KUALA LUMPUR (Sept 6): Here is a brief recap of some corporate announcements that made the news on Wednesday, involving Pelikan International Corp Bhd, Eco World Development Group Bhd, YTL Hospitality Real Estate Investment Trust (YTL Hospitality REIT), Systech Bhd, CIMB Group Holdings Bhd, Tenaga Nasional Bhd (TNB), Perak Corp Bhd, Edaran Bhd, Stella Holdings Bhd, Ancom Nylex Bhd and Impiana Hotels Bhd.
Pelikan International Corp Bhd is to hold its extraordinary general meeting on Sept 20 for shareholders to vote on the disposal of the company’s stake in German-based stationery producer and distributor Pelikan Group GmbH to Holdham SAS for €136 million (RM695.44 million) cash, as well as distribution of part of the disposal consideration to its shareholders via capital reduction cum repayment. The capital reduction cum repayment will involve the cancellation of RM452.4 million of its issued capital, and the proceeds arising from the cancellation will be used to repay shareholders by way of a cash distribution of 75 sen per share.
Eco World Development Group Bhd is acquiring 403.78 acres of land in Senai, Johor, to develop a business park to be known as Eco Business Park VI, for RM211.07 million cash. EcoWorld Malaysia said the land acquisition, earmarked with development carrying an estimated gross development value of RM1.58 billion, will allow the group to solidify its growing industrial market share further and strengthen its competitive position in Iskandar Malaysia.
YTL Hospitality Real Estate Investment Trust (YTL Hospitality REIT) is acquiring Hotel Stripes Kuala Lumpur, Autograph Collection for RM138 million cash, in a related party transaction. Upon completion of the proposed acquisition, the hotel will be leased back to Hotel 25 for an initial term of 15 years, with an option granted to renew the lease for an additional 15 years. This move is a part of the REIT's investment strategy and portfolio expansion.
E-business solutions and cybersecurity company Systech Bhd has received a notice of an unconditional mandatory takeover offer for the company at 22 sen per share from founder and CEO of IT solutions provider MDT Innovations Sdn Bhd and chairman cum CEO of Nasdaq-listed Evergreen Corp Liew Choon Lian and his private vehicle Smartpro Capital Sdn Bhd. Liew has proposed to acquire all remaining shares amounting to a 47.75% stake in the company not already owned by him and persons acting in concert — JCap Sdn Bhd, Sun Jianwei and Hooi Jia Hao. The offer price of 22 sen per share is 41.33% lower than Systech’s last traded price of 37.5 sen at market close on Wednesday.
Khazanah Nasional Bhd has disposed of RM444.27 million worth of shares in CIMB Group Holdings Bhd and Tenaga Nasional Bhd (TNB). The sovereign wealth fund offloaded 62 million shares or a 0.58% stake in CIMB on Tuesday, paring its stake in the bank to 23.01% or 2.45 billion shares at RM5.85 per share, totalling RM346.27 million. A day prior, Khazanah Nasional sold 10 million shares or a 0.17% stake in TNB at RM9.80 apiece or a cumulative RM98 million.
Perak Corp Bhd has denied the allegations of fraud and non-disclosure of land assets by Paramount Grace Sdn Bhd director Paramjit Singh Gurbachan Singh, calling them malicious and unsubstantiated. The company has lodged a police report in relation to the allegations and is also seeking legal advice over the allegations and inaccurate statements made by Paramjit. Paramount Grace is one of Perak Corp’s creditors and in mid-December 2020 was included in the creditors scheme of arrangement after Perak Corp fell into Practice Note 17 in February 2020. It was awarded a contract for mechanical and electrical works at Movie Animation Park Studios, operated by Animation Theme Sdn Bhd, in which Perak Corp via PCB Development Sdn Bhd has a 51% stake.
Information technology firm Edaran Bhd has secured a contract worth RM44.02 million from a unit under the Malaysian Administrative Modernisation and Management Planning Unit in the Prime Minister's Department, to undertake comprehensive maintenance and support services for infrastructure equipment that supports MyGovCloud@PDSA data services. The contract will commence on Sept 6 for a period of 48 months.
Stella Holdings Bhd has secured loan facilities of up to RM101 million from AmBank (M) Bhd, which includes a term loan of up to RM100 million to partially finance the group’s acquisition of construction firm Pembinaan Teguh Maju Sdn Bhd for RM380 million. The second loan facility of up to RM1 million will be used to finance the reducing term assurance/level term assurance/keyman insurance premium, to cover the life of the group’s directors, key management, shareholders and appointed nominees. Any unutilised portion of the loan will be cancelled.
Chemical manufacturing group Ancom Nylex Bhd is teaming up with MIMOS Bhd and German crop protection and fertiliser group HELM AG to apply digital agriculture solutions through SKYFLD, a digital agriculture platform. Ancom Nylex said SKYFLD is HELM AG’s precision farming platform, which enables farmers to map their fields and monitor crop health using satellite data. It said this data is used to improve yields by targeting fertiliser and crop treatments.
Impiana Hotels Bhd has appointed Datuk Seri Lee Hock Seng as its executive director effective Wednesday, and will subsequently designate Lee as its deputy executive chairman. Lee and his spouse Datin Seri Joanne Yew Hong Im are currently the group’s largest substantial shareholders, with 120.8 million shares or a 19.9% stake. Lee, a Malaysian businessman and philanthropist, is the founder and group chairman of HYM Group, and trustee of the LWC Foundation.