Thursday, October 27, 2011

MBM Resources keen on Hirotako stake?

KUALA LUMPUR: Auto parts manufacturers MBM RESOURCES BHD [] is believed to be keen to acquire a stake in HIROTAKO HOLDINGS BHD [], which makes car safety restraint equipment including seat belts, analysts said.

Trading in Hirotako was suspended from 9am to 5pm on Thursday, Oct 27.

Hirotako's pre-suspension price was 88 sen.

In its second quarter ended June 30, 2011, it posted net profit of RM12.67 million on the back of RM75.17 million in revenue. Its net asset per share was RM1.15 and it had RM77.54 million cash and cash equivalents.

However, concerns could be its high receivables of RM61.08 million as at June 30, 2011 up from RM39.41 million as at Dec 31, 2010.

Hiro-Dapat Holdings Sdn Bhd is the largest shareholder with 39.948 million shares or 22.85%. Hirotako group managing director Datuk Kuan Peng Ching @ Kuan Peng Soon is deemed interest in the stake via Hiro-Dapat.

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