KUALA LUMPUR (Sept 22): Here is a brief recap of some corporate announcements that made news on Friday: Chin Hin Group Bhd, Ajiya Bhd, ITMAX System Bhd, United Malacca Bhd, Boustead Plantations Bhd (BPlant), Kuala Lumpur Kepong Bhd (KLK), CTOS Digital Bhd and LFE Corp Bhd.  

Chin Hin Group Bhd said it will be making a mandatory general offer for the remaining shares in Ajiya Bhd at RM1.53 per share, but intends to maintain Ajiya's listing status. This comes after the building material specialist on Friday entered into share sale agreements with How Lian Yeong and Ong Hang Ping for the proposed acquisition of a 2.11% stake or 6.22 million shares in Ajiya for RM9.51 million or RM1.53 per share.

ITMAX System Bhd, which is primarily involved in the business of supply, installation and provision of public space networked systems, has bagged a RM111.2 million contract from the Iskandar Puteri City Council to provide video surveillance and smart traffic light system services in Iskandar Puteri, Johor. ITMAX said its 65%-owned subsidiary Southmax Sdn Bhd has secured a letter of award for the project.

Plantation group United Malacca Bhd saw its net profit for the first financial quarter ended July 31, 2023 fall 89% to RM2.68 million from RM24.3 million a year earlier on lower contribution from its Malaysian operations. Quarterly revenue declined 19% to RM135.95 million from RM167.44 million, mainly due to lower average crude palm oil and palm kernel prices.

The cut-off date for the proposed disposal of a 33% stake in Boustead Plantations Bhd (BPlant) by the Armed Forces Fund Board (LTAT) has been extended for the second time. Kuala Lumpur Kepong Bhd (KLK), which is acquiring the 33% stake from LTAT and Boustead Holdings Bhd, said the three parties have agreed for the cut-off date for the strategic collaboration agreement to be extended for another two weeks to Oct 6. The previous extension, announced on Sept 11, ended on Friday.

CTOS Digital Bhd’s wholly-owned subsidiaries, CTOS Data Systems Sdn Bhd, CTOS Basis Sdn Bhd and CTOS IDS Sdn Bhd, have entered into recurrent related party transactions (RRPTs) of a revenue or trading nature for an aggregated value of RM4.06 million. CTOS Digital said the RRPTs were entered into with CIBI Holdings Pte Ltd, Credisense Ltd, Creador Sdn Bhd and CIBI Information Inc. According to the group, the aggregate value transacted for the RRPTs from Jan 1 to Aug 31 has exceeded the Main Market Listing Requirements percentage ratio of 1%.

LFE Corp Bhd has entered into a conditional share agreement with Patrick Heng Jin Wei to buy 100,000 shares representing the remaining 40% equity of LFE Development Sdn Bhd (LDSB) for RM3.5 million cash. LFE, which currently owns a 60% stake in LDSB, said that the purchase consideration was arrived at on a willing-buyer willing-seller basis between the parties, and LDSB will be a wholly-owned subsidiary under LFE after the exercise.