KUALA LUMPUR: Stocks to watch on Tuesday include AirAsia X Bhd, Hartalega Holdings Bhd, Luxchem Corp Bhd, Ivory Properties Group Bhd, Ta Win Holdings Bhd, Ta Win Holdings Bhd and Deleum Bhd, according to JF Apex Research. AirAsia X’s deputy chairman Datuk Lim Kian Onn is spearheading a special purpose vehicle (SPV) to pump in at least RM50mil fresh capital into the low-cost carrier, which is in the midst of negotiating with its creditors for debt and liabilities restructuring. Hartalega said it has completed the mandatory precautionary Covid-19 tests for all of its foreign workers and has further expanded the tests to its local employees as well. With some production lines temporarily shut down, the capacity loss is estimated to be less than 0.5% of annual output. Luxchem is planning to buy 55% stakes in three firms for a total of RM121 million, which would be partly in cash and partly via the issuance of new Luxchem shares at the issue price of 83 sen per share to the vendors, Chuah Kim Piew and Lee Juinn Yong. Luxchem also announced a private placement to raise up to RM97.33 million, of which RM70.32mil will be used to finance any suitable business or investment. Ivory Properties has acquired Copthorne Orchid Hotel & Resort in Penang for RM75mil cash. The hotel sits on a parcel of freehold land measuring at 2.5 acres and has ceased operations. Ivory Properties plans to develop a hotel and serviced apartments on the land with a gross development value of RM410mil. Ta Win will be acquiring a 32.5% stake in pharmaceutical company Royce Pharma Manufacturing Sdn Bhd for RM20.85mil. This deal represents an opportunity for the group to undertake its first investment in the pharmaceutical industry. Metronic Global has secured two sub-contracts worth a combined RM40.28 million to undertake works for the Merdeka 118 Tower project. Two senior executives of Deleum were called up by the Malaysian Anti-Corruption Commission (MACC) last week over an alleged illegal scheme involving the group’s 60%-owned subsidiary, Deleum Primera Sdn Bhd (DPSB), and Petronas Carigali Sdn Bhd. Overnight, US markets ended slightly lower as fears of stricter lockdowns offset the optimism on vaccine rollout. Meanwhile, European stocks closed higher amid on-going negotiations between the UK and the EU on Brexit trade deal. JF Apex expects the local bourse to trade sideways with all eyes on the final voting of Budget 2021 at its third reading in Parliament today.
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