange email from sacked Fox officer The Malaysian Insider
    MH370 passenger’s partner tells of strange email from sacked Fox officer

    The partner of an American passenger aboard the missing Malaysia Airlines flight MH370 has spoken about how a Fox executive who was recently sacked by the news station had contacted her offering to raise funds on her behalf. Sarah Bajc, whose partner Philip Wood is among the 239 people on board the missing plane, told the Sydney Morning Herald... …

  • My last moments with Pa: Ramkarpal Singh The Malaysian Insider
    My last moments with Pa: Ramkarpal Singh

    A week after the tragic crash that took the lives of veteran lawyer and politician Karpal Singh and his personal aide, Michael Cornelius, his son Ramkarpal recounts the final hours with his father that fateful day. This is his story, as told to V. Anbalagan, assistant news editor. “My parents (Karpal and Gurmit) had gone to Pantai Hospital... …

  • In Disney's shadow, homeless families struggle Associated Press
    In Disney's shadow, homeless families struggle

    KISSIMMEE, Fla. (AP) — When they moved from Georgia to the theme park playground of central Florida four years ago, Anthony and Candice Johnson found work at a barbecue restaurant and a 7-Eleven. Their combined salaries nevertheless fell short of what they needed to rent an apartment, so the couple and their two children have instead been hopping among cheap motel rooms along U.S. 192. …