KUALA LUMPUR (Dec 8): Here is a brief recap of some corporate announcements that made the news on Friday: EcoFirst Consolidated Bhd, Chin Hin Group Property Bhd, Westports Holdings Bhd, Axis Real Estate Investment Trust, YTL Power International Bhd, Central Global Bhd, Aeon Credit Service (M) Bhd, Mah Sing Group Bhd, MSM Malaysia Holdings Bhd, Apex Equity Holdings Bhd.

EcoFirst Consolidated Bhd, which is facing a RM20 million lawsuit for withdrawing a RM404.35 million contract it had issued to Kerjaya Prospek Group Bhd, said the group will be contesting the matter. EcoFirst said the lawsuit was filed against its wholly-owned subsidiary BCM Holdings Bhd by Kerjaya Prospek's wholly-owned unit Kerjaya Prospek (M) Sdn Bhd (KPM) on Wednesday. The suit was over a contract for the construction of a residential development in Kuala Lumpur issued by BCM to KPM in June. 

Chin Hin Group Property Bhd (CHGP) is acquiring a freehold plot in Penang measuring about 1.218 acres from Ivory Properties Group Bhd for RM40 million to build a multi-storey serviced residence. As part of the deal, CHGP will award construction works of the development to a member company of the Ivory group as the turnkey builder. CHGP said it has on Friday signed a binding term sheet with Ivory Properties' wholly-owned Ivory Gleneary Sdn Bhd for the proposed land acquisition. 

Westports Holdings Bhd has secured a 58-year extension until 2082 to its concession agreement with the government. The group's wholly-owned subsidiary, Westports Malaysia Sdn Bhd (WMSB) had on Friday entered into a third supplemental privatisation agreement with the government and Port Klang Authority (PKA) for the extension of the concession. Previously, the Westports privatisation agreement between the government, PKA and WMSB was signed for a period of 30 years ending on Aug 31, 2024.

Axis Real Estate Investment Trust (Axis-REIT) has proposed to acquire a two-storey shopping mall in Temerloh, Pahang, for RM25.75 million cash. The REIT said the acquisition of Temerloh Mall in Taman Damai, from Amal Mewah Development Sdn Bhd, will be funded by its existing bank financing. The freehold property with a net lettable area of 93,854 sq ft will be leased to TF Value-Mart Sdn Bhd. 

YTL Power International Bhd has confirmed that it is going to collaborate with Nvidia Corp to build an artificial intelligence (AI) infrastructure that will be powered by the US-based chip giant’s technology, with the first phase of the data centre expected to commence operations by the middle of next year. YTL Power said the data centre, which will provide AI computing services to the country, will be owned and managed by YTL Power’s 60%-owned subsidiary YTL Communications Sdn Bhd and be hosted in YTL Power’s 500MW solar-powered Green Data Centre Park in Johor. 

Central Global Bhd has proposed to split each of its shares into four shares in a move to reward its shareholders and improve the trading liquidity of the shares. Following the share split, the crepe paper masking tape manufacturer also plans to issue up to 275.17 million free warrants (Warrants B) on the basis of one warrant for every three split shares held. The share split and issuance of free warrants will take place on an entitlement date to be determined later, and is expected to be completed by the second quarter of 2024. 

Aeon Credit Service (M) Bhd said it has fully redeemed its RM100 million sukuk in nominal value that was callable on Friday. The group said it had issued the unrated subordinated perpetual sukuk on Dec 10, 2018. A week ago, Aeon Credit issued a senior sukuk with a nominal amount of RM300 million and a tenure of five years. That issuance is the fourth and final tranche of the financial services provider’s sukuk wakalah programme of RM2 billion in nominal value. 

Mah Sing Group Bhd has acquired a four-acre land with a total land cost of RM74.3 million in Mukim Setapak, Kuala Lumpur. The developer will develop a transit-oriented development (TOD) called M Azura with a gross development value of RM508 million. M Azura will comprise two blocks of serviced apartments with indicative built-ups of 700 sq ft, 850 sq ft and 1,000 sq ft based on preliminary plans and subject to authorities’ approval. The indicative selling price starts from RM396,800. Registration of interest is targeted to open in 1Q2024. 

MSM Malaysia Holdings Bhd has extended the garden leave of its chief financial officer (CFO) Dr Mazatul 'Aini Shahar Abdul Malek Shahar by one month. Mazatul’s garden leave, which was initially set for Oct 20 to Dec 15, 2023, will now continue until Jan 15, 2024, or until the board provides further notice. Mazatul’s temporary leave of absence is necessary to facilitate an ongoing internal investigation, MSM stated last month. She assumed the role of group CFO on Dec 1, 2022. 

Apex Equity Holdings Bhd said the Securities Commission Malaysia (SC) has withdrawn all “additional conditions and reporting requirements” that it imposed on the group's stockbroking arm Apex Securities Bhd, with immediate effect. Under the “additional conditions” that are now no longer in effect, Apex Securities was required to obtain the regulator’s prior written approval for the transfers of monies, credit, provision of margins or any other considerations to Apex Equity and related parties, as well as a prior written approval for any change of Apex Securities bank accounts’ signatories.