Tuesday 28 May 2024
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KUALA LUMPUR (Oct 9): Here is a brief recap of some corporate announcements that made news on Monday: Rapid Synergy Bhd,KNM Group Bhd,SSF Home Group Bhd,Alliance Bank Malaysia Bhd,Catcha Digital Bhd,Dagang NeXchange Bhd (DNeX),AWC Bhd,Hengyuan Refining Co Bhd,Luster Industries Bhd,Petronas Chemicals Group Bhd,MAA Group Bhd and T7 Global Bhd.

Rapid Synergy Bhd is disposing of a freehold land in Desa Sri Hartamas, together with a five-storey commercial building, for RM32.39 million. Rapid Synergy expects to recognise a gain of RM20.07 million from the disposal of the land measuring 1,338 square metres to Segi Permai Sdn Bhd.

Datuk Seri Mahmud Abu Bekir Taib, the son of Sarawak Yang di-Pertua Negeri Tun Abdul Taib Mahmud, has emerged as a substantial shareholder of KNM Group Bhd after acquiring 203.47 million shares or a 5.03% stake in the financially-distressed company that is currently embroiled in a boardroom tussle. Abu Bekir bought the shares on Oct 6. The group did not reveal the purchase price, but based on its closing price of 17 sen on Oct 6, Abu Bekir could have acquired the stake for about RM34.59 million.

SSF Home Group Bhd, which is scheduled to be listed on the ACE Market of Bursa Malaysia on Oct 12, has posted a net profit of RM2.65 million on the back of revenue of RM39.3 million for the first quarter ended July 31, 2023. There are no comparative figures available for the preceding year's corresponding quarter as this is the first interim financial report announced by the company. SSF Home said the group intends to strengthen its presence via its expansion plans to open more retail outlets in various cities in Malaysia, in particular the northern and southern regions of Peninsular Malaysia.

Alliance Bank Malaysia Bhd has announced that it will relocate to a new corporate head office after it acquired a 24-floor office suite in Jalan Ampang, Kuala Lumpur, for RM405.84 million. The group said the proposed acquisition will be fully funded via the capital market and internal funds. It added the acquisition will be completed by November next year.

Catcha Digital Bhd has announced the acquisition of two digital media companies in a bid to complement its mission to build a leading digital group in Southeast Asia. Catcha said it is investing RM3.43 million to buy the remaining 49% stake in Ittify Sdn Bhd, a leading influencer platform in Malaysia which serves more than 100 brands with 7,000 influencers on its platform. The group already owns the other 51% stake in Ittify. The second acquisition involves Catcha acquiring a 30% equity interest in Headline Media Sdn Bhd for RM1.24 million, with an option to acquire another 50% stake within 36 months.

Dagang NeXchange Bhd (DNeX) expects to expand its revenue through the introduction of its new TradeSwift DagangNet superapp, developed by its wholly-owned unit Dagang Net Technologies Sdn Bhd, which intends to implement a monthly fee ranging from RM25 to RM28 for users starting January next year. The superapp provides value-added features — including checking validity status of permit, cost analysis and other trade information — in addition to DNeX’s web-based e-Services for trade facilitation including those offered via the National Single Window.

Engineering services provider AWC Bhd has decided to exercise its call option to buy the rest of rail specialist Trackwork & Supplies Sdn Bhd it does not own for RM5.48 million. AWC said it had on Oct 9 served a written notice to Trakniaga Sdn Bhd to exercise the call option by requiring Trakniaga to dispose of all the remaining shares in Trackwork. The sale shares represent the balance of 40% equity interest in Trackwork not already held by AWC.

Hengyuan Refining Co Bhd has appointed Yin Lujiang as chief executive officer of the petroleum products refining and manufacturing group, effective immediately. He replaces Zulhazmi Mohamad, who is ceasing his duties and responsibilities as acting CEO.

Luster Industries Bhd has proposed to undertake a RM50 million capital reduction via cancellation of its paid-up share capital to eliminate its accumulated losses. The proposed capital reduction will result in its share capital being reduced to RM262.28 million, resulting in a capital reduction of RM50 million, which will be utilised to set off its accumulated losses of RM34.68 million at the group level.

Petronas Chemicals Group Bhd (PCG) has reached a final investment decision to construct Asia’s largest advanced chemical recycling plant in Pengerang, Johor with a capacity of 33 kilotonnes per annum. The plant, which is targeted to be operational by the first half of 2026, is part of PCG’s new plastics economy agenda to support the transition towards a circular economy and contribute to a sustainable plastics ecosystem.

MAA Group Bhd, which holds an 8.55% equity stake in cash-strapped KNM Group Bhd, intends to vote in favour of retaining the current KNM directors, and vote against the appointment of new candidates at KNM's EGM scheduled to be held on Oct 16. Meanwhile, MAA wants to keep Ravindrasingham Balasingham, better known as Ravi, as KNM's executive director and group chief executive officer.

T7 Global has secured a contract award worth RM21.17 million from Tenaga Nasional Bhd (TNB). The energy solutions provider said it subsidiary T7 Wenmax Sdn Bhd is to supply and deliver 79,800 units of Single Phase Radio Frequency Smart Meters together with 19,950 units of Three Phase Radio Frequency Smart Meters, in line with TNB’s ongoing implementation of the Advanced Metering Infrastructure.

Edited ByS Kanagaraju
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