KUALA LUMPUR (July 3): Here is a brief recap of some corporate announcements that made the news on Monday (July 3) involving UEM Group Bhd, G Capital Bhd, Uzma Bhd, Malaysia Marine and Heavy Engineering Holdings Bhd (MHB), LYC Healthcare Bhd, Tropicana Corp Bhd, Apex Equity Holdings Bhd, OCK Group Bhd, Sunway Construction Group Bhd (SunCon), LFE Corp Bhd, Hextar Global Bhd, Haily Group Bhd, ITMAX System Bhd, Radium Development Bhd, WCT Holdings Bhd, TSR Capital Bhd, GUH Holdings Bhd and JAKS Resources Bhd.
UEM Group Bhd is establishing a RM7 billion sustainable and responsible investment sukuk programme to finance UEM Group’s foray into green industries. The proceeds will be used to finance investments to be undertaken by its newly formed and wholly owned subsidiary UEM Lestra Bhd. Over the next five years, the company aims to grow its current assets in four sectors: renewable energy and storage, integrated energy solutions, green or electric mobility, and waste management and recycling.
G Capital Bhd’s unit Northern Star Hydropower Sdn Bhd has inked a renewable energy power purchase agreement (REPPA) with Tenaga Nasional Bhd (TNB) for the 26MW high-head small hydropower plants in Pahang. The REPPA with TNB will be for a period of 21 years from the commercial operation date, which is scheduled to start from Dec 6, 2027.
Uzma Bhd is looking to partner with Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) to jointly provide services in the oil and gas (O&G) industry for select identified projects. Its unit Uzma Engineering Sdn Bhd has inked a memorandum of understanding (MOU) with MHB’s unit Malaysia Marine and Heavy Engineering Sdn Bhd to explore potential collaborations, develop innovative solutions, and provide comprehensive services in the O&G industry. The group noted that this is inclusive of floater conversation or modification, as well as renewable energy solutions.
LYC Healthcare Bhd has moved a step closer to realising the healthcare group’s plan to list its unit LYC Medicare Singapore Ltd (LYC SG) on the Singapore Exchange (SGX). LYC Healthcare said LYC SG has lodged its preliminary offer document with the Singapore Exchange Securities Trading Ltd, in connection with its proposed initial public offering (IPO) and listing on the Catalist Board of the SGX.
Tropicana Corp Bhd has redeemed its Sukuk Wakalah Programme’s RM465.5 million tranche due on June 30, 2023. This Sukuk Wakalah Programme was part of the RM1.5 billion Islamic Medium Term Notes Programme issued by the group. The management cited that the group will continue to deliver sustainable earnings, backed by its solid RM2.1 billion unbilled sales, ongoing property sales campaign, as well as improved performance from the group’s property development, property investment, recreation and resort operations.
Apex Equity Holdings Bhd has appointed Norzilah Mohammed as an executive director effective Monday (July 3). Norzilah, 58, had previously served as Export-Import Bank of Malaysia Bhd (EXIM Bank)’s president and chief executive officer (CEO) between March 2016 and March 2019, said Apex in a bourse filing.
OCK Group Bhd, one of the country’s largest telecommunications tower companies (towercos), has appointed the son of its group managing director (MD) Ooi Chin Khoon as its executive director (ED), effective July 1. Chin Khoon is also the group’s largest shareholder with a 0.03% direct stake and 34.94% indirect stake via Aliran Armada Sdn Bhd. His 27-year-old son Inn Huei was appointed after OCK’s former ED Chong Wai Yew, 53, resigned on May 31, due to a personal commitment.
Sunway Construction Group Bhd (SunCon) has received a RM253 million contract from Sunway Real Estate Investment Trust (Sunway REIT) for the main building works for the refurbishment of a shopping complex and commercial centre in Seberang Perai Tengah, Penang. SunCon said its wholly owned subsidiary Sunway Construction Sdn Bhd accepted the letter of award from Sunway REIT. The project is deemed a related party transaction by virtue of Sunway Bhd, and its founder Tan Sri Jeffrey Cheah and his family being SunCon’s major shareholders and Sunway REIT’s major unitholders.
Construction and mechanical and electrical (M&E) services provider LFE Corp Bhd is taking over the main building works of phase two of a mixed development in Damansara that comprises a serviced apartment and a SOHO block, with an office cum medical/health centre here for RM105 million from its 51%-owned unit Cosmo Property Management Sdn Bhd. The job will now be undertaken by LFE’s wholly owned LFE Engineering Sdn Bhd, which accepted the letter of acceptance from PD Ara Sdn Bhd for the project last Friday. The entire contract was originally valued at RM90 million and awarded to Cosmo in November 2021. Meanwhile, the terms of the contract to Cosmo has now been revised to only the sub-structure works that include the piling, pile cap, secant piled wall, basement and associated works for RM34.6 million.
Agrochemical company Hextar Global Bhd’s unit is acquiring PHG Ever Fresh Group Sdn Bhd for a cash consideration of RM84 million to venture into the durian wholesale business. Hextar Global said its 51%-owned subsidiary Hextar Fruits Sdn Bhd has entered into a share sale agreement with PHG Ever Fresh Group on Monday (July 3), for the acquisition of 100% equity interest in three of its subsidiary companies, as well as a 55% equity interest in PHG Ever Fresh Plantation Sdn Bhd (PHG Plantation).
Haily Group Bhd has secured a RM53.8 million contract to build residential units in Johor Bahru, bringing its year-to-date contact value of ongoing projects to RM713.6 million. The group’s wholly owned subsidiary Haily Construction Sdn Bhd secured the contract from Tasek Maju Realty Sdn Bhd to build 170 units of double-storey cluster houses in the Taman Mutiara Maju township.
ITMAX System Bhd has bagged a contract worth RM40 million from Segamat Specialist Hospital Sdn Bhd (SSHSB) for the design and provision of smart healthcare systems services for a hospital in Johor. This project marks ITMAX’s entry into the private sector, where it will also provide mechanical and electrical engineering works and smart systems for the hospital located in Segamat.
Radium Development Bhd said its unit has been granted an extension of time to submit its statement of defence in regard to the lawsuit filed by purchasers of its property development project in Bukit OUG, Kuala Lumpur. The suit’s first case management was conducted on Monday (July 3) and the High Court allowed the application by Radium’s 80%-owned subsidiary, Vistarena Development Sdn Bhd, for an extension of time until Aug 3 to file the statement of defence, said Radium.
WCT Holdings Bhd is to acquire the remaining 49% stake in its joint venture with TSR Capital Bhd’s wholly owned unit TSR Bina Sdn Bhd (TSRB) for RM1.47 million. WCT, via its wholly-owned subsidiary WCT Bhd (WCTB), and TSRB, had accepted a RM676.8 million job from PNB Merdeka Ventures Sdn Bhd to build a shopping complex at the Merdeka 118 development in Kuala Lumpur in December 2018. Subsequently, WCTB and TSRB formed the joint venture company on a ratio of 51:49 respectively, to undertake the contract. Following the acquistion of the 49% stake, WCTB will assume full responsibility for the completion of the contract.
GUH Holdings Bhd said its subsidiary has reached an out-of-court settlement with a unit of JAKS Resources Bhd and a construction firm, over its payment claim for work undertaken as a sub-contractor. GUH’s subsidiary Teknoserv Engineering Sdn Bhd had sued JAKS Sdn Bhd and KACC Construction Sdn Bhd (JAKS-KACC JV) following the termination of the sub-contract to construct a new network pumping station and demolition of existing sewerage treatment plants at Jinjang-Kepong, Kuala Lumpur. GUH said Teknoserv and JAKS-KACC JV have now agreed to settle amicably, all claims and disputes. Under the settlement, JAKS-KACC JV is to pay Teknoserv RM9.07 million via seven instalments.