MN Holdings, Berjaya Land, DRB-Hicom, Nextgreen Global, Dynafront, Ranhill Utilities, Malpac, Heng Huat Resources, MR DIY, Reach Energy, Lay Hong, Affin Bank, Sunsuria, Encorp, Top Glove, Radium Development, PPB, Bonia, AirAsia X and PLS Plantations

TheEdge Tue, Apr 04, 2023 12:20am - 1 year View Original

KUALA LUMPUR (April 3): Here is a brief recap of some corporate announcements that made news on Monday (April 3) involving MN Holdings Bhd, Berjaya Land Bhd, DRB-Hicom Bhd, Nextgreen Global Bhd, Dynafront Holdings Bhd, Ranhill Utilities Bhd, Malpac Holdings Bhd, Heng Huat Resources Group Bhd, MR DIY Group (M) Bhd, Reach Energy Bhd, Lay Hong Bhd, Affin Bank Bhd, Sunsuria Bhd, Encorp Bhd, Top Glove Corp Bhd, Radium Development Bhd, PPB Group Bhd, Bonia Corp Bhd, AirAsia X Bhd and PLS Plantations Bhd.

MN Holdings Bhd is partnering with China's Shanghai DC-Science Co Ltd to develop Shanghai DC-Science's first high-performance data centre outside China. The underground utilities and substation engineering specialist said the project is estimated to have a value of over US$600 million (RM2.65 billion) and will boost MN Holdings’ future order book, which stood at RM325.9 million as at Jan 20, 2023.

Berjaya Land Bhd’s application for a six-month extension to comply with its approved public shareholding spread requirement of 20% was rejected by Bursa Malaysia. The property and hospitality outfit said that its public shareholding spread stood at 13.76% as at end-March this year, a shortfall of 6.24% or 307 million shares.  

DRB-Hicom Bhd’s 50.1%-owned Proton Holdings Bhd expects to launch a new electric vehicle in the country by the fourth quarter (4Q2023) under its “new energy vehicle”  segment. Proton’s wholly-owned subsidiary Proton New Energy Technology (Pro-Net) is expected to introduce “smart #1”, which is a sport utility vehicle segment EV developed by Zhejiang Geely Holding Group with Mercedes-Benz.

Nextgreen Global Bhd’s unit has set up a special purpose vehicle (SPV) to develop 20 oil palm waste collection and processing centres throughout Malaysia. The SPV named “GTC Biomass Bhd" was established by Nextgreen’s wholly-owned subsidiary Nextgreen Biomass Sdn Bhd (NGBSB) via a shareholders agreement with three other parties. The three parties and its shareholding of the SPV are Greentech Malaysia Alliances Sdn Bhd (10%), Koperasi Sahabat Amanah Ikhtiar Malaysia Bhd (18%) and Koperasi Perkhidmatan Setia Bhd (7%).

Dynafront Holdings Bhd has accepted a contract from an Indonesian consultancy business to develop and implement two software components for insurance-related business. The group’s wholly-owned subsidiary Dynafront Systems Sdn Bhd (DSSB) accepted the contract from PT Bangun Cipta Masa Depan (BCMD) for the design and maintenance of an online agency management system, and leads generation mobile app for sale of insurance policies. The contract is effective from Monday (April 3) until Dec 31, 2050.

Ranhill Utilities Bhd’s unit Ranhill Capital Sdn Bhd (RCSB) has been notified by the Energy Commission (EC) that its consortium with Sabah Energy Corporation Sdn Bhd (SEC) has won the bid for a 100MW power plant at the West Coast of Sabah. The project involves the design, construction, ownership, operation and maintenance of a 100MW gas-fired combined-cycle gas turbine (CCGT) power plant on a build, own, operate and transfer basis.

Plantation company Malpac Holdings Bhd said its wholly-owned subsidiary has received claims totalling RM78.55 million in connection with a High Court order on assessment of damages against the firm. Malpac said Malpac Capital Sdn Bhd (MCSB) received an affidavit  from Yong Toi Mee and Cheang Kim Leong on the matter on March 31. They are seeking a RM73.64 million refund on management fees from MCSB for the management of a palm oil mill and RM4.91 million in legal costs.

Heng Huat Resources Group Bhd through its wholly-owned subsidiary HH Northern Point Sdn Bhd has entered into a sale and purchase agreement with All Cables Sdn Bhd to dispose of a piece of land for a cash consideration of RM10.5 million. Heng Huat said that the disposal of the leasehold land, together with a building erected in Seberang Perai Tengah, Penang, is expected to bring a gain of approximately RM3.71 million. It said that the net proceeds from the disposal will be utilised for repayment of working capital of the company and its subsidiaries.

Creador founder and chief executive officer Brahmal Vasudevan has exited MR DIY Group (M) Bhd's board of directors. Brahmal resigned as non-independent and non-executive director as he is no longer the board representative for Hyptis Ltd, a unit of Creador. Brahmal was appointed to MR DIY’s board in August 2018, MR DIY’s annual report showed.

Reach Energy Bhd has been categorised as a Practice Note 17 (PN17) company after its shareholders’ equity fell below 50% of its share capital as at fiscal year ended Dec 31, 2022 (FY2022). The company said it triggered the PN17 criteria after announcing its 4QFY2022 results slightly over a month ago on Feb 28.

Egg producer Lay Hong Bhd has proposed to acquire the remaining 51% equity interest in its joint venture (JV) with NH Foods Ltd (NH Foods), Japan, as the Japanese food processing group exits its Malaysian operation. The poultry player formed a 49:51 JV with NH Foods in 2016 to produce halal food utilising Japanese technology, mainly for exports to the Middle East and Southeast Asia region. Lay Hong said the JV, NHF Manufacturing (M) Bhd, has not been able to “fully realise its intention and plans” due to the Covid-19 pandemic.

Affin Bank Bhd announced that the merger between its general insurance arm AXA Affin General Insurance Bhd (AAGI) with Generali Asia NV was completed on April 1. Affin Bank currently holds a 30% stake in the enlarged insurance company, while Generali will control the remaining 70%. Affin Bank inked a business transfer agreement with Generali in December last year. The agreement entailed AAGI issuing 67.46 million shares (representing 36.71% of the enlarged and paid up share capital) worth RM765 million to Generali to complete the merger.

Property developer Sunsuria Bhd has inked a Memorandum of Understanding (MOU) with China-based IAT Automobile to set up an operation base in Malaysia for electric vehicle (EV) manufacturing. Under the MOU, both parties have agreed to undertake research and development (R&D) in the area of EVs and related products, and to create Malaysia’s own EV brand. They further expect to build and develop EV innovation parks, and to jointly establish the Asean Automotive Design and Innovation Centre.

Encorp Bhd has received a take-up rate of 70% for Iris, the second last phase property launch for the Encorp Cahaya Alam township in Shah Alam. Following the good response, the developer is also eyeing to launch its final phase, Akasia 2, in this quarter. With a gross development value of RM59 million, Iris comprises 59 units of two-storey super-link homes. Iris is expected to be completed by February 2025.

Top Glove Corp Bhd clarified that the impact of the fire at its Lukut factory in Negeri Sembilan is minimal, affecting only about 1% of the group's capacity. The group said the fire occurred at around 5.10pm last Thursday in Block A of Lukut Factory 27. Top Glove also said that orders had been diverted from production lines in Block A of Plant 27 to Block B, as well as to another Top Glove plant in Klang.

Property developer Radium Development Bhd has inked an underwriting agreement with Malacca Securities Sdn Bhd and CIMB Investment Bank Bhd in conjunction with its upcoming initial public offering (IPO) on the Main Market of Bursa Malaysia. The IPO exercise involves a public issuance of 868 million new shares, representing 25% of its enlarged share capital. Radium’s IPO is distinctive in that there is no offer-for-sale component, with all IPO proceeds to be channelled to the group.

The property division of PPB Group Bhd, PPB Properties, has unveiled the Lumina Bedong township development in Bedong, Kedah. The township has an estimated gross development value of RM900 million and is expected to be completed by 2035. Sitting on a 228-acre of freehold land, the entire township will have an approximate of 1,500 units of affordable landed homes with a commercial hub spanning across 23 acres and recreational facilities such as jogging and cycling tracks, reflexology path and children play area in a 5.6-acre central park upon its completion.

Bonia Corp Bhd has redesignated Datuk Seri Chiang Fong Seng, son of its founder and group executive chairman Chiang Sang Sem, as group chief executive officer, effective April 1, 2023. Fong Seng, better known as Daniel Chiang, was previously the executive director of the company. The 37-year-old was appointed to the board in Jan 2014 and has held the position of group executive director since then. Daniel holds 6.15 million shares or a 3.06% stake in the company.  

AirAsia X Bhd shareholders who attended the airline’s 13th annual general meeting on June 26, 2019 will still be able to redeem their complimentary flight vouchers until the end of June this year. The long-haul low-cost airline said its board of directors had approved the extension of the redemption and travel validity period of the shareholders’ benefit programme.

Durian and oil palm planter PLS Plantations Bhd has entered into a partnership agreement with China's largest food manufacturer Cofco Food Import Co Ltd to develop and implement food security initiatives. It said the scope of the agreement includes agriculture development, food reserves, food safety, poverty alleviation, food production, food imports and food pricing.

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