KUALA LUMPUR (Aug 2): Here is a brief recap of some corporate announcements that made the news on Wednesday (Aug 2) involving Malaysian Resources Corp Bhd (MRCB), Mudajaya Group Bhd, GIIB Holdings Bhd, Vinvest Capital Holdings Bhd, EA Holdings Bhd, Kawan Food Bhd, PDZ Holdings Bhd, Fitters Diversified Bhd and Hiap Teck Venture Bhd.
Malaysian Resources Corp Bhd (MRCB) is set to be involved in the redevelopment of the transportation hub Kuala Lumpur Sentral (KL Sentral), according to Transport Minister Anthony Loke. In a press conference, Loke announced that the Cabinet has approved, in principle, the redevelopment of KL Sentral. He disclosed that the project will be done via privatisation at a cost estimated to be more than RM1 billion, which will be borne by MRCB. In return, MRCB would be given the rights to develop the area above the station with commercial and residential buildings. Meanwhile, MRCB, in its filing, said that it will make the appropriate and timely announcements to Bursa Securities as and when the terms of the privatisation have been finalised.
Mudajaya Group Bhd via its wholly owned Mudajaya Corp Bhd has secured a contract worth RM195.1 million for works related to the East Coast Rail Link (ECRL) in Terengganu from the development's main contractor, China Communications Construction (ECRL) Sdn Bhd. Mudajaya Corp will undertake the construction and completion of stations, ancillary buildings and other associated works for the rail project. The project is targeted to be completed by 2026, with a construction period of 32 months from the date of site possession.
Bursa Securities has rejected GIIB Holdings Bhd’s proposed private placement, citing pending charges against several of its directors under the Malaysian Anti-Corruption Commission (MACC) Act 2009. According to GIIB’s filing, Bursa Securities took note that there are certain charges made against certain directors of GIIB pursuant to the MACC Act of which the matters are still pending the decision by the court, and as such, Bursa Securities is unable to consider the group’s additional listing application. The rubber-related compounds manufacturer had in April proposed to undertake the private placement of up to 81.96 million new shares, or 10% of its issued share capital, to raise up to RM6.97 million for its working capital. In May, MACC remanded GIIB chief executive officer (CEO) Tai Boon Wee, together with executive directors Tai Qiyao and Wong Ping Kiong, relating to an invoice for a sum of RM24,000 issued by GIIB’s 51%-owned subsidiary GIIB Healthcare Products Sdn Bhd over the sale of gloves.
Technology and construction firm Vinvest Capital Holdings Bhd has initiated a civil action in the High Court over the alleged loss of its shares in EA Holdings Bhd. The injunction application against EA Holdings Bhd was called up for hearing on Wednesday (Aug 2), and an interim injunction was granted by the court. Vinvest emerged as a substantial shareholder of EA Holdings in November 2021 after acquiring 1.1 billion shares or a 17.82% stake in the company, at 2.11 sen per share or a total of RM23.21 million.
Kawan Food Bhd said Ng Hooi Kai has vacated his office as chief executive officer (CEO) with effect from Wednesday (Aug 2). This follows the expiration of his contract, said the homegrown frozen food manufacturer in a filing with Bursa Malaysia. Ng, 61, was appointed as the group CEO in January 2021. He has a direct interest of 0.019% or 72,000 shares in the group.
Florence Wong Wei Wei, a substantial shareholder of PDZ Holdings Bhd, has secured substantial shareholder status in Fitters Diversified Bhd as well. She raised her stake in Fitters Diversified to 7.98% or 186.85 million shares, after acquiring 105 million shares in the one-stop fire protection specialist on the open market on June 28. Notably, Wong is the second PDZ shareholder to acquire a substantial shareholding in Fitters Diversified in recent days. Slightly over two weeks ago, PDZ executive director Ho Jien Shiung re-emerged as a substantial shareholder of Fitters Diversified, after increasing his stake to 10.35% or 242.21 million shares through the acquisition of another 5.37% stake or 125.71 million shares.
Hiap Teck Venture Bhd said its 27.3%-owned joint venture (JV) company, Eastern Steel Sdn Bhd (ESSB) — has ignited its newly completed 1,380 cu m blast furnace plant on Tuesday (Aug 1). Hiap Teck shared that with the successful ignition of the new blast furnace, ESSB’s production capacity will increase from the current 700,000 tonnes of steel slabs and billets to 2.7 tonnes annually.