Sunday 19 May 2024
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KUALA LUMPUR (Sept 4): Here is a brief recap of some corporate announcements that made the news on Monday involving Chin Hin Group Property Bhd, Careplus Group Bhd, Lion Industries Corp Bhd, Ireka Corp Bhd, Eastern & Oriental Bhd, Dayang Enterprise Holdings Bhd, FGV Holdings Bhd, Comintel Corp Bhd, EA Technique (M) Bhd (EATech), Titijaya Land Bhd and Eita Resources Bhd.

Chin Hin Group Property Bhd has proposed a private placement of RM102.36 million to finance the working capital requirements of its property development projects. The placement involves the issuance of up to 110.07 million new shares, representing not more than 20% of the group’s issued share capital, to independent investors to be identified later. The placement is expected to be completed by the end of this year.

Loss-making glove maker Careplus Group Bhd is diversifying into the electric vehicle (EV) business, given the challenges faced by all major glove players in the market. This comes after the group announced in June that it is exploring the business of EV selling and manufacturing with its joint venture (JV) partner GoAuto Group Sdn Bhd. Careplus said the diversification is expected to augur well for the group as it leverages the technical expertise and experience of GoAuto and the Neta brand EV.

Lion Industries Corp Bhd is selling two parcels of land, measuring 26.787 acres in Kawasan Perindustrian Olak Lempit, Banting, for RM92.03 million cash. Lion Industries said the disposal ― part of the group’s strategy to divest its non-core assets ― will allow the group to realise its investment in the land sold with a pro forma net gain of RM57.10 million, providing the group with additional financial resources to fund its working capital.

Ireka Corp Bhd has joined hands with a property development and construction outfit for a mixed development project in Kajang, with a gross development value of RM310 million. Ireka’s wholly-owned subsidiary Regal Variety Sdn Bhd inked a joint venture agreement with Elay Project Sdn Bhd to develop the project. Under the agreement, Elay is entitled to the sole and exclusive right to develop and occupy the land without interference by Regal Variety to undertake and complete the development. The development is expected to commence by end-2023 and be completed in six years.

Dayang Enterprise Holdings Bhd’s Pan Malaysia contract with Kebabangan Petroleum Operating Company Sdn Bhd to provide maintenance, construction and modification services has been extended by a year and five months till end-2024. The original five-year contract was slated to expire on July 16 this year. No value on the extension was provided, as Dayang Enterprise said it would be based on work orders issued by KPOC throughout the extended period.

Morning Crest Sdn Bhd, controlled by former Eastern & Oriental Bhd (E&O) executive deputy chairman and managing director Datuk Terry Tham Ka Hon, has ceased to be a substantial shareholder in E&O after selling 18.05 million shares or 11.59% in the property developer. The disposal saw Morning Crest’s stake in the company reduce to 3.9% or 60.8 million shares. Tham remains a substantial shareholder in E&O with an indirect stake of 4.36% or 67.97 million shares, and a direct stake of 0.86% direct stake or 13.35 million shares.

FGV Holdings Bhd has been granted another six-month extension by Bursa Malaysia Securities Bhd to comply with the minimum public shareholding spread requirement, pushing the deadline to March 2, 2024. As of Aug 22 this year, the public shareholding spread of the company was at 13.09%, compared with the minimum requirement of 25%. This marks the fifth time the plantation group has received an extension deadline from Bursa Securities.

Comintel Corp Bhd will be uplifted from its Practice Note 17 (PN17) classification effective Tuesday after its regularised financials no longer meet PN17-related criteria. It said Bursa Securities decided to approve the company’s application for upliftment from being classified as a PN17 company after due consideration of all facts and circumstances of the matter. The company triggered the PN17 criteria back in March 2019 after its shareholders' equity fell below RM24 million or less than 25% of its issued capital.

PN17 company EA Technique (M) Bhd (EATech) has secured another extension of six months to submit its regularisation plan, pushing its deadline to Feb 23, 2024. Bursa Securities had previously granted EATech a six-month extension until Aug 24 to submit the plan. Back in July, EATech announced that it had scrapped the regularisation plan it previously submitted to the stock exchange in April after a share subscription agreement it entered with Eco Offshore Services Sdn Bhd and two individuals, Tan Sri Abdul Halim Ali and Khiruddin Ibrahim Said, was mutually terminated.

Property developer Titijaya Land Bhd said it recorded a RM14 million impairment loss in the fourth quarter ended June 30, 2023 (4QFY2023), as a result of its indirect wholly-owned subsidiary Renofajar Sdn Bhd being wound-up. Renofajar received a winding-up order dated August 4 issued by the High Court of Sabah and Sarawak on Aug 28. For 4QFY2023, Titijaya Land posted a higher net loss of RM14.31 million versus RM4.4 million in the same quarter a year earlier, despite a 71.41% increase in revenue to RM115.53 million from RM67.4 million previously.

Eita Resources Bhd director Fu Mun Win and alternate director Fu Jia Lik have emerged as substantial shareholders of the electrical component supplier with a 16.53% stake. Mun Win and Jia Lik hold 43.03 million shares or a 16.53% indirect stake in Eita via Sudut Kreatif Sdn Bhd, the investment vehicle of their late father Fu Wing Hoong, who was managing director and co-founder of Eita. It is understood that ownership of Sudut Kreatif has since been transmitted to the pair in accordance with a grant of probate ― a legal document appointing executors to manage an estate.

Edited ByAdam Aziz
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