Monday 25 Sep 2023
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KUALA LUMPUR (March 1): Based on corporate announcements and news flow on Tuesday, companies in focus on Wednesday (March 2) may include: Yinson Holdings Bhd, Sapura Energy Bhd, Kenanga Investment Bank Bhd, LYC Healthcare Bhd, Ireka Corp Bhd, Malaysia Building Society Bhd (MBSB), Ann Joo Resources Bhd, CB Industrial Product Holding Bhd (CBIP) and Luster Industries Bhd. 

Yinson Holdings Bhd will be undertaking a strategic review of its floating production storage and offloading (FPSO) segment, and a public spinoff of the segment is possible. The group said the review is part of its medium- to long term plan to ensure the group is “prepared and fit for future growth” and that it will be exploring and assessing options available to the group for its FPSO segment.

Sapura Energy Bhd has been served with another winding-up petition over unpaid money, this time by Icon Offshore Bhd. The group said its wholly-owned subsidiary Sapura Offshore Sdn Bhd was served with the petition dated Feb 21 by Icon Offshore’s subsidiary, Icon Offshore Group Sdn Bhd. Sapura Energy said the petition was initiated after Sapura Offshore was unable to pay a sum of RM4.02 million plus interest under a consent judgment entered into by the firm and Icon Offshore Group on Dec 13, 2021. The consent judgment was in relation to claims for the amount due under two uniform time charter party for offshore service vessels contracts.

Kenanga Investment Bank Bhd, via its wholly-owned unit Kenanga Investors Bhd, is taking up a 25% stake in LYC Healthcare Bhd's Singapore unit, which is considering listing its healthcare business on the Singapore Exchange. The stake in LYC Medicare (Singapore) Pte Ltd is being acquired for S$12.9 million (RM39.9 million). LYC Healthcare will hold the remaining 75% stake in LYC medicare post-divestment. KIB is the largest shareholder of LYC Healthcare with a 17.72% stake.

Ireka Corp Bhd has joined 26 other affected listed issuers under Practice Note 17 (PN17) after Bursa Malaysia Securities rejected the company's application to extend the relief period, which ended on Feb 26. Ireka  triggered the criteria for PN17 in August 2020, after its auditors highlighted a material uncertainty relating to its ability to continue as a going concern.

Malaysia Building Society Bhd (MBSB) has appointed Datin Hoi Lai Ping as the financial services group's independent non-executive director effective Tuesday (March 1). Hoi, who is a former director of plantation group FGV Holdings Bhd, retired from FGV in June 2021.

Ann Joo Resources Bhd has redesignated its executive director Datuk Lim Aun Chuan as deputy managing director (MD), effective Tuesday. 

CB Industrial Product Holding Bhd (CBIP) has announced several boardroom changes, including the resignation of Tan Sri Dr Yusof Basiran as its independent and non-executive chairman. The palm oil equipment maker said Yusof has decided to step down from the position, after having served the company for more than nine years. 

Plastic parts and metal parts manufacturer Luster Industries Bhd has proposed to buy a 9,554 sq m freehold land in Ara Damansara from the Sime Darby group for RM35 million. Luster said the acquisition would enable it to build its land bank in favourable areas, where the group can leverage on its extensive experience in building mixed-use developments.

Edited ByS Kanagaraju
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