KUALA LUMPUR (Dec 21): Here is a brief recap of some corporate announcements that made news on Tuesday (Dec 21) including Reneuco Bhd, Citaglobal Bhd, Berjaya Corp Bhd, REDtone Digital Bhd, Pekat Group Bhd, Tenaga Nasional Bhd, Aeon Credit Service (M) Bhd, Supercomnet Technologies Bhd, YSP Southeast Asia Holdings Bhd, Sersol Bhd, ELK-Desa Resources Bhd, and Techna-X Bhd.
A 50:50 joint venture consortium between Reneuco Bhd and Citaglobal Bhd has won a tender to develop an independent power producer project for the East Coast Rail Link (ECRL) network. The consortium, which accepted a Letter of Intent from Malaysia Rail Link Sdn Bhd, will undertake the planning, design, financing, development, construction, installation, completion, commissioning and operation of the project. The proposal involves the supply of renewable power to commercial or industrial parks along the ECRL's 640-kilometre alignment.
Berjaya Corp Bhd (BCorp) raised its stake in REDTone Digital Bhd to 47.76% (366.86 million shares), after acquiring another 3.18% (24.6 million shares) in the company at about 45 sen per share, or RM11 million, via direct business transactions from Aug 30 till Dec 21. The share purchases were made by BCorp's wholly-owned subsidiaries Juara Sejati Sdn Bhd and Teras Mewah Sdn Bhd.
Meanwhile, BCorp has signed a preliminary non-binding term sheet with Indonesia's MNC Group to explore e-money business in Malaysia. MNC's unit PT MNC Kapital Indonesia aims to leverage its strengths with BCorp on developing and expanding e-money-related services between Indonesia and Malaysia.
Pekat Group Bhd announced its chief operating officer (COO) Tai Yee Chee will be redesignated as the company's chief executive officer (CEO) from Jan 1, 2023, while Chin Soo Mau will be relinquishing his executive roles as the CEO and managing director. Tai would remain as an executive director and the position of COO would remain vacant until further notice. Currently, Chin holds a 34.9% stake in Pekat, followed by Tai with 10.35%.
Tenaga Nasional Bhd (TNB) has awarded an engineering, procurement and construction contract to BELECTRIC GmbH on 102 megawatt (MW) solar farm projects in the UK with an expected commercial operation date by the first quarter of 2024. Vantage RE Ltd, TNB's wholly-owned subsidiary, will oversee the projects. The farms are expected to provide stable long-term revenue under a 15-year contract-for-difference subsidy scheme that was awarded in July. The two projects include the construction and commissioning of 102 MW solar farms and a 65 MW battery energy storage system.
Aeon Credit Service (M) Bhd’s net profit fell 19.17% to RM83.63 million for its third financial quarter ended Nov 30, 2022, from RM103.46 million a year earlier, impacted by higher impairment losses on financing receivables. The consumer financing provider's quarterly revenue, however, rose 11% to RM417.84 million from RM376.47 million, mainly due to stronger loan and financing growth. No dividend was declared for the quarter.
ACE Market-listed Supercomnet Technologies Bhd, which has been saying it wants to apply for a transfer of its listing status to the Main Market, plans to submit its application to the regulators in the next three months. It expects the proposed exercise to be completed by end-June next year.
YSP Southeast Asia Holdings Bhd is buying a property in Bandar Baru Bangi, Selangor for RM31 million. The property will be used for the group’s expansion for the production of food and health supplements. Its unit, YSP Industries (M) Sdn Bhd, on Wednesday entered into an agreement with Onkyo Asia Electronics Sdn Bhd, a manufacturer of consumer electronic audio and video equipment products.
Sersol Bhd is venturing into the electric scooter business. Its wholly-owned unit Sersol Energy Sdn Bhd inked a three-month Memorandum of Understanding with China-based Chongqing Beidou Jiean Neo-Energy Technology Ltd to sell, distribute and produce electric scooters and related accessories, which include charging of the electric scooters.
ELK-Desa Resources Bhd has proposed to undertake a bonus issue of up to 151.60 million new shares on the basis of one new share for every two existing shares. Following the bonus issue, ELK-Desa will have an enlarged issued share capital of 454.81 million shares valued at RM351.49 million.
Techna-X Bhd has proposed to undertake capital reduction to rationalise its balance sheet by reducing its accumulated losses. It intends to reduce its share capital to RM73.44 million from RM1.22 billion as of Dec 20, resulting in a credit of RM1.15 billion, which will be used to set off its accumulated losses of RM1.14 billion at the group level.