KUALA LUMPUR (Sept 11): Here is a brief recap of some corporate announcements that made the news on Monday, involving: CIMB Group Holdings Bhd, Serba Dinamik Holdings Bhd, Kuala Lumpur Kepong Bhd, UEM Sunrise Bhd, Magni-Tech Industries Bhd and Artroniq Bhd.
CIMB Group Holdings Bhd has raised its sustainable finance target to RM100 billion by 2024, marking a substantial increase from its earlier target of RM60 billion set in 2022 and an initial goal of RM30 billion set in 2021. Its chief executive officer Datuk Abdul Rahman Ahmad said the group is raising its target given that it had surpassed its previous target, having mobilised close to RM70 billion in sustainable finance currently.
Serba Dinamik Holdings Bhd’s (SDHB) liquidator has set Oct 10 as the date for the meeting of contributories to provide a status update of the company’s liquidation and consider the appointment of a Committee of Inspection. Contributories are entities liable to help with adding to the assets of the companies that are being wound up. Victor Saw Seng Kee, who is from PriceWaterhouseCoopers Advisory Sdn Bhd (PWC), was officially appointed as liquidator by the High Court on Jan 10, after the court had allowed the winding-up petition of SDHB and three of its companies. Serba Dinamik is appealing against an earlier High Court decision to allow the winding up petition.
Kuala Lumpur Kepong Bhd (KLK) has entered into a letter of agreement with Boustead Holdings Bhd (BHB) and the Armed Forces Fund Board (LTAT) to agree for the cut-off date for a strategic collaboration agreement to be Sept 22, or such other date as may be agreed in writing between KLK, BHB and LTAT.
UEM Sunrise Bhd is disposing of a 4.01-acre parcel of land in Kiara Bay, Kuala Lumpur for RM85 million to repay its debt obligations and fund its working capital for new product launches. UEM’s indirect unit Mega Legacy (M) Sdn Bhd (MLSB) is selling the land to Pembinaan Kery Sdn Bhd (PKSB), a unit of Melati Ehsan Holdings Bhd. MLSB has also entered into a development rights agreement with PKSB to develop the land at a development rights value of at least RM93.5 million. The deal is deemed a related party transaction, as Melati Ehsan’s executive chairman and director Tan Sri Yap Suan Chee also holds an indirect stake of 50% in MLSB through Mega Legacy Equity Sdn Bhd.
Magni-Tech Industries Bhd’s net profit jumped 36.2% to RM32.73 million in the first quarter ended July 31, 2023 or 1QFY2024 from RM24.03 million a year earlier, on the back of a decline in operating expenses, higher investment income and foreign exchange gains. The stronger earnings were achieved despite quarterly revenue slipping 4.84% to RM324.38 million from RM340.91 million a year earlier, mainly due to lower sale orders received. The group declared a single tier interim dividend of 2.8 sen per share, to be paid on Oct 12.
Artroniq Bhd is going to distribute electric motor products for Indonesian firm PT Terang Dunia Internusa. It has, through its wholly owned Artroniq Itech Sdn Bhd (AiTech), inked a one-year distribution agreement with PT Terang. Under the agreement, AiTech will be appointed as distributor of PT Terang's products, which AiTech will buy from PT Terang in "completely knocked down" form and be assembled back at AiTech's factory. PT Terang, based in Kawasan Industri Branta Mulia in Desa Tarikolot, Bogor, in Indonesia, is primarily involved in the manufacturing of electric motors and bicycles.