KUALA LUMPUR (March 14): Here is a brief recap of some corporate announcements that made news on Tuesday (March 14): Westports Holdings Bhd, UEM Sunrise Bhd, Revenue Group Bhd, Capital A Bhd, Meta Bright Group Bhd, Steel Hawk Bhd, Landmarks Bhd, Volcano Bhd, Anzo Holdings Bhd, Classita Holdings Bhd and ManagePay Systems Bhd.
Westports Holdings Bhd and UEM Sunrise Bhd have both had their respective judicial review applications to challenge the Inland Revenue Board's additional tax assessments rejected by the High Court here on Monday (March 13). They are both appealing the court's decision and have applied for a stay of proceedings until the completion of the appeal process, according to their respective filings to Bursa Malaysia on Tuesday. The appeals were submitted on the same day.
Revenue Group Bhd co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang were charged in the Sessions Court here on Tuesday with fraudulently causing a bank employer to dispose of a vehicle belonging to the company without a resolution from its board of directors. The brothers had claimed trial by pleading not guilty to the charge before judge Rozina Ayob. In the charge, which was read out to them in court, the brothers had, in order to achieve common intention, allegedly misled and fraudulently caused an officer of CIMB Bank Bhd to dispose of company property, which was a Toyota Vellfire, on Oct 3, 2018.
Meanwhile, Revenue Group’s managing director cum alternative chairman Datuk Eddie Ng Chee Siong had disposed of 25.34 million of his shares in the company off market, representing 5.26% of the total issued share capital. Eddie then ceased to be the substantial shareholder of the group.
Capital A Bhd has appointed Mohamad Hafidz Mohd Fadzil as acting chief executive officer of airasia Super App, effective April 1. Mohamad Hafidz, who is currently airasia Super App chief fintech officer, will be succeeding current CEO Amanda Woo, who will step down on April 1. “Upon commencement of his (Mohamad Hafidz) role as the acting CEO of airasia Super App on April 1, he will continue to drive the platform’s fintech vision that will further help to boost the Super App’s choices for its users and bring more revenue to the business.”
Meta Bright Group Bhd, formerly known as Eastland Equity Bhd, had announced that Sinergi Perdana Sdn Bhd had accepted its offer letter through its wholly owned subsidiary FBO Land (Setapak) Sdn Bhd on March 8 to participate in the Solar PV Zero Capex Program. The programme included a supply agreement on renewable energy for 21 years with a capacity of 300 kWp, which will be finalised based on the technical study and final calibration result by Tenaga Nasional Bhd. The site pertaining to the programme was in Kawasan Perindustrian Bandar Sultan Sulaimen, Pelabuhan Klang.
Steel Hawk Bhd has secured two contracts from Petronas Carigali Sdn Bhd to provide pig trap system maintenance for a tenure of one year, with an additional one-year extension option. Steel Hawk said its wholly owned subsidiary Steel Hawk Engineering Sdn Bhd obtained the contracts from Petronas Carigali, the wholly owned exploration arm of Petroliam Nasional Bhd (Petronas), on Feb 27. “The contracts are on a call-out basis (which does not have a fixed contract value) and we are engaged by Petronas Carigali to provide specified services for the duration of the said contracts, as and when such services are required.”
Landmarks Bhd, a 21.7% associate of Genting Bhd, said its wholly owned subsidiary has defaulted in its repayment on financing facilities totalling RM133.37 million. OCBC Bank (Malaysia) Bhd has issued its wholly owned unit Andaman Resort Sdn Bhd a notice of recall dated March 8, demanding the repayment of banking and credit facilities amounting to RM133.37 million be paid within 14 days — by March 22. “The company and Andaman Resort are currently engaged in the process of devising a repayment plan that is commensurate with their current financial position and the timing for such repayment.”
Volcano Bhd, which has been issued with an unusual market activity query by Bursa Malaysia following a 24% spike in its share price, said it is assessing an equity fundraising exercise. The nameplate and plastic injection moulded parts maker said it will make an announcement on the matter in due course, subject to relevant due diligence reviews. Apart from that, there is no corporate development relating to Volcano's business that has not been previously announced that may account for the trading activity.
Anzo Holdings Bhd will be delisted from Bursa Malaysia Securities on March 17 after the company said it was unable to appoint a principal adviser within the prescribed time frame. The appointment of the principal adviser by March 13 was among the conditions imposed by Bursa Securities on Feb 13 when granting Anzo a six-month extension to April 30 to submit its regularisation plan. Anzo also said that it "does not have any further intention to implement any regularisation plan or seek any further extension of time from the authorities".
Classita Holdings Bhd, formerly known as Caely Holdings Bhd, has redesignated its non-executive chairman Ng Keok Chai as executive chairman, effective from March 14. Ng previously held the executive chairman post for five months after he was redesignated to the position in August 2022 from being an executive director. However, in February this year, he was redesignated to non-executive chairman. Besides Classita, Ng also sits on the boards of CSH Alliance Bhd, Green Packet Bhd, Ingenieur Gudang Bhd and Hong Seng Consolidated Bhd.
Managepay Systems Bhd said a Singapore-based company, StoneX APAC Pte Ltd, has agreed to extend various precious metals trading facilities to its wholly owned subsidiary ManagePay Innovation Sdn Bhd (MISB). This, it said, will enable MISB to provide end-to-end collateral service handling for the sale and purchase of precious metals such as gold bullion, including storage, to the QuicKredit lending platform. QuicKredit is an online lending service to be launched by ManagePay Resources Sdn Bhd, a money lending firm wholly owned by Managepay Systems, by the third quarter of this year.