Friday 02 Jun 2023
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KUALA LUMPUR (Sept 13): Based on corporate announcements and news flow today, companies in focus next Tuesday (Sept 17) could include UEM Sunrise Bhd, Ni Hsin Resources Bhd, Malaysia Steel Works (KL) Bhd, Marine & General Bhd, Petronas Chemicals Group Bhd and Taliworks Corp Bhd.

UEM Sunrise Bhd’s agreement with Ascendas Hospitality Trust to sell the service apartment component of the former’s Aurora Melbourne Central mixed development in Melbourne, has fallen through.

The group said the agreement between its wholly-owned unit UEMS (La Trobe Street) Pty Ltd and The Trust Company (Re Services) Ltd (TCL), a trustee for the Ascendas Australia Hotel Trust, had been terminated on a mutual basis following disagreements over the specifications of certain aspects of the apartments earmarked for sale.

“The mutual termination will allow UEMS to seek and explore other opportunities that are more beneficial to UEMS in line with the group’s strategic objectives,” UEM Sunrise said in a filing with Bursa Malaysia.

The group said it has received several inquiries about the property, including a written expression of interest from a potential buyer. It is currently evaluating the proposals and hopes to conclude the sale of the service apartments in the fourth quarter of 2019.

Cookware manufacturer Ni Hsin Resources Bhd is looking to work together with Satumarin Sdn Bhd to venture into the oil and gas (O&G) industry.

Ni Hsin said it had entered into a Heads of Agreement with Satumarin for mutual discussions relating to the proposed participation in the business and growth of Satumarin.

Satumarin is involved in providing professional offshore marine services and logistics support, project management and marine technical consultancy services to the O&G industry.

The two parties have jointly agreed to commence discussions and negotiations on the details of the structures and terms of the collaboration, which Ni Hsin said will be mutually beneficial and synergistic.

Malaysia Steel Works (KL) Bhd (Masteel) has proposed a private placement of up to 42.5 million shares to Macquarie Bank Ltd, as the group looks to raise cash to repay its bank borrowings.

In a filing with the bourse, Masteel said it had entered into a conditional share subscription agreement with Macquarie Bank, in relation to the issuance of up to 42.5 million placement shares, which represent about 10% of its total number of issued shares.

The group said the placement is expected to be implemented in multiple tranches within 12 months from the date on which the conditions precedent in the subscription agreement are fulfilled.

Offshore support services provider Marine & General Bhd's unit has bagged a contract from Hess Exploration and Production Malaysia B.V. worth approximately RM12.9 million with an additional RM6.5 million for an optional extended term.

Marine & General said its subsidiary Jasa Merin (Malaysia) Sdn Bhd has been awarded the contract by Hess for the provision of one 120MT anchor handling tug supply vessel to support Hess' Malaysian drilling operations on July 11, 2019.

Marine & General said the contract, which commenced on July 11, is for a primary duration of 12 months, with an option for Hess to extend for an additional six months.

Petronas Chemicals Group Bhd (PetChem) has completed the acquisition of Dutch firm Da Vinci Group BV, marking PetChem's maiden entry into specialty chemicals.

With the completion of the acquisition, Da Vinci is now a wholly-owned subsidiary of PetChem. Da Vinci is involved in own-brand reselling, formulating and manufacturing of silicones, lube oil additives and chemicals.

In a statement, PetChem managing director and CEO Datuk Sazali Hamzah said the acquisition of Da Vinci provides a compelling entry point for PetChem to grow into silicones business and enhance its competitive position in attractive end-markets such as personal care, construction, paints and coatings, electronics, automotive and healthcare, particularly in Asia-Pacific.

Taliworks Corp Bhd’s unit Sungai Harmoni Sdn Bhd has the Individual License pursuant to Section 9 of the Water Services Industry Act 2006 from the Minister of Water, Land and Natural Resources.

In a filing with Bursa Malaysia this morning, Taliworks said the agreements entered into by Sungai Harmoni on May 24, 2019 in relation to the operations and maintenance of the Sungai Selangor Water Treatment Plant Works Phase 1 (SSP1) have become unconditional and have been completed.

It said with the completion of the agreements, Sungai Harmoni will start operating and maintaining the SSP1 under the Bulk Water Supply Agreement from Sept 13 onwards.

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