KUALA LUMPUR (Oct 26): Here is a brief recap of some business news and corporate announcements that made the headlines on Monday:
Matang Bhd (KL:MATANG) has suspended its chief financial officer and acting chief operating officer Tan Theng Hwee pending an internal investigation into governance, operational and management conduct matters. During the suspension, group consultant and adviser Hoi Siew Chien will assume the duties of CFO and acting COO. — Matang suspends CFO, acting COO Tan Theng Hwee amid internal probe
PIE Industrial Bhd (KL:PIE) is banking on growing demand for artificial intelligence (AI) servers and higher production volumes to drive an earnings recovery in the second half of its financial year ending Dec 31, 2026 (FY2026), with full-year performance expected to improve from FY2025. Group managing director Kevin Che Kian Yeap told The Edge that stronger business volumes, higher revenue contributions and improved cost management would support the recovery. — PIE Industrial banks on AI servers to drive earnings recovery as production ramps up
GDB Holdings Bhd (KL:GDB) has secured its largest job to date, a RM1.02 billion construction contract for a luxury residential development in Desa ParkCity, Kuala Lumpur. The contract was awarded to its wholly owned subsidiary, Grand Dynamic Builders Sdn Bhd by Perdana ParkCity Sdn Bhd for the construction of ParkCity Residences, comprising two blocks of 49 and 63 stories together housing 433 apartments. — GDB lands biggest job to date with RM1.02 bil construction contract at Desa ParkCity
Pansar Bhd (KL:PANSAR) has secured a letter of acceptance from KKB Engineering Bhd (KL:KKB) for a RM170.9 million subcontract involving the second phase of water infrastructure upgrades in Samalaju, Sarawak. Its wholly owned subsidiary Perbena Emas Sdn Bhd was awarded the job for civil and structural works of the project, which is part of the Sarawak Corridor of Renewable Energy (Score). — Pansar bags RM170.9 mil subcontract for water infrastructure upgrade in Sarawak
Foundation and basement construction specialist Aneka Jaringan Holdings Bhd (KL:ANEKA) has secured a RM53.35 million contract to undertake piling works for the proposed Rio City Town Centre development in Selangor. Rio City Town Centre is part of IOI Properties Group Bhd's (KL:IOIPG) 100-acre IOI Rio City integrated development in Bandar Puteri Puchong. The group’s wholly owned subsidiary Aneka Jaringan Sdn Bhd had accepted a letter of award from EDP Consulting Group Sdn Bhd. — Aneka Jaringan secures RM53.35 mil piling contract for IOI Properties project
Berjaya Property Bhd (KL:BPROP) has proposed to raise its stake in Manjaran Sdn Bhd to 49% by acquiring Citaglobal Bhd's (KL:CITAGLB) entire 20% stake in the integrated logistics hub developer. The 20% interest will be acquired for RM50 million in a share-swap deal that will give Citaglobal a 3.39% stake in Berjaya Property. Under the deal, Citaglobal's 1.6 million shares in Manjaran will be paid for through the issuance of 178.57 million new Berjaya Property shares at 28 sen apiece. — Berjaya Property plans to boost stake in Manjaran to 49% via acquistion of Citaglobal's 20% stake
SSF Home Group Bhd (KL:SSF) is acquiring three parcels of leasehold industrial land in Pulau Indah, Mukim Klang, Selangor, for RM42.47 million to build its own warehouse and distribution facilities. The transaction is being executed via its wholly owned subsidiary, SSF Sdn Bhd, which entered into a conditional sale and purchase agreement with IFFCO Foods Sdn Bhd. — SSF Home buys 13-acre industrial land in Pulau Indah for RM42.5 mil
KKB Engineering Bhd’s (KL:KKB) 60.81%-owned subsidiary OceanMight Sdn Bhd has won a RM49.78 million arbitration award in a dispute with Shapadu Energy Services Sdn Bhd over hook-up and commissioning projects in Sarawak. An arbitral tribunal ordered Shapadu Energy — a wholly owned unit of Shapadu Corp Sdn Bhd — to pay OceanMight a combined RM49.78 million under two final arbitral awards dated Oct 12, together with interest of 5% per annum until full payment is made. — KKB Engineering subsidiary wins RM49.8m arbitration award from Shapadu Energy over Sarawak projects dispute
Econpile Holdings Bhd (KL:ECONBHD) has secured a RM24.4 million contract to undertake site clearing, retaining wall and piling works for a 53-storey serviced apartment project along Jalan Tun Razak, Kuala Lumpur. The contract was awarded to its wholly owned subsidiary Econpile (M) Sdn Bhd by REIN Architects Sdn Bhd, on behalf of Beverly 37 Sdn Bhd. — Econpile bags RM24.4 mil piling job for 53-storey KL apartment project
Malton Bhd (KL:MALTON) has scrapped plans to explore Malaysia’s electric motorcycle market with China-based manufacturer Dongguan Benling Vehicle Technology Co Ltd (BENLG), citing a lack of progress by its prospective partner. The nine-month memorandum of understanding with BENLG expired on Oct 25 and would not be pursued further. — Malton ditches plan to enter EV motorcycle market with China’s BENLG
West River Bhd (KL:WESTRVR) through its wholly owned subsidiary West River Engineering Sdn Bhd has secured two mechanical and electrical (M&E) subcontracts worth a combined RM17.85 million for residential projects in Puchong, Selangor, and Bukit Jalil, Kuala Lumpur. The jobs were awarded by China Construction Development (Malaysia) Sdn Bhd and BUCG (M) Sdn Bhd. — West River bags RM18 mil in M&E jobs for Puchong, Bukit Jalil residential projects
Tan Sri Tan Kean Soon, who was recently charged with cheating a businessman of more than RM10 million, has disposed of his entire direct stake of 74.18 million shares in T7 Global Bhd (KL:T7GLOBAL), with his wife, Puan Sri Shirley Law Siong Hiong, acquiring the same number of shares. The shares were transacted at 11.5 sen apiece, almost half of the market price that day, for a total of RM8.53 million. Both transactions took place through direct business transactions last Friday, Oct 23. Following the disposal, Kean Soon ceased to be a substantial shareholder of the oil and gas services provider. Law's combined direct and deemed interest increased to 12.823%, or 128.1 million shares, potentially making her T7 Global's second-largest shareholder. — Tan Kean Soon sells 74.18 mil T7 Global shares to wife in RM8.53 mil deal