KUALA LUMPUR (April 4): Here is a brief recap of some corporate announcements that made news on Tuesday (April 4) involving South Malaysia Industries Bhd, Prolexus Bhd, YB Ventures Bhd, UDA Holdings Bhd, Pharmaniaga Bhd, Sunway Construction Group Bhd, Coastal Contracts Bhd, Gamuda Bhd, Lingkaran Trans Kota Holdings Berhad, Mah Sing Group Bhd, Al-'Aqar Healthcare REIT, Southern Cable Group Bhd, Tenaga Nasional Bhd, Berjaya Land Bhd, Fitters Diversified Bhd, Computer Forms (Malaysia) Bhd and Genting Plantations Bhd.

South Malaysia Industries Bhd (SMI) has lodged a complaint with the Securities Commission Malaysia (SC) alleging that over 20 parties comprising companies and individuals acting in concert have accumulated more than 33% equity stake without making a mandatory general offer. SMI alleged that the group of parties including Prolexus Bhd and YB Ventures Bhd was acting in concert with Honsin Apparel Sdn Bhd and Hi-Q Media (M) Sdn Bhd.

Meanwhile, apparel maker Prolexus has denied that it breached the Capital Markets and Services Act 2007 in its acquisition of shares in SMI, and said it will not succumb to demands that it make an MGO to acquire the remaining shares it does not own in the loss-making property developer.

The government’s proposal to convert RM165.28 million worth of government loans to property developer UDA Holdings Bhd into equity investment at RM1 per share has received Parliament’s nod. In tabling the motion, Deputy Finance Minister I Datuk Seri Ahmad Maslan said the purpose of the exercise is to reduce UDA’s financial burden and ensure the company, under the purview of the Ministry of Entrepreneur and Cooperatives Development, continues to implement development projects for the economic growth of the country as well as safeguard the interests of bumiputeras in urban areas.

Pharmaniaga Bhd is reassuring all of its vendors and suppliers that the group will meet its financial obligations by the end of the month at the earliest. The group said it is confident the current delay in payments will be resolved and normalised, following its meeting with the Pharmaceutical Association of Malaysia.

Sunway Construction Group Bhd (SunCon) has signed a second supplemental agreement for additional works amounting to RM606.64 million in regards to the South Quay Square project. With the additional contract, the revised sum for the project is now at RM1.36 billion. With the latest update on the scope of works, the South Quay Square project is expected to be completed by Oct 31, 2025.

Coastal Contracts Bhd, via its wholly-owned subsidiaries, has secured contracts for the sale of two units of offshore support vessels for an aggregate value of RM287.3 million. The offshore support vessel and gas processing facility operator said the revenue stream from the latest contracts is expected to contribute significantly to earnings of the group for the financial year ending June 30, 2023.

Gamuda Bhd said the concession holding companies which disposed of four highway concessionaires to Amanat Lebuhraya Rakyat Bhd (ALR) have come to an understanding with the not-for-profit private entity on the warranty claims in relation with the highways. The concession-holding companies are Kesas Holdings Bhd, Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (Sprint Holdings) and Lingkaran Trans Kota Holdings Bhd (Litrak Holdings). Litrak Holdings agreed to a total sum of RM1.65 million in claims from ALR for the replacement of Police Expressway Mobile Patrol Vehicles and enhancement/installation of RFID lanes.

Mah Sing Group Bhd has entered into a collaboration with the China Electronic Chamber of Commerce (CECC) to provide a one-stop service for Chinese investors to set up manufacturing facilities in Malaysia. Mah Sing said that the collaboration with CECC will help Chinese investors to understand Malaysia’s real estate and manufacturing industry as well as the government’s policies better.

Al-'Aqar Healthcare REIT has fixed the issue price of its impending private placement exercise at RM1.20 per new unit. The REIT said the issue price represents a discount of approximately 9.5% to the volume weighted average price of the units for the five market days up to and including April 3 of RM1.3254 per unit.

Cable and wire manufacturer Southern Cable Group Bhd's orders in hand have grown to RM609.3 million from RM578.4 million as at Dec 31, 2022 after it received a contract addendum from Tenaga Nasional Bhd (TNB). With the addendum, the group’s amended contract with TNB to supply underground cables and conductors increased to RM332.1 million from RM293.8 million originally.

Tan Sri Vincent Tan Chee Yioun has ceased to be a substantial shareholder of Berjaya Land Bhd (BLand), in which he was formerly a major shareholder, after offloading a 1.42% stake in the property and hospitality company. The stake, comprising 69.89 million shares — 25 million shares or 0.508% held directly, and 44.89 million shares or 0.912% held under Berjaya VTCY Sdn Bhd — was sold via direct business transactions on March 30.

Fitters Diversified Bhd says it will be seeking the approval of its non-interested shareholders to ratify its acquisition of shares and warrants in Computer Forms (Malaysia) Bhd, following Bursa Malaysia's advice to the company that the proposed acquisitions are deemed to be related party transactions, in accordance to Bursa's Main Market Listing requirements. The group has also appointed Wyncorp Advisory Sdn Bhd as the independent adviser to its non-interested shareholders in relation to the proposed acquisition.

Genting Plantations Bhd has proposed a retirement gratuity of RM787,523 to Quah Chek Tin in recognition of his long service and contribution to the company. Quah, who is an independent non-executive director of the company, has indicated his intention to retire at the conclusion of the forthcoming 43rd annual general meeting.