KUALA LUMPUR (March 20): Based on corporate announcements and news flow today, companies that may be in focus on Monday (March 23) may include the following: PLB Engineering Bhd, Scomi Group Bhd, Tex Cycle Technology (M) Bhd, Gamuda Bhd, AirAsia Group Bhd and AirAsia X Bhd (AAX).

PLB Engineering Bhd (PLB) has signed a Memorandum of Understanding (MOU) with China Railway Engineering Corporation (M) Sdn Bhd (CRECM) to form a special purpose vehicle (SPV) for the sole purpose of carrying out rehabilitation works on the Jelutong dumpsite in Penang.

In return, CRECM will get 90% of the land that PLB is entitled to under the conditional joint development agreement (JDA) that PLB signed with the Penang Government just last month for the dumpsite rehabilitation.

Under the JDA, PLB will rehabilitate the 84-acre dumpsite, for which it will get 75% of the rehabilited land, and 70% of any additional area after the rehabilitation is completed. PLB will also build and operate a new integrated recycling centre there.

Scomi Group Bhd, which had in May last year planned to make a cash call to raise up some RM214 million to pare down its debts, has decided to call off the multiple corporate exercises.

In a filing with Bursa Malaysia today, Scomi’s board of directors said it has decided to abort the proposals due to the current market conditions as well as the deteriorating market price of its shares.

“The board shall explore a fresh proposal to comprehensively address the company’s current PN17 status," said Scomi.

Tex Cycle Technology (M) Bhd, which specialises in the recycling and recovery of scheduled waste, is forming a joint venture company (JVco) with EFS Revision Energy Sdn Bhd to expand its renewable power generation business.

In a stock exchange filing, Tex Cycle said its wholly-owned Tex Cycle Sdn Bhd (TCSB) has inked a shareholders' agreement with EFS today to establish the JVco, EFS MySolar Sdn Bhd, which will identify, evaluate and execute strategic business opportunities in the solar energy sector.

The JVCo, which will have a share capital of 1 million shares of RM1 each, will be 70% owned by Tex Cycle and 30% held by EFS. This means Tex Cycle will take up the stake for RM700,000.

Gamuda Bhd’s property arm Gamuda Land said today that its 548-unit executive condominium joint venture (JV) project known as OLA in Singapore has been oversubscribed, after receiving 1,163 electronic applications from interested buyers.

In a statement, Gamuda Land said OLA, which is located along Anchorvale Crescent in Sengkang, is a JV with Evia Real Estate (7) Pte Ltd.

"Since the e-application, which started on 15 February 2020, the number of e-applications have climbed to 1,163, compared with the available units of 548. OLA is a Spanish-themed executive condominium that offers 548 units of two to five bedrooms ranging from 775 sq ft. to 1,722 sq ft. OLA is slated for completion in 2023,” Gamuda Land said.

AirAsia Group Bhd and AirAsia X Bhd (AAX) announced that BDO Governance Advisory Sdn Bhd, which was in charge of conducting an independent review on corruption allegations related to the Airbus scandal against their co-founders Tan Sri Tony Fernandes and Datuk Kamarudin Meranun, has given the duo the all clear.

Following this, Fernandes and Kamarudin have been reinstated to their posts as group chief executive officer (CEO) and executive chairman of AirAsia respectively.