KUALA LUMPUR (March 8): Here is a brief recap of some corporate announcements that made the news on Thursday.  

PLS Plantation Bhd has inked a deal with China-based Guangzhou Jiangnan Agriculture Development Co Ltd to build a regional one-stop wholesale market in Pasir Gudang, Johor for the processing and marketing of Malaysian agricultural produce. The centre will serve as a hub for farmers and other food producers seeking support services, market access and logistical assistance. Both parties will also explore investments in farming and plantations, including factories for processing, packaging and distribution of quality products to local and export markets, and one of the main products will be durian upstream and downstream products. — PLS inks deal with China’s Guangzhou Jiangnan to build one-stop wholesale markets in Johor

Dagang NeXchange Bhd (DNeX) is planning to collaborate with Korea Trade Network (KTNET) on several initiatives involving port community system, electronic customs and IT consultancy services for trade facilitation. Its wholly-owned Dagang Net Technologies Sdn Bhd (DNT) has inked a two-year memorandum of understanding with KTNET for the deployment of home-grown technologies from DNT and global capabilities from KTNET to assist in the transformation of the trade facilitation industry, jointly develop products and services by leveraging on the expertise of both parties, and to expand the offerings each has to offer to their respective clients. — DNeX plans collaboration with South Korea's paperless trade infra operator

The legal dispute between Star Media Group Bhd and JAKS Resources Bhd on the development of a parcel of land in Section 13, Petaling Jaya, has been reverted back to the High Court for trial. A three-member Federal Court bench on Thursday unanimously dismissed Star Media Group’s appeal against a decision unfavourable to the media company issued by the Court of Appeal in 2021 — which set aside a prior High Court's summary judgement in 2020 for JAKS to pay RM134.5 million balance of the purchase price of the land and RM50.54 million in late payment interest, and upheld the appellate court's order for the matter to go back to trial at the Kuala Lumpur High Court. — Star Media's dispute with JAKS Resources goes back to High Court six years after it started

Sapura Energy Bhd and its 22 wholly-owned subsidiaries have obtained new convening and restraining orders from the High Court to proceed with its debt restructuring. The orders will allow Sapura Energy to take critical steps in its debt restructuring plan through multi-currency financing of approximately RM10.8 billion and outstanding payments to trade creditors amounting to about RM1.5 billion. Sapura Energy and its subsidiaries can now convene meetings with creditors to discuss and approve a proposed scheme of arrangement and compromise without being disrupted by the threat of litigation. — Sapura Energy, subsidiaries get nod from court for debt restructuring

KESM Industries Bhd, an integrated circuits burn-in and test service provider, has reported a net profit of RM138,000 for its second quarter ended Jan 31, 2024 (2QFY2024), compared with a net loss of RM720,000 a year earlier, on the back of higher sales generated from processing automotive chips. Quarterly revenue rose 10.32% to RM61.77 million from RM55.99 million in 2QFY2023. KESM saw a turnaround in its half-year earnings performance as well, with a net profit RM1.05 million compared with a net loss of RM2.26 million in the previous August-January period. Six-month revenue rose 15.21% to RM125.3 million from RM108.75 million previously amid higher sales. — KESM Industries registers turnaround in 2Q, half-year earnings on higher sales

Teo Seng Capital Bhd has declared a non-cash dividend as its fourth interim dividend following the poultry company's record-high earnings in the year ended Dec 31, 2023. The dividend-in-specie will be in the form of treasury shares of the company, distributed based on one share dividend for every 67 Teo Seng shares held by shareholders. The ex-date will be on March 27, while the entitlement date will be on March 29, the same date that the shares dividend will be transferred to shareholders. The shares will be credited on April 15.  — Teo Seng to distribute one treasury share for every 67 shares after record earnings

Waste management company Tex Cycle Technology (M) Bhd has subscribed to a perpetual medium-term note (MTN) with a nominal value of RM10 million. The perpetual MTN offers a fixed return of 7.5% per annum, providing a steady and predictable income stream through regular semi-annual interest payments until redemption. However, Tex Cycle did not disclose the issuers of the perpetual MTN. Separately, Chin Hin Group Bhd reported that the company has made the third issuance of its perpetual MTN, with a nominal value of RM10 million, as part of its RM500 million perpetual MTN programme. Notably, the second issuance of Chin Hin’s perpetual MTN programme was subscribed to by Tex Cycle on Feb 9, with the same return of 7.5% per annum. — Tex Cycle subscribes to perpetual MTN worth RM10 mil

Property developer Exsim Group's founders, the Lim brothers, are acquiring a 65.9% stake in Pan Malaysia Holdings Bhd (PM Holdings) from three companies linked to prominent businessman Tan Sri Khoo Kay Peng for RM36.73 million or six sen a share. The purchase price represents a 45% discount to PM Holdings’ closing price of 11 sen on Thursday, valuing the group at RM102.17 million. Exsim Hospitality is obliged to extend an unconditional mandatory takeover offer to buy up all the remaining shares in PM Holdings and intends to maintain PM Holdings’ listing status on Bursa Malaysia. — Khoo Kay Peng to cede control of Pan Malaysia Holdings to Exsim Group's Lim brothers in RM36.7m deal