us apple developer accounts for sale：Partnership that will fit like a glove
,High global demand drives Pegasus-WRP joint venture KUALA LUMPUR: Pegasus Heights Bhd (PHB) is confident about its proposed joint venture (JV) with glove maker WRP Asia Pacific Sdn Bhd. This is given the high global glove demand and WRP’s vast experience as well as resources in the industry. “Unlike other companies which are embarking as new players in the rubber glove industry, a JV with WRP will ensure that we have a partner that has been in the business for more than 20 years with significant infrastructure in place, ” the group told StarBiz in an email. The group said most glove manufacturers are still receiving new order enquiries and struggling to meet the demand of their customers. WRP had approached PHB to discuss about the proposed JV.The group also pointed out that WRP was one of the first few large-scale rubber glove manufacturers in Malaysia. “We did not consider to enter glove manufacturing on our own as this is an industry which requires technical know-how.” In a filing with Bursa Malaysia last Wednesday, PHB said it had entered into a 90-day heads of agreement with WRP to explore a potential JV to produce, sell and distribute gloves and related products. The company planned to provide RM100mil cash for its 49% stake in the proposed JV, while WRP would contribute RM105mil in assets for a 51% stake. On the rationale for WRP’s majority 51% stake, PHB said: “It has the technical know-how and will take the lead, while we as a public-listed company will be a better fundraising platform.” PHB is anticipating a shareholder’s agreement, whereby its legal rights will be protected, despite its substantial minority stake in the proposed JV. The group said its cash on hand and proceeds from a private placement exercise could meet a substantial portion of the RM100mil cash injection into the proposed JV. On Dec 18,2020, PHB had announced a private placement exercise of up to 2.92 billion shares or 20% of its total issued shares, which could raise up to RM80.32mil. PHB told StarBiz that it has cash on hand totaling more than RM10mil, and pursuant to the private placement and based on the minimum scenario, the group expects to have RM40mil added to fund for its working capital. In a maximum scenario, RM50mil will be added to PHB’s working capital. “We may contemplate further fundraising exercise upon signing a definitive agreement with WRP, ” the group added. PHB also pointed out that its current total liabilities are just below RM7mil, and as at end-2020, its core asset namely Centerpoint Seremban Mall was valued at RM110mil. “Should the need arise, we may also consider procuring a term loan from financial institutions using the shopping mall as collateral. “We also believe that our contributions towards the proposed JV will be completed in stages, ” explained the group. PHB is involved in managing malls, leasing out commercial properties, project management consultancy (PMC) for property development and marketing events, trading of home appliances, and food and beverages- related activities. Meanwhile, PHB had posted annual losses for four financial years since Dec 31,2017 (FY17). For FY20, PHB narrowed its net loss to RM7.2mil from RM13.9mil a year ago, while revenue rose 338% year-on-year to RM62.4mil, from RM14.2mil. The group said the improved financial performance in FY20 was mainly due to the home appliances trading business which jumped more than five-fold to RM48.6mil, and the RM7.53mil contribution from the PMC segment.
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