KUALA LUMPUR (Sept 1): Here is a brief recap of some corporate announcements that made the news on Friday involving Nestlé (Malaysia) Bhd, DRB-HICOM Bhd, Gas Malaysia Bhd, Serba Dinamik Holdings Bhd, Top Builders Capital Bhd, Sersol Bhd, Hibiscus Petroleum Bhd and Dagang NeXchange Bhd.
Nestlé (Malaysia) Bhd is appointing Tan Sri Wan Zulkiflee Wan Ariffin as its independent, non-executive director effective Oct 1. The food producer said Wan Zulkiflee has vast experience spanning over 40 years, holding leadership roles in prominent companies, including as chief executive officer and president of Petroliam Nasional Bhd or Petronas from April 2015 to June 2020. He is currently chairman at Malaysia Airlines Bhd and Malaysia Aviation Group Bhd, as well as DRB-Hicom Bhd and Gas Malaysia Bhd.
Serba Dinamik Holdings Bhd said it was unable to release its quarterly report for the fourth quarter ended June 30, 2023 (4QFY2023) by Aug 31 as required under the Main Market Listing Requirements. The troubled oil and gas company did not say why it was unable to meet the Aug 31 deadline, but said it expects to submit the quarterly report by Sept 8. This is the third consecutive quarter that Serba Dinamik has delayed issuing its financial report within the prescribed time.
Top Builders Capital Bhd is making another appeal to Bursa Malaysia Securities against the decision to delist the company’s shares from the stock exchange. The Practice Note 17 (PN17) company said this in a bourse filing on Friday, two days after Bursa Securities rejected its earlier appeal against the proposed delisting and its request for an extension of time to submit its regularisation plan. In rejecting the appeal, Bursa Securities informed the company that it will proceed to delist the company’s shares on Sept 4.
Sersol Bhd said the functions of CEO Datuk Wira Justin Lim Hwa Tat have been suspended with effect from Aug 30, for showing insubordination and failing to act as a responsible CEO. It said this was due to non-response by Lim to any of the official requests made by the board since July 20, asking him to return to the office to report to the board and pending his return from abroad to office, to provide a written response on the Malaysian Anti-Corruption Commission's inquiry on him and what work he has been doing as CEO while he is abroad. It is seeking the basis to warrant Lim as CEO to be abroad and away from office from February 2023 and expressed its concerns about whether Lim has been effectively discharging his role as CEO.
Hibiscus Petroleum Bhd and Ping Petroleum UK Plc have each entered into a separate but identical farm-in agreement to take over 42.5% equity interest each in Licence P2451 from Rapid Oil Production Ltd. The remaining 15% in Licence P2451 will remain with Rapid Oil. Hibiscus entered into the farm-in agreement via its indirect wholly-owned Anasuria Hibiscus UK Ltd. Ping Petroleum UK is an indirect subsidiary of Dagang NeXchange Bhd (DNeX). The licence holds an undeveloped oil field, Fyne Field, located in the Central North Sea, UK, with an estimated 75 MMboe STOOIP (stock tank oil initially in place). Upon completion of the proposed acquisition, Anasuria Hibiscus will be appointed as operator of the field development.