IWCity, TNB, Jiankun, TRC Synergy, T7 Global, KJTS, Westports, Perak Corp, Paragon Globe, Solarvest, MMAG, ILB

TheEdge Fri, Feb 02, 2024 10:56pm - 2 months View Original

KUALA LUMPUR (Feb 2): Here is a brief recap of some corporate announcements that made the news on Friday: 

Iskandar Waterfront City Bhd (IWCity) has failed in its bid to strike out a RM76.56 million lawsuit by Tenaga Nasional Bhd (TNB) over alleged damage to the utility giant’s undersea cable in Johor. The High Court dismissed the applications by IWCity and its wholly-owned units, Tebrau Bay Construction Sdn Bhd and Tebrau Bay Sdn Bhd, to strike out the suit and awarded costs of RM8,000 per application to TNB. As such, the case will proceed for a full trial. — TNB’s suit against IWCity over alleged damage to undersea cable to go to full trial

Jiankun International Bhd’s wholly owned unit JKI Development Sdn Bhd (JKID) has been hit with another lawsuit by former joint venture (JV) partner Fivestar Development (Puchong) Sdn Bhd, which is demanding RM14.21 million in alleged unpaid sums. The latest suit against JKID concerns the same JV agreements signed between the two parties in 2015 and 2016 to co-develop a residential property project in Puchong. Previously, JKID received a notice of demand from Fivestar for RM12.98 million in December 2022, but this was declared by a court as “an abuse of court’s process” in April 2023. — Jiankun’s unit hit with another lawsuit from ex-JV partner concerning residential project

TRC Synergy Bhd unit Trans Resources Corporation Sdn Bhd (TRCSB) has won a RM358 million contract to carry out refurbishment and infrastructure works at the Subang Airport from Khazanah Nasional Bhd. The contract is for the proposed refurbishment of main building and infrastructure works at Subang Engineering Complex A. — TRC Synergy bags RM358m refurbishment, infrastructure job at Subang Airport

T7 Global Bhd marked its foray into Thailand waters with a RM400 million contract for its latest mobile offshore production unit (Mopu) named TSeven Shirley, which will be leased to Valeura Energy Inc, operator of the Nong Yao oil field, in support of its Nong Yao C development. The Mopu will begin its charter in 2024 for the next five years. — T7 Global marks foray into Thailand waters with RM400m contract

KJTS Group Bhd has bagged a RM16.77 million contract from Thailand's Central World Hotel Co Ltd (Centara) to undertake retrofitting works as well as provide operation and maintenance (O&M) services and supply of chilled water at Centara Grand Hotel at Central World in Bangkok for 15 years. The retrofitting works are expected to commence on Feb 1, 2024 and to be completed on Nov 30, 2024. The O&M services and chilled water supply will commence on Dec 1, 2024 and be completed on Nov 30, 2039. The ownership interest in the chiller plant will be transferred to Centara at the end of the agreement. — KJTS Group bags RM17m job from Thailand's Centara

Westports Holdings Bhd’s net profit fell 12.3% to RM206.08 million in the fourth quarter ended Dec 31, 2023 (4QFY2023) from RM235.04 million a year earlier, due to a reduction in share of results of a joint venture which made a substantial write-back of impairment gain in 4QFY2022. Nevertheless, quarterly revenue rose 6.3% to RM554.06 million from RM521.14 million a year earlier on the back of higher container revenue. Westports announced a second interim dividend of 8.72 sen per share for FY2023, bringing total dividends for the year to 16.91 sen. For the full year FY2023, the group’s net profit increased 11.4% to RM779.43 million from RM699.58 million in FY2022. Meanwhile, the group recorded its highest-ever revenue of RM2.15 billion, a 4% increase from RM2.07 billion in FY2022. — Westports ends 2023 on positive note on record container volume, declares 8.72 sen dividend

PN17 company Perak Corp Bhd is looking to raise RM63.5 million by entering into an early settlement of its entitlement over a 247.85-acre joint development project with ARX-YSC Sdn Bhd at Muallim, Perak. The proposed early settlement is estimated to give rise to a gain on disposal of RM21.97 million and reduce Perak Corp's gearing ratio by 15%. The proposal is expected to be completed by the fourth quarter this year. — Perak Corp to raise RM63.5m from entitlement to joint development project with ARX-YSC

Paragon Globe Bhd has signed a memorandum of understanding (MOU) with Solarvest Holdings Bhd to jointly develop a solar-ready factory and green industrial township in Johor Bahru. Upon completion, the project, located on 141 acres of industrial land in Desa Cemerlang, will be expected to yield 12.5 megawatt peak (MWp) in renewable energy capacity, making it one of Johor’s greenest and most energy efficient industrial townships. — Paragon inks MOU with Solarvest to develop green industrial township in JB

MMAG Holdings Bhd said its 95%-owned flagship entity MJets International Sdn Bhd has made full payment of the judgement sum awarded by the court in relation to a lawsuit by Comone International Logistics Co Ltd over alleged non-payment of monthly repayment instalments. In the lawsuit, Comone claimed two separate amounts of US$120,000 (RM540,840) and US$49,900 (RM224,899) along with liquidated damages of RM10,000 from MJets. — MMAG says fine for non-payment of JV cancellation instalments paid in full

ILB Group Bhd has appointed Agromate Holdings Sdn Bhd chief executive officer Edward Tang Ming Yng as its new executive chairman effective Feb 5. This follows the resignation of its previous chairman Datuk R Karunakaran due to "personal reasons". Agromate is 81.55%-owned by Agrobulk Holdings Sdn Bhd, which is currently the single-largest shareholder of ILB, with 34.96 million shares, or an 18.5% stake. — ILB appoints Agromate CEO as new executive chairman

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