KUALA LUMPUR (Nov 6): Here is a brief recap of some corporate announcements that made news on Monday: Perak Corp Bhd, DXN Holdings Bhd, Edaran Bhd, Kerjaya Prospek Group Bhd, AMMB Holdings Bhd, Econpile Bhd, Sedania Innovator Bhd, Kinergy Advancement Bhd and Euro Holdings Bhd.  

Debt-ridden Perak Corp Bhd, a 52.9%-owned subsidiary of the Perak State Development Corp, has been granted a further six-month extension of time until Feb 10, 2024, to submit its regularisation plan to address the company’s financial condition. This marks the fourth time that Perak Corp has been granted an extension deadline from Bursa Securities. The original deadline on Feb 11, 2021, had been extended four times — first to Aug 10, 2022, then Feb 10, 2023, and more recently until Aug 9.

DXN Holdings Bhd’s wholly owned subsidiary DXN Corp (Ningxia) Co Ltd has filed a writ of summons and statement of claims against China’s Fujian Anxi Jinjiang Source Tea Technology Co Ltd (Fujian Anxi) over a stake disposal dispute. The health-oriented and wellness consumer products provider told Bursa Malaysia on Monday that it filed the summons and claims after Fujian Anxi had failed to secure a commercial loan or make the payment related to group’s stake disposal in Florin (Fujian) Integrated Agricultural Science and Technology Co Ltd (Florin Fujian). To recap, in May 2022, DXN’s unit, DXN Corp (Ningxia), disposed of its 80% stake in Florin Fujian to Fujian Anxi for 58.66 million renminbi (RM38.1 million), payable in instalments. However, Fujian Anxi failed to make the second instalment to DXN Corp (Ningxia) and led to the termination of the stake disposal agreement between both parties in July 2023. 

Edaran Bhd has secured a job to maintain the Royal Malaysian Customs Department’s (RMCD) customs operating system and MySST (Malaysia Sales & Services Tax) application (2023-2027) valued at RM89.88 million — nearly three times the company’s market capitalisation. Edaran’s wholly owned unit Edaran IT Services Sdn Bhd accepted the contract to undertake maintenance of hardware, software, network, integration and application of Sistem Maklumat Kastam (SMK) and MySST from the Ministry of Finance on Monday. The contract’s commencement date was on Sept 1 and is to span a period of four years.

Kerjaya Prospek Group Bhd has secured a RM104.73 million contract for the execution and completion of a housing development in Penang. The construction firm via its wholly owned subsidiary Kerjaya Prospek (M) Sdn Bhd received the letter of award from Persada Mentari Sdn Bhd (PMSB) on Nov 6. PMSB is an indirect subsidiary of Eastern & Oriental Bhd (E&O), which is linked to Kerjaya Prospek independent and non-executive chairman Datuk Tee Eng Ho and executive director Datuk Tee Eng Seng, as they both sit on E&O’s board and are also substantial shareholders in the premier lifestyle property developer firm.

AMMB Holdings Bhd has appointed Ling Fou-Tsong @ Jamie Ling as its group chief executive officer (CEO) and CEO of AmBank (M) Bhd, following the retirement of Datuk Sulaiman Mohd Tahir, effective Nov 23, 2023. This confirms The Edge’s report on Sept 11, 2023, citing sources, that Sulaiman was leaving the country’s sixth-largest banking group by assets, as his contract was understood to be expiring this month. AMMB said Sulaiman reached the company's retirement age of 60 in January earlier this year, having led the banking group for eight years through some of its “most demanding challenges”.

Econpile Bhd has inked a memorandum of understanding (MOU) with Sungai Klang Link Sdn Bhd (SKL) for the construction works for an elevated highway project proposed by SKL to the government. The piling and foundation specialist said the proposed collaboration entails Econpile’s wholly-owned subsidiary Econpile (M) Sdn Bhd providing its know-how, experience and expertise to plan, construct, complete, and fully provide its services, manpower, material, machinery and equipment as required for the construction works of the elevated highway project.

Sedania Innovator Bhd has proposed to acquire a 51% stake in premium personal care products and food supplements producer Tanamera Group Sdn Bhd (TGSB) for RM8.18 million, cash. Sedania said it has entered into a conditional shares sale agreement with the vendors to acquire 4.35 million shares in TGSB and simultaneously entered into a conditional subscription agreement with TGSB to subscribe for an additional 3.4 million shares in TGSB’s enlarged capital for RM3.68 million, resulting in TGSB becoming a 51%-owned subsidiary of Sedania.

Kinergy Advancement Bhd (KAB) has secured a RM33.3 million contract from Pengerang LNG (TWO) Sdn Bhd, a subsidiary of Petronas Gas Bhd, to supply utilities expansion and infrastructure enhancement of 137,000m3 of liquefied natural gas carriers into a floating storage unit (FSU) transformation. KAB said in a filing on Monday the letter of award (LOA) encompasses engineering, procurement, construction and commissioning (EPCC) work of utility supply for the FSU at the Regasification Terminal Pengerang and KAB is expected to complete the work by the end of 2024.

Euro Holdings Bhd and three of its subsidiaries, as well as its managing director Datuk Seri Lim Teck Boon, are being sued for allegedly using another company to obtain banking facilities. Surian Creation Sdn Bhd, which filed the lawsuit at the High Court in Melaka, is seeking a payment of RM19.29 million from Euro Holdings and the other defendants, according to Euro Holdings' filing with Bursa Malaysia on Monday. Surian Creation is claiming that the defendants had conspired together by "seizing full control" over Surian Creation and then using the company to obtain banking facilities to be used for the benefit of the defendants.